Reliance Power IPO Price band Rs 405 to Rs 450

Each share of Reliance Power has been priced at Rs 405 at the lower end and Rs 450 at the upper end of the band. The company plans to offer the retail investors or those applying for Rs 1 lakh, a 5 per cent discount.

Reliance Power IPO would raise between Rs 10,500 crore to Rs 11,700 crore with the sale of 26 crore shares in the public offer.

Rating agency Crisil assigned an above average 4-on-5 rating to the proposed initial public offer of Reliance Power.

Bankers to the Reliance Power initial public offering issue include ABN Amro Rothschild, Deutsche Bank AG, Enam Securities Pvt., ICICI Securities Ltd., JM Financial Consultants Pvt., JPMorgan Chase & Co., Kotak Mahindra Capital Co. and UBS AG.

MCX IPO - Multi Commodity Exchange of India initial public offering

As per ET News today - The largest commodity futures bourse in the country - Multi Commodity Exchange of India (MCX) - is all set to hit the primary market with an initial public offering (IPO).

The commodity exchange is likely to announce its long-awaited IPO within a week. Sources said, MCX would sell 10% stake, through a mix of fresh shares and an offer for sale, to raise around Rs 500-600 crore.

According to sources, fresh shares will contribute the majority of the offering while the offer for sale will account for 2-3%. An offer for sale refers to the sale of promoter's existing equity to the public. The bourse has been valued at around $1.2-1.3 billion.

The issue is being managed by DSP Merrill Lynch, Kotak Securities and Enam Financial.

MCX has been mulling over listing on local bourses for the past two years. Sources said, IPO would provide many of its Indian and foreign investors an exit route. Around 24% of MCX is owned by foreign investors. While Fidelity holds 9%, Merrill Lynch and Citi own 5% each. The other investors include US-based Passport Capital (3%) and the UK-based fund GLG (2%). >>> Read More

Just in - MCX Denies IPO Plan

As per Reuters -The Multi Commodity Exