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Gayatri Projects to hive off invesments in BOT road projects

Gayatri Projects is planning to hive off investments in BOT road projects to its subsidiary company with an intention to dilute a part to strategic investors to raise funds for further investment into BOT projects.

A meeting of the board of directors of the company will be held on Feb. 26, 2008, to consider the issue of convertible equity warrants to promoters in accordance with the provisions of SEBI Guidelines, 2000 and allotment of equity shares to FCCB holders upon conversion.

The board will also consider incorporation of new objects clauses in the memorandum of association.

Shares of the company gained Rs 8.4, or 1.62%, to settle at Rs 527.75. The total volume of shares traded was 13,891 at the BSE. (Tuesday)

Source: myiris.com

Reliance Energy Ltd(REL) to hive off infrastructure projects

NEW DELHI: In a bid to separate the power and infrastructure projects, Reliance Energy Ltd. (REL) has now decided to transfer all its infrastructure projects to a separate wholly-owned subsidiary.

The REL board had already given its approval to the proposal.

The move comes hot on the heels of REL deciding to hive off its power generation business as a separate company — Reliance Power Limited (RPL).

RPL has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public cffering (IPO) of around Rs. 12,000 crore.

The decision to hive off infrastructure portfolio to a new subsidiary comes in view of the increasing portfolio of the company on this account in recent months.

REL is developing highways for the National Highways Authority of India (NHAI) under the build-own-transfer (BOT) scheme.

It is involved in five National Highway projects in Tamil Nadu, covering a length of 400 km at a cost of Rs. 3,100 crore. In addition, it is pursuing road projects, including the proposed Rs. 5,000 crore Western Freeway sea-link project connecting Worli and Nariman Point in Mumbai and the Rs. 6,000-crore Jaipur Ring Road project.

On the real estate side, the REL-led consortium had emerged as a winner for developing a business city in Hyderabad with an estimated investment of Rs. 6,500 crore. The city will be built in 77 acres, which will include a 100-storey trade tower. It has also bagged the metro rail project in Mumbai that involved the development and operation of a fully-elevated metro rail.

The total cost of the project is around Rs. 2,500 crore. It has also bid for line 2 of the Mumbai metro elevated track between Mankhurd and Charkop with an estimated investment of Rs. 6,500 crore. The company is also bidding for the Rs. 6,000 crore Mumbai trans-harbour link.

Source : The Hindu

Sensex up 258 points by close

The markets ended firm on Thursday with the benchmark index closing at 18,770 levels, up 1.4 per cent or 258 points.

In broader markets, the Nifty moved up 1.3 per cent or 73 points to end the day at 5,568 levels.

“The Nifty needs to close above 5,580 levels to make an attempt of breaching the previous high,” said Anil Manghnani, Director, Modern Shares & Stock Brokers

“The markets are expected to be volatile. It is better that investors stay clear for at least a week,” added Vikram Bhatt, Director, Ajmera Associates.

The markets are also awaiting the developments of the crucial SEBI meet that will decide on regulatory norms for the stock markets.

SEBI Chairman M Damodaran along with his team is unlikely to go back on its P-Notes stand on Thursday. However, it may rework eligibility criteria for FII registration to help investors.

In world markets, Wall Street recovered from steep losses Wednesday amid hopes for an imminent interest rate cut. According to preliminary calculations, the Dow ended flat with a marginal fall of 0.01 per cent.

The Standard & Poor’s 500 index fell 3.71 points or 0.24 per cent, while the technology-dominated Nasdaq composite index lost 24.50 points to end the day at 2,774 levels.

Back home, leading the charge at the Sensex was Tata Steel. The counter moved up over eight per cent or Rs 73. ICICI Bank, Maruti Suzuki India, Bharti Airtel, Wipro, Hindustan Unilever, Tata Motors, HDFC Bank and Mahindra & Mahindra were some of the other notable gainers.

However, Cipla at Rs 186 levels tanked five per cent. Dr Reddys, ACC, HDFC, Reliance Energy, Infosys Technologies, Satyam Computer, Reliance Communication, Ranbaxy, TCS and BHEL also closed in the red.

Metals hot

Among sectoral indices, the BSE metal index was the biggest gainer that moved up four per cent or 629 points. Jindal Saw, SAIL, Ispat Industries, Jindal Steel & Power, Sesa Goa, Bhushan Steel, Sterlite Industries and NALCO logged smart gains besides Tata Steel.

Banking scrips continued on their journey north with ICICI Bank surging 4.4 per cent or Rs 48. Bank of Baroda, Canara Bank, Punjab National Bank, SBI, Kotak Mahindra Bank, Centurion Bank of Punjab, Karnataka Bank and Axis Bank also held firm.

Amtek Auto (up 8.9 per cent), MRF Limited (up 6.1 per cent), Bharat Forge (up 4.1 per cent), Maruti Suzuki India (up 3.6 per cent), Tata Motors (up 2.4 per cent), Mahindra & Mahindra (up 1.7 per cent) and Exide Industries (up 0.7 per cent) raced ahead in the auto pack.

New listing

Maytas Infra made its debut at the bourses on Thursday. The stock listed at Rs 511 as against the Initial Public Offer (IPO) price at Rs 370.

The Hyderabad-based construction company and infrastructure developer was focused on irrigation, roads, bridges and buildings.

“We have a pan-India presence and have recently opened an office in Dubai. We are pursuing BOT projects in roads and other infrastructure projects. Some of the road sectors give us 12-13 per cent EBDITA margin,” said PK Madhav, CEO, Maytas Infra.

It is now positioning itself for water and waster water management, SEZ, ports and airport sectors. The stock closed at Rs 614 levels.

Source: ndtvprofit.com

IRB Infrastructure files DRHP with SEBI

IRB Infrastructure Developers Limited, an integrated infrastructure development and construction company in India with significant experience in the roads and highways sector, proposes to enter the capital markets with a public issue of 51,057,666 Equity shares of Rs 10 each through 100% book building process.

It has also diversified into the business of real estate development sector. It has filed DRHP for this purpose with SEBI. Deutsche Equities India Private Limited is the Sole Global Coordinator and BRLM for the Issue and Kotak Mahindra Capital Company Limited is the Co-BRLM for the Issue.

IRB Infrastructure Developers Limited is the holding company of the IRB Group. The Company was formed to fund the capital requirement of the IRB Group’s initiatives in the infrastructure and construction sectors. Its infrastructure development portfolio includes several large BOT projects in the road sector, including the Mumbai-Pune Express Highway and NH.4 BOT project and the BOT project for the Bharuch to Surat section of NH.8. In January 2007.

It has formed a consortium with Deutsche Bank AG Singapore Branch to jointly bid for certain road infrastructure projects.
As a part of its business strategy, the company now proposes to invest in its subsidiary IDAA and make prepayment and repayment of existing loans of the Company and the Subsidiaries through the net proceeds of the Issue.

Deutsche Bank Hong Kong Branch, Jade Dragon (Mauritius) Limited (a subsidiary of Goldman Sachs) and CPI Ballpark Investments Limited (a subsidiary of Merrill Lynch) each hold 3.85% stake, and Somerset Emerging Opportunities Fund hold 0.54% stake in the equity share capital of the company.

The Company’s infrastructure development business involves construction, development and operation of infrastructure development projects. It is an established infrastructure company in the roads sector in India and has a large portfolio of completed and operational BOT projects in the Indian road infrastructure sector.

The Company’s construction business complements its infrastructure development business and involves engineering, procurement and construction work for construction project on a contractual basis, including in the roads sector.

Source: indiainfoline.com

NKG Infrastructure Limited files DRHP with SEBI

NKG Infrastructure Limited (the “Company”), an ISO 9001:2000 Certified Construction Company, engaged primarily in execution of infrastructure projects like Highways, Roads & Bridges, Extension and Grading of Runway at airport, errection and installation of power sub-station and construction of buildings has filed its Draft Red Herring Prospectus (“DRHP”) with the Securities & Exchange Board of India (“SEBI”) to enter the capital market with its initial public offering of equity shares. At present, it is executing 67 projects including projects in joint ventures across various states in India. The value of projects under execution is Rs. 526.87 cr.

The Company proposes to issue 63,00,000 equity shares (the “Issue”) of Rs. 10 each for cash at a price to be decided through a 100% Book-Building process constituting 44.41% of the fully diluted post issue paid-up capital of the Company. The objects of the Issue are to deploy the proceeds for funding the capital expenditure requirements, investment in joint venture & BOT projects & augmenting the working capital resources.

The Equity Shares are proposed to be listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. The Book Running Lead Manager (“BRLM”) to the Issue is SPA Merchant Bankers Limited.

Incorporated in 1989, the Company is engaged primarily in execution of infrastructure projects and civil construction projects. Recently the Company has diversified into installation and erection of electric substations, with project for installation / testing / commencing of external electrical works in Gomti Nagar, Lucknow. The major projects of the Company are in the state of Uttrakhand, Uttar Pradesh and Madhya Pradesh. It is also executing/executed projects in the states of Haryana, Punjab, Gujarat, Himachal Pradesh & Pondicherry. Its major clients include Public Works Department & other agencies of various state governments & development bodies like Noida Development Authority, Lucknow Development Authority, Ghaziabad Development Authority, etc. It is also executing project for Airport Authority of India in joint venture for extension and grading of runway at Pant Nagar airport. The private sector clients include construction companies like Era Construction India Ltd., Nagarjuna Construction Company Ltd. and Marg Construction Ltd.

Source: moneycontrol

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