Weekly News

PowerGrid FPO: New shares to start trading from Nov 26

The company's new shares will start trading on the exchanges from

November 26, PowerGrid Chairman and Managing Director S K Chaturvedi

told reporters here.

The government raked in about Rs 7,575 crore from PowerGrid's share

sale programme.

The funds raised from the FPO will be used for part-funding the PSU's Rs

55,000 crore capex plan, which envisages investment worth Rs 30,900 crore

over the next two years.

company had fixed the issue price of shares under the offer at Rs 90

apiece, the higher end of the IPO price band of Rs 85-90

The FPO received a huge response from investors and was oversubscribed

14.83 times, garnering total demand for 1,248.48 crore shares, as against

84.17 crore shares on offer

MOIL IPO on November 26, ONGC, IOC to hit markets in Q4

• Manganese Ore India Ltd will come out with its IPO on November 26,while offers of oil majors ONGC and IOC will hit markets in the last quarterof this fiscal

• He also disclosed that Shipping Corporation of India has filed red herring prospectus with market regulator SEBI.

• MOIl will sell a total stake of 20 per cent, out of which the Centre's shares will account for 10 per cent of the total equity.

• Earlier, MOIL Chairman K J Singh had said the initial public offer (IPO) will consist of total 3.38 crore shares

• Two per cent shares will be reserved for employees, retail investors will get 5 per cent discount.

• The government is aiming to raise up to Rs 1,500 crore through the MOIL IPO.

MERV working to electrify M&M

• Mahindra Reva’s Electric Vehicles(MERV) world largest maker of Electric technologies to fit into Mahindra & Mahindra other products like Scorpio etc.

• M & M has acquired 55.2% stake in Reva Electric vehicles in May this year.

• It has already tested the prototype of its commercial GIO with electricity driven technology & already sells two electric vehicles– Bijlee and Maxximo.

BPO companies' overseas strength multiplies

•Mumbai-based BPO company Aegis has more employees overseas (27,000)than in India (20,000).

•Its operations are spread across ten countries, from the US and Argentinathrough Kenya and South Africa to Australia.

•24/7 Customer has 3,000 employees in India, and 6,000 overseas, incountries like the Philippines, China, Guatemala and Nicaragua.

•BPO firms say they are under pressure to set up part of the operations closeto customer locations to work closer together and also to avoid chargesabout job losses in the home country.

Google to purge UK personal

data gotten from Wi-Fi

•Google inc. Will delete the personal data collected by

the company's street view cars in britain after regulators

there wrapped up their inquiry into the intrusion.

•It wants to purge all the personal data that its street

view cars gathered after it gains clearance from

regulators in the more than 30 affected countries.