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Open offer from CESC to Firstsource Solutions shareholders will keep the latter active at the bourses. The open offer, which closes on January 17, is to acquire up to 19.85 crore equity shares of Firstsource, representing 30.18 per cent of the equity share capital. The company recently said that there is no revision in the offer price, which has been fixed at Rs 12.20. The stock on Friday closed at Rs 12.05. Recently, Firstsource fully settled its outstanding foreign currency convertible bonds worth $237 million. The FCCBs were due on December 4, 2012.
Price hike to keep Indraprastha Gas in full steam
The stock of Indraprastha Gas will remain active this week as the Delhi Government hiked compressed natural gas (CNG) price. The Delhi Government last week hiked CNG price by Rs 1.55 a kg to Rs 39.90. The hike came into effect from January 4. Indraprastha Gas said the selling price of CNG in Delhi, Noida, Greater Noida and Ghaziabad is being raised "due to increased input gas price and related taxes." Indraprastha Gas is the sole retailer of CNG and piped natural gas in the National Capital.
FII limit booster for ING Vysya Bank
ING Vysya Bank shares will see higher activity as the company informed the exchanges that the RBI has approved increasing the foreign institutional investment limit in the company. The limit has been increased to 30 per cent from 24 per cent. FIIs holding increased marginally to 25.57 per cent at the end of December from 25.01 per cent as of September. However, promoters and domestic institutions have decreased their stake marginally to 42.87 per cent (43.4 per cent) and 12.98 per cent (13.44 per cent) respectively.
Manappuram Finance: Hudson Equity's selling to continue?
The stock of Manappuram Finance will remain in focus this week, as Hudson Equity Holdings, a fund managed by India Equity Partners (IEP), has part sold its stake in the company on Friday. According to a bulk deal data on the stock exchanges, Hudson Equity, which held 7.2 crore shares or 8.54 per cent stake at end of September, sold 1.8 crore shares at an average price of Rs 43.01 a share. MS GMO Emerging Domestic Opportunities Fund bought 56.63 lakh shares. IEP arm had bought the stake in the company in 2007. Now, there is an expectation in the market that Hudson Equity will exit from the company, as did by Sequoia Capital in 2010.
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