Rights issues mobilisation down 75% in FY12
Mobilisation of resources through rights issues posted a 75% decline in FY12. According to PRIME Database, the year saw R2,375 crore being raised compared with R9,594 crore that was raised in the previous year. This was also lower than R8,321 crore that had been raised in FY10 and much lower than R32,519 crore, the highest ever amount mobilized in FY08. The year witnessed 16 companies using the rights route, 33% lower than the previous year that had seen 24 issues. Dismal market conditions, compounded by firms raising monies through alternative routes like QIP and the preferential issue, were the main reasons for the poor utlilization of the rights route, according to PRIME Database. The largest rights issue in the year was from Bajaj Hindusthan (R1,644 crore) followed by JK Paper (R246 crore) and Gayatri Projects (R144 crore).
Pawan Nahar joins Religare from CLSA
Religare Capital Markets has hired Pawan Nahar as director of its Institutional Sales team. Prior to joining RCML, Nahar was with CLSA, as part of its India Equity Sales Desk team. Nahar has over 12 years of experience in institutional equities, both in research and in sales.
UltraTech Cement to pay R8 dividend
UltraTech Cement has informed that the board of directors of the company at its meeting held on April 23, 2012, inter alia, has recommended a dividend of R8 per equity share of R10 each for the year ended March 31, 2012. The payment is subject to the approval of the shareholders in the ensuing annual general meeting of the company.