Timbor Home IPO to open on 30th May

The issue opens on 30 May 2011 and closes for subscription on 2 June 2011

Timbor Home Ltd is entering in the capital markets with an initial public offering, IPO of 3,690,000 equity shares of Rs10 each. The price band for the issue has been fixed at Rs54 at lower level and Rs63 at the upper level.

Timbor Home Ltd is an India based manufacturer and retailer of Italian style modular kitchen components, door frames, home furniture and accessories. The company markets its products under brand names Timbor Cucine, Timbor Doors Timbor Home and IKI Kitchens.

The issue opens on 30 May 2011 and closes for subscription on 2 June 2011. The equity shares of the issue are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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COMMENTS

K A PRASANNA

6 years ago

The company has reported a turn over of Rs 55cr for the 9 months period ending Dec2010. Out of this, the debtors outstanding are Rs 37cr. The figures for the corresponding period are Rs 51cr and Rs 19cr respectively. It appears that the turn over for the latest period is ‘manufactured’ in view of the IPO envisaged. The company has not made any provisions for taxes, for the latest period. The hidden object of the issue it appears is to provide an exit route to the early investors. The company, post issue will have equity of Rs 14.75cr. It will be difficult to service the equity, with the kind of margins and the business model pursued.

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New investor category to encourage fund flow to MFs

Under the proposed norms, foreign individual investors registered with depositories either in India or abroad can invest in mutual funds in India

The government plans to set up a new class of investors, qualified foreign investors (QFIs), to encourage the flow of foreign capital into mutual funds.

Under the proposed norms, foreign individual investors registered with depositories either in India or abroad can invest in mutual funds in India. "We are looking at two routes for allowing foreigners in mutual funds," said a senior finance ministry official. The issue of allowing foreigners into the mutual funds segment was also discussed at a meeting of a sub-committee of the Financial Stability and Development Council (FSDC).

The government is considering allowing QFIs registered with depository participants to invest in mutual funds directly. Investments in mutual funds could also be made through a mechanism-the unit confirmation receipt (UCR) system. Under the proposed UCR system, a foreign investor can approach depositories in his native country and place orders on custodian banks in India. The custodian banks would look into the mutual funds and issue UCRs against the underlying mutual funds. The proposal follows the Budget 2011-12 announcement of allowing foreign individuals to invest directly in mutual funds.

Under the proposal, fund houses would have to ensure know-your-customer (KYC) norms before seeking investment from foreign investors. "To liberalise the portfolio investment route, it has been decided to permit mutual funds registered with the Securities and Exchange Board of India to accept subscriptions from foreign investors who meet the KYC norms for equity schemes," Finance Minister Pranab Mukherjee had said in his Budget speech.

The move would enable the mutual funds sector to have direct access to foreign investors and widen the class of foreign investors in the Indian equity market. "It would help increase foreign investment in the stock market through the indirect route. Also, the average assets of fund houses are likely to see some upswing," said SMC Global Securities Strategist and head (research), Jagannadham Thunuguntla.

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Chief economic advisor pitches for FDI in multi-brand retail to tame inflation

Concerned over high inflation, the government in January had appointed a high-level inter-ministerial group to suggest steps to tame the rate of price rise. The group has suggested opening up multi-brand retail to foreign investors and changes in agriculture marketing laws to check the rate of price rise

New Delhi: Concerned over rising inflation, the inter-ministerial group (IMG) today suggested opening up multi-brand retail to foreign investors and changes in agriculture marketing laws to check the rate of price rise, reports PTI.

“We are taking a clear position on foreign direct investment (FDI) in multi-brand retail. Of course, it is a recommendation, not policy,” chief economic advisor and IMG chairman Kaushik Basu told reporters here.

The IMG, he added, favours formulation of a model Agriculture Produce Marketing Committee (APMC) law, which could be adopted by the states to remove supply bottlenecks at the local level.

“There is a need to revise the AMPC Act to reduce the price gap between farm gate and consumer prices. We need a model act to be adopted by states,” he added.

Concerned over high inflation, the government in January had appointed a high-level inter-ministerial group to suggest steps to tame the rate of price rise.

Headline inflation stood at 8.66% in April, much above the Reserve Bank of India’s comfort level of 5%-6%. Food inflation was 8.55% for the week ended 14th May.

Inflation continues to remain firm despite the host of steps taken by the government as well as the RBI over more than a year.

The RBI recently raised key policy rates for the ninth time since March 2010 to tame inflation. The government, too, had banned the export of some essential commodities to increase their supply in the domestic market.

Both the government and the RBI, Mr Basu said, are acting in tandem to check the rising prices.

The government’s recent decision to raise petrol prices and the possibility of a diesel price hike, according to experts, may put further pressure on headline inflation.

Experts are of the opinion that the RBI, in its mid-quarterly review to be unveiled next month, may further hike key policy rates.

Besides Mr Basu, the other members of the IMG include Planning Commission member secretary Sudha Pillai, agriculture secretary PK Basu, food secretary BC Gupta, finance secretary Sushma Nath, economic affair secretary R Gopalan, commerce secretary Rahul Khullar and chief statistician TCA Anant.

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