Recent Issues Final

Companies recently gone for QIP and their issue size 1.

BHL

Bajaj Hindusthan (BHL), the country’s largest and the world’s fifth biggest sugar company, raised Rs 723 crore through a qualified institutional placement (QIP) of equity shares. BHL joint managing director Kushagra Bajaj said the issue was priced at Rs 204 a share, marginally higher than the Sebi-determined floor price of Rs 203 a share. The successful closure of the QIP by BHL brought cheer to its domestic peers which have lined up a series of such offerings to raise Rs 35,000 crore this year after Indian stocks had their biggest quarterly gain in 17 years. BHL has issued 35.4 million shares to 25 institutional investors, leading to a 22% expansion of the company’s equity base. On the expanded equity, the promoters stake will come down to 42% from 51%. The identity of the investors will be revealed after the allotment of shares on Tuesday. According to Mr. Bajaj, the proceeds of the issue would be utilized to bring down the company’s debt to nearly Rs 2,300 crore which, in turn, will ease pressure on the company’s margin and also improve the debt-equity ratio from about 2.5:1 to about 1:1. “Full subscription to our QIP reflects investors’ confidence in BHL’s commitment to, and confidence in, the sugar and ethanol businesses,” he said. BHL is the world’s 10th largest ethanol maker. The BHL stock gained 1% to close at Rs 206.50 on the BSE on Wednesday. CLSA and Deutsche Bank acted as the joint global coordinators and joint book running lead managers to the issue.

2.

TEXMACO

Texmaco is a leading engineering complex in eastern India that manufactures a range of precision and heavy engineering products such as commodity-specific freight cars, highspeed bogies, automatic couplers, draft gears, CMS crossings, industrial castings, hydromechanical equipment for mega power plants, cryogenic pressure vessels, heat exchangers, boilers and heavy steel structures. Some of these are made in India for the first time ever in technical collaboration with world-renowned companies. Texmaco announced the successful closure of its qualified institutional placement (QIP) aggregating to Rs. 170.56 crore. This entails issue of 1.64 crore equity shares of Re 1 each at a price of Rs 104 per equity share, which is above the floor price as calculated in accordance with the SEBI guidelines. ICICI acted as a sole coordinator for this issue. 3.

Indiabulls Financial Services

It has mobilised $200 million through a qualified institutional placement (QIP) issue. The issue, priced at Rs 171 per share, has resulted in an equity dilution of 12%. The issue, which was completed in just 45 minutes, was oversubscribed 3.5 times, said an investment banking official familiar with the development. The company received bids from over 60 investors including HSBC, Eton Park, Och-Ziff, Bennelong, Goldman Sach and Blackstone. The company board had approved the stake sale earlier on Monday and the deal was arranged by Morgan Stanley. The Indiabulls Fin

scrip closed 1.74% higher at Rs 184.05 on the BSE on Monday. The company will use the money mainly to finance its new insurance venture. It had recently tied up with the French financial major Societe Generale for jointly launching a life insurance venture for which it has received an in-principal approval from insurance regulator IRDA. The venture is expected to be launched by next December. With this fund infusion, the company will have a net worth of Rs 4,500 crore, making it the fourth-most capitalised financial services company. This is the second successful fund raising by the Indiabulls group through the QIP route. Earlier in May, group company Indiabulls Real Estate had raised $550 million through the QIP route to fund its real estate and power projects. Indiabulls Financial Services is mainly into consumer finance, housing finance and commercial loans.

