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News Roundup: Ritu Wears Plans Rs 100Cr IPO

14 October, 2010

Ritu Wears Plans Rs 100Cr IPO – Noida-based JDS Apparel , which runs large format store under ‘Ritu Wears’ brand, plans to raise about Rs 100-crore through an initial public offer (IPO) by next year to fund its expansion. The company currently operates ten large format retail stores mostly in Delhi, NCR and Punjab and is planning to set up about 45 more stores by 2015. The company is expecting to close the current fiscal with a turnover of Rs 225 crore. It has formed a team which is scouting for merchent bankers. (Economic Times)

Carlson Eyes Minority Stakes In India Hotels – Carlson Hotels Worldwide may pick a minority equity stake in some hotel projects being built by local developers that will operate under its mid-segment brands in India. Till now, the hotel company only lent its brand names and managed hotel properties in India that are owned by its local partners. Carlson operates 31 hotels across all its brands in India at present making it one of the largest international hotel chains in the country. (ET)

Shipping Corp To Buy Stake in Vizhinjam Port – India’s largest shipping company, Shipping Corp. of India Ltd (SCI), is proposing to pick up a stake in a deepwater seaport at Vizhinjam that’s being planned by the Kerala government near state capital Thiruvananthapuram. The investment of Shipping Corp. will be in Vizhinjam International Seaport Ltd (VISL), set up by the state as a special purpose company.

Ajanta Group Shelves IPO, Tourism Project – Morbi-Based Ajanta Group has decided to drop its tourism project entailing an investment of Rs 210 crore. Subsequently, Ajanta’s plan to come out with an IPO also stands cancelled as the group wanted to raise money for partly financing this project. Ajanta Group has Rs 700 crore turnover and is a well established player in the field of wall clocks with a presence in auto, CFL lamp and vitrified tiles. (Business Standard)

SEBI May Clear New Takeover Code On Oct 25 – The Securities and Exchange Board of India (Sebi) board is scheduled to meet on October 25 with the proposed Takeover Code revamp as the most important element on its agenda. The capital market regulator is set to make some minor changes on the basis of feedback from market participants. The new norms need to be notified after the final regulatory nod. (BS)

Gayatri Infra May Get Another Rs 100Cr From AMP – Gayatri Infra Ventures Limited, a subsidiary of Gayatri Projects Ltd, may go for a listing in another two or three years. Gayatri Infra has five BOT (build, operate and transfer) projects including one toll-based and four annuity-based. It has diluted 29.4% stake to AMP Capital for Rs 100 crore, valuing the company at Rs 340 crore. AMP Capital will consider further equity infusion of Rs 100 crore depending on the need. (BS)

SpiceJet Open Offer On Oct 18 – The open offer for shares of SpiceJet will commence on October 18, said an announcement from the managers to the open offer Enam Securities. The offer will close on November 6. The earlier scheduled opening date for the open offer from Kal Airways Pvt Ltd and Mr Kalanithi Maran was August 6. (HinduBusinessLine)

Surya Pharma Raises $25M Through GDRs – Surya Pharma has successfully raised a $25 million global depository receipt (GDR) issue and plans to utilize the funds for their formulation division, their subsidiaries within India and overseas as well as a few greenfield projects. The firm may raise some more funds through foreign currency convertible bonds (FCCBs) in the next three-six months time. (Moneycontrol)


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News Roundup: Ritu Wears Plans Rs 100Cr IPO

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