BHEL had filed DRHP in September for the FPO under which the government planned to offload 5% stake in the company
State-owned equipment maker BHEL, which will announce annual results on Tuesday, said it would withdraw the initial papers for its follow-on offer that were filed with Securities and Exchange Board of India (SEBI).
"The Board of Directors of BHEL has approved the withdrawal of DRHP (draft red herring prospectus) filed by BHEL with SEBI," the company informed BSE.
The company said the decision has been taken after the receipt of "no-objection" for withdrawal of DRHP for BHEL FPO from the Department of Heavy industry and Department of Disinvestment.
The company filed DRHP in September for the follow-on public offer (FPO) under which the government planned to offload 5% stake in the company.
The sale of government's 5% stake in the power equipment maker was expected to fetch over Rs4,000 crore.
The government in July 2011 had appointed four merchant bankers -- Morgan Stanley, DSP Merrill Lynch (Bank of America), ICICI Securities and Kotak Mahindra Capital -- for BHEL's FPO.
On 30 August 2011, it had approved the disinvestment of 5% of its shareholding in BHEL. The government holds 67.72% stake in the entity.
In the late afternoon, BHEL was trading at around Rs265.05 per share on the Bombay Stock Exchange, 1.82% up from the previous close.
According to Reliance Power, the Rosa project is consistently operating at above 95% plant load factor
Reliance Power said it has commissioned the fourth 300 MW unit of the Rosa plant in Uttar Pradesh, taking the project's total operational capacity to 1,200 MW.
The 1,200 MW Rosa thermal power project is now fully operational and the fourth unit was commissioned on 31 March 2012, four months ahead of the schedule of July, the company said.
"Rosa power project is also the first independent thermal power project in North India to be brought online and represents the largest ever private sector investment in Uttar Pradesh with an investment outlay of over Rs 6,000 crore," the company said in a statement.
The third 300 MW unit of the plant was commissioned in December 2011, which was also ahead of schedule. Rosa project has four units, each having capacity of 300 MW.
According to Reliance Power, the project is consistently operating at above 95% plant load factor (PLF). Electricity generated from the plant would be supplied to Uttar Pradesh. Reliance Power CEO J P Chalasani said that Rosa occupies a special place in the company's portfolio as it is their first operating power plant.
"The achievement of our teams in construction and commissioning of the Rosa project is commendable and unmatched in the Indian Power Sector. This experience gives huge confidence for our ongoing and future projects," he noted.
The company said the project would account for more than 15% of Uttar Pradesh's total energy requirement and would light up about 30 lakh households. On Saturday, Reliance Power had commissioned a 40 MW solar plant in Rajasthan. The project, entailing an investment of about Rs700 crore, would generate over 70 million units of clean power.
In the late afternoon, Reliance Power was trading at around Rs121.20 per share on the Bombay Stock Exchange, 0.9% down from the previous close.
For the entire 2011-12 fiscal, TVS Motor's total sales jumped 7.41% to 21,98,142 units from 20,46,541 units in the previous fiscal, TVS Motor Company said in a statement
Chennai-based TVS Motor Company reported a 4.48% fall in sales for March 2012 at 1,82,527 units from 1,91,081 units in the same month of 2011. For the entire 2011-12 fiscal, the company's total sales jumped 7.41% to 21,98,142 units from 20,46,541 units in the previous fiscal, TVS Motor Company said in a statement.
During March 2012, TVS Motor's two-wheeler sales witnessed a 3.48% decline at 1,80,274 units from 1,86,781 units in the same month last year, it added. Motorcycle sales of the company went down by 17.14% last month to 65,994 units from 79,642 units in the year-ago period, it said.
The domestic two-wheeler maker's sales in March 2012 stood at 1,60,736 units, down 1.22% over 1,62,719 units in the same month of 2011. The company said its total exports during the month dipped by 22.69% to 20,690 units against 26,762 units in March 2011. Total three-wheeler sales also decreased by 47.60% to 2,253 units in last month from 4,300 units in the same month of 2011, the statement said.
In the late afternoon, TVS Motor Company was trading at around Rs42.60 per share on the Bombay Stock Exchange, 1.27% down from the previous close.