QIP’s to be raised in future Gammon Infra to raise $100mn through QIP Omaxe to raise fund through QIP Lanco Infra plans to raise Rs 750 cr via QIP

RECENT ISSUES NHPC LTD Underwriting Agreement After the determination of the Issue Price and allocation of our Equity Shares but prior to filing of the Prospectus with the RoC, our Company and the Selling Shareholder will enter into an Underwriting Agreement with the Underwriters for the Equity Shares proposed to be offered through this Issue. It is proposed that pursuant to the terms of the Underwriting Agreement, the BRLMs shall be responsible for bringing in the amount devolved in the event that the Syndicate Members do not fulfill their underwriting obligations. Pursuant to the terms of the Underwriting Agreement, the obligations of the Underwriters are subject to certain conditions to closing, as specified therein. The Underwriters indicated their intention to underwrite Equity Shares:

CAPITAL STRUCTURE

In the opinion of our Board and the Selling Shareholder (based on certificates given to them by BRLMs and the Syndicate Members), the resources of the Underwriters are sufficient to enable them to discharge their respective underwriting obligations in full. All the above mentioned Underwriters are registered with SEBI under Section 12(1) of the SEBI Act or registered as brokers with the Stock Exchanges. The above Underwriting Agreement has been accepted by the Board, our Company and the Selling Shareholder has issued letters of acceptance to the Underwriters. Allocation among Underwriters may not necessarily be in proportion to their underwriting commitments. Notwithstanding the above table, the Underwriters shall be severally responsible for ensuring payment with respect to the Equity Shares allocated to investors procured by them. In the event of any default, the respective Underwriters in addition to other obligations to be defined in the Underwriting Agreement, will also be required to procure/subscribe to the extent of the defaulted amount.

ADANI POWER LIMITED Underwriting Agreement After the determination of the Issue Price and allocation of our Equity Shares, but prior to the filing of the Prospectus with the RoC, our Company will enter into an Underwriting Agreement with the Underwriters for the Equity Shares proposed to be offered through the Issue. It is proposed that pursuant to the terms of the Underwriting Agreement, the BRLMs shall be responsible for bringing in the amount

devolved in the event that the Syndicate Members do not fulfill their underwriting obligations. The underwriting shall be to the extent of the Bids uploaded by the Underwriters including through its Syndicate / Sub Syndicate. The Underwriting Agreement is Pursuant to the terms of the Underwriting Agreement; the obligations of the Underwriters are several and are subject to certain conditions specified therein.

In the opinion of our Board of Directors (based on a certificate given by the Underwriters), the resources of the above mentioned Underwriters is sufficient to enable them to discharge its underwriting obligations in full. The above mentioned Underwriters are registered with SEBI under Section 12 (1) of the SEBI Act or registered as brokers with the Stock Exchange(s). Our Board of Directors/Committee of Directors, has accepted and entered into the Underwriting Agreement mentioned above on behalf of our Company. Allocation among the Underwriters may not necessarily be in proportion to their underwriting commitments. Notwithstanding the above table, the BRLMs and the Syndicate Members shall be responsible for ensuring payment with respect to Equity Shares allocated to investors procured by them. In the event of any default in payment, the respective Underwriter, in addition to other obligations defined in the underwriting agreement, will also be required to procure/subscribe to Equity Shares to the extent of the defaulted amount in accordance with the underwriting agreement.

CAPITAL STRUCTURE

Recent Bonus Issues in Indian Capital Market includes the following: Company Country Condos

Bonus Ratio 2:1

-DATEAnnouncement 15-07-2009

Record 07-09-2009

Ex-Bonus 04-09-2009

GEE Kanani Industr Glodyne Techno Munoth Capital Avance Tech TRF Divis Labs Veer Energy Ind Tra Deco Anus Labs Transcorp Int Dolphin Offshor Indiaco Venture TCS PI Industries Rajendra Elec Transoceanic Pr Simplex Trading

1:4 2:1 1:1 7:2 4:1 1:1 1:1 1:2 2:3 1:1 1:2 2:5 1:1 1:1 1:1 1:1 20:1 4:1

30-06-2009 25-06-2009 30-06-2009 08-06-2009 27-06-2009 16-06-2009 06-06-2009 01-06-2009 06-06-2009 03-06-2009 09-05-2009 14-05-2009 30-04-2009 20-04-2009 13-06-2008 29-12-2008 20-10-2008 18-08-2008

