India Needs $500 bn Investment in Next 5 years

India would have to invest about $500 billion in five years to sustain the current growth rate of around nine per cent and US firms would not miss an opportunity to have a stake in the investments, an official of the US consulate in Chennai said.

The USA would look for opportunities to invest in infrastructure in India, as the nation had been posting a nine per cent growth rate over the last three years, Frederick J Kaplan, consul for public affairs,US consulate general said.

Delivering a special lecture on 'Indo-US' relations at the Bharathidasan University here yesterday, he said the relations between the two countries had gained momentum in the recent past, more specifically when India opted for economic reforms 'under the guidance of Prime Minister Manmohan Singh,' he said.

With the advent of economic reforms in the 1990s,India had envisaged strategic partnership with yet another democracy in varied fields like technology, health, agriculture, defence.

He said there were more than 250 Indian scientists working in the USA on the health front to combat diseases like leprosy, polio, tuberculosis, HIV, cancer and diabetes. Not to exaggerate, American Industry would come to a standstill without the crucial participation of Indian skills and their dedicated service attitude, he said.

Kaplan said American citizens are attracted towards the spiritual and cultural richness of India and expressed the hope that institutions like Bharathidasan University would extend a helping hand towards fostering the centuries old relationship between the two countries.
Read more...

Kiri Dyes & Chemical IPO Subscription Details

The initial public offer of 37.5 lakh equity shares of Kiri Dyes and Chemicals was on Wednesday subscribed 1.43 times up to 5 pm, as per the NSE website.

The issue received 53,49,960 bids. Around 30,49,110 bids were received at cut off price.

The company has fixed a price band of Rs 125-Rs 150 per share. The issue constitutes 25 per cent of fully diluted post issue paid up capital. The issue closed today.

The qualified institutional investors' portion of 18,75,000 shares was subscribed 0.92 times, while 5,62,500 shares allocated to non-institutional investor received 1.84 times subscription. However, the retail portion was subscribed only 0.17 times of the 13,12,500 shares allocated to them.

The company has made pre-IPO placement of 12,50,000 shares comprising 1,31,140 shares at Rs 120 and 11,18,860 shares at Rs 115 per share.
Read more...

RITES IPO DRHP filed with SEBI

State-run RITES Ltd has filed documents with the markets regulator for an initial public offer for 14 million shares, the company said on Tuesday.

The book-built issue comprises of fresh issue of 10 million shares, and sale of 4 million shares by the federal government, according to the filing. Post issue, the government's stake will come down to 72 per cent from 100 per cent now, the company said.

The company did not specify the size of the issue, but banking sources said the company could raise up to 4 billion rupees through the offer.

RITES, which functions under the railways ministry, operates as a consultancy focussed on the transport, infrastructure and related technologies.

The company has experience on projects in 62 countries around the world. The public offer is the latest in a series of divestments in state-run companies by the federal government.

Last month, state-run Rural Electrification Corp raised 16.4 billion rupees through a 156-million-share public issue that was subscribed 27 times.

Kotak Mahindra Capital, Enam Securities and ICICI Securities are the book-running lead managers to the RITES issue.
Read more...

National Hydroelectric Power Corp Ltd (NHPC) IPO this year

India's state-run National Hydroelectric Power Corp Ltd (NHPC) plans to launch an initial public offering in the second quarter of the financial year ending March 2009, a top company official said on Thursday.

"We will be going to the market shortly. We are planning an IPO during the second quarter of this fiscal," S K Garg, chairman and managing director, said at a industry conference.

He said the company plans to add 4,000 megawatts of capacity by 2012. Read more...