Sebi eases norms for raising funds

Securities and Exchange Board of India (Sebi),the capital market regulator,has eased norms for security,or the asset cover,required for issuing secured bonds.

Securities and Exchange Board of India (Sebi),the capital market regulator,has eased norms for security,or the asset cover,required for issuing secured bonds. The move will benefit housing finance companies,which usually issue partly secured debt securities faced problems in raising funds,as companies usually sold debentures with an underlying security that was only worth a fraction of the amount raised.

Earlier in May,Sebi had decided that companies raising money through secured bonds and debentures should ensure that the papers issued are fully backed by assets on which a charge has been created up to 100 per cent.

Unitech to raise $700 million through FCCB issue

Unitech,countrys second-largest real-estate company is planning to raise $700 million through foreign currency convertible bonds (FCCBs). The company has sought approval from the Department of Industrial Policy and Planning (DIPP) and the Reserve Bank of India to raise the fund through convertible instruments.

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The FCCBs are raised from foreign institutional investors and banks and companies have the option to either redeem the bonds after the maturity period or convert them into equity at a pre-determined price.

The company has assured the government that the fund will be used for an integrated township and not for repaying existing debts. The company will ring fence the fund raised through this route for a dedicated project (integrated township) through an escrow account.

Surya Roshni to venture in realty sector

Surya Roshni,one of the leading light and steel solution providers,has planned to venture into the real estate sector.

Jai Prakash Aggarwal,CMD of the company,has announced that the company had plans for the real estate sector and would announce its projects soon. He said that the company would be exploring all sectors spanning real estate activities. The company would float a separate subsidiary to look into the real estate division.

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Presently,the turnover of the company is Rs 1,750 crore for the year ending March 2009.

Aggarwal said that Surya group was aiming to become a Rs 5,000-crore company by 2011-12 after all the expansions.

Sahara Prime City to raise funds through IPO

Sahara Prime City (SPCL),promoted by the Sahara group,is backing on its proposed initial public offer (IPO) to bring in enough capital for construction and development of integrated townships.

Sushanto Roy,head – infrastructure and housing,SPCL,said We plan to raise Rs 3,000 crore from the markets,of which Rs 2,700 crore will be used for construction and development of projects and Rs 300 crore for corporate expenses.

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The group is developing only integrated townships as part of its business model and has so far invested Rs 3,500 crore on this.

The company is also planning 217 townships across the country with the name – Sahara City Homes.

At centre of hijab row, student decides to pull out of Kochi school

India2 hr ago

Amid the controversy over a student not being allowed to wear a hijab at a school in Kochi, the student has decided to pull out of the school. Kerala Education Minister V Sivankutty, who had previously called on the school to respect the student’s right to wear the hijab, said on Friday that the school was answerable to the government regarding the circumstances surrounding the girl’s decision.

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