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Cairn Energy mops up Rs 37 bn via pre-IPO placement
Petronas, Malaysia picks up 10% stake
Scottish oil company, Cairn Energy`s plans of floating its Indian arm Cairn India has reached another milestone.
The company through pre-IPO private placing has raised a total of Rs 37 billion (USD 822.47 million). As many as 209.67 million Cairn India shares were placed at a price of Rs 176.48 per share in the pre-IPO placement, which closed on Wednesday (November 22, 2006).
Petroliam Nasional Berhad (Petronas), Malaysia, turned out to be the largest investor, which picked up 10% stake in Cairn India.A wholly owned subsidiary of the Petronas subscribed to 176.53 million shares of Cairn India, representing approximately 10% of the post-IPO share capital. While the balance of 33.14 million shares were subscribed for by a combination of Indian and international institutional investors.
The placing is equivalent to 11.88% of the issued share capital of Cairn India and, at the placing price, implies a Cairn India market capitalisation of approximately Rs 311.54 billion (or approximately USD 6.92 billion) following successful completion of the flotation and excluding any exercise of the over-allotment option.
Consequent to implied valuation Cairn Energy`s current interest in Cairn India stands at USD 6.32 billion after taking into account the proportion of the gross proceeds to be retained by Cairn India (expected to be approximately USD 600 million).
Cairn Energy has informed that if the flotation price per share goes lower than Rs 176.48, the placing price will be reduced accordingly.
In a release it indicated that as a result of the private placement, the net offer to the public of shares in Cairn India would be reduced from 538.47 million shares to 328.80 million shares.
Cairn had originally planned to raise at least USD 1.8 billion through sale of 538.47 million shares of CIL through the proposed initial public offering.
Blue Bird India`s IPO oversubscribed 5.04 times
The IPO of paper notebook and stationery manufacturer Blue Bird India has been oversubscribed 5.04 times.
The IPO which closed on November 22, 2006 was made through book building route to raise upto Rs 0.92 billion. The price band of the offer was Rs 90 to Rs 105.
The IPO has received bids of 44.27 million shares as against the issue size of 8.78 million shares.The qualified institutional portion has been oversubscribed 7.32 times, whereas the over subscription in non institutional category is 1.78 times. The retail portion has been oversubscribed 3.2 times.
The issue proceeds will be utilized for setting up of new manufacturing facilities for manufacturing of notebooks in southern India and also for enhancing capacity of the existing facility at Pune.
Blue Bird, a Pune based company engaged in manufacturing of paper based notebooks and stationery, commercial printing and publications, has said that it plans to invest Rs 198.57 million in 2007 and Rs 516.26 million in 2008 for capacity enhancement initiatives.
The book running lead manager for the issue is DSP Merrill Lynch while Karvy Investor Services is the lead manager.
Petronas, Malaysia picks up 10% stake
Scottish oil company, Cairn Energy`s plans of floating its Indian arm Cairn India has reached another milestone.
The company through pre-IPO private placing has raised a total of Rs 37 billion (USD 822.47 million). As many as 209.67 million Cairn India shares were placed at a price of Rs 176.48 per share in the pre-IPO placement, which closed on Wednesday (November 22, 2006).
Petroliam Nasional Berhad (Petronas), Malaysia, turned out to be the largest investor, which picked up 10% stake in Cairn India.A wholly owned subsidiary of the Petronas subscribed to 176.53 million shares of Cairn India, representing approximately 10% of the post-IPO share capital. While the balance of 33.14 million shares were subscribed for by a combination of Indian and international institutional investors.
The placing is equivalent to 11.88% of the issued share capital of Cairn India and, at the placing price, implies a Cairn India market capitalisation of approximately Rs 311.54 billion (or approximately USD 6.92 billion) following successful completion of the flotation and excluding any exercise of the over-allotment option.
Consequent to implied valuation Cairn Energy`s current interest in Cairn India stands at USD 6.32 billion after taking into account the proportion of the gross proceeds to be retained by Cairn India (expected to be approximately USD 600 million).
Cairn Energy has informed that if the flotation price per share goes lower than Rs 176.48, the placing price will be reduced accordingly.
In a release it indicated that as a result of the private placement, the net offer to the public of shares in Cairn India would be reduced from 538.47 million shares to 328.80 million shares.
Cairn had originally planned to raise at least USD 1.8 billion through sale of 538.47 million shares of CIL through the proposed initial public offering.
Blue Bird India`s IPO oversubscribed 5.04 times
The IPO of paper notebook and stationery manufacturer Blue Bird India has been oversubscribed 5.04 times.
The IPO which closed on November 22, 2006 was made through book building route to raise upto Rs 0.92 billion. The price band of the offer was Rs 90 to Rs 105.
The IPO has received bids of 44.27 million shares as against the issue size of 8.78 million shares.The qualified institutional portion has been oversubscribed 7.32 times, whereas the over subscription in non institutional category is 1.78 times. The retail portion has been oversubscribed 3.2 times.
The issue proceeds will be utilized for setting up of new manufacturing facilities for manufacturing of notebooks in southern India and also for enhancing capacity of the existing facility at Pune.
Blue Bird, a Pune based company engaged in manufacturing of paper based notebooks and stationery, commercial printing and publications, has said that it plans to invest Rs 198.57 million in 2007 and Rs 516.26 million in 2008 for capacity enhancement initiatives.
The book running lead manager for the issue is DSP Merrill Lynch while Karvy Investor Services is the lead manager.
posted by SY at 9:07 PM
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