26-08-2009 06-08-2009 08-08-2009 03-08-2009 01-08-2009 28-07-2009 27-07-2009 26-06-2009 17-06-2009 08-04-2009 16-03-2009 10-02-2009 06-01-2009

25-08-2009 20-08-2009 20-08-2009 05-08-2009 03-08-2009 31-07-2009 30-07-2009 29-07-2009 27-07-2009 24-07-2009 02-07-2009 29-06-2009 19-06-2009 16-06-2009 25-03-2009 04-03-2009 29-01-2009 05-01-2009

ESOPS PUNJ LLOYD Punj Lloyd Ltd has announced that the Committee of Directors in its meeting held on August 11, 2009 has allotted 1,96,635 equity shares of Rs 2 each to the eligible employees under ESOP 2005 and 13,035 equity shares of Rs 2 each to the eligible employees under ESOP 2006 of the Company. The stock closed the day at Rs.223.35, down by Rs.14.75 or 6.19%. The stock hit an intraday high of Rs.235.45 and low of Rs.222. The total traded quantity was 1089050 compared to 2 week average of 1927912.

Unichem Laboratories grants 3 lakh ESOPs Unichem Laboratories Ltd has announced that the Compensation Committee of the Board of Directors of the Company at its meeting held on June 17, 2009, has granted 3,00,000 (Three Lacs) equity shares to the Employees of the Company in terms of its Employee Stock Option Scheme - 2008. Against each option, the grantee will have a right to apply for and get allotted one equity share at an exercise price of Rs 115/- (Rupees One Hundred and Fifteen only). The vesting period for the said options is in a graded manner over five years as prescribed in the scheme

STOCK SPLIT

Gammon Infra approves stock split on Tue, Aug 11, 2009. The company board has approved stock split from Rs 10 To Rs 2. It was trading with volumes of 26,757 shares, compared to its five-day average of 2,802 shares, an increase of 854.93% (w.r.t. date of split approval). Motilal Oswal jumps on share split decision on Apr 22, 2008. The company board has approved splitting FV of shares from Rs 5 to Re 1. It was trading with volumes of 2,465 shares. Yesterday the share closed up 1.48% or Rs 11 at Rs 752.55 (w.r.t. date of split approval). KS oil approves stock split on May 23, 2007. The company board has approved 10:1 stock split, to raise up to USD 100 million via FCCB/GDR. It is trading with volumes of 5,09,838 shares. Yesterday the share closed up 0.23% at Rs 413.25 (w.r.t. date of split approval).

CONSOLIDATION OR REVERSE SPLIT Note: It is observed that Indian Companies (companies listed on Indian Stock Exchanges) do not opt for Consolidation. Hence, all the companies below are listed on some or the other stock exchange outside India.

Sri Adhikari Brothers Sri Adhikari Brothers has informed the stock exchanges that the board of Sri Adhikari Brothers Television Network has approved the consolidation of face value of the company’s shares (reverse stock split) from‚ 5 shares of face value Rs. 2 each to 1 share of face value Rs. 10 each. Sri Adhikari Brothers Television Network share prices were up after this announcement was made. A stock split increases liquidity and hence there is an increase in share prices during a stock split. The opposite takes place in case of the reverse stock split and logically the share prices should fall during a reverse stock split. However that doesn’t seem to be happening in case of the Sri Adhikari Brothers Reverse Stock Split.

RIT Technologies (listed on NASDAQ) RIT Technologies announced on August 3, 2009 that its previously announced one-for-eight reverse split of its outstanding Ordinary Shares will become effective on Monday, August 24, 2009. After the reverse split, the number of the Company's authorized Ordinary Shares will decrease from 39,979,770 to 4,997,471.2 Ordinary Shares; the number of Ordinary Shares outstanding is expected to decrease from 20,835,420 to 2,604,428, reflecting the rounding of fractional shares; and the par value per Ordinary Share will increase from NIS 0.1 to NIS 0.8.