VMS Industries IPO to open on 30th May‎

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

VMS Industries Ltd is entering in the capital markets with an initial public offering (IPO) of 25.75 crores. The price band for the issue has been fixed at Rs36 at lower level and Rs40 at upper level.

The issue opens on 30th May 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).

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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.

AVOID THE ISSUE.

FIRST CHOICE IPO.

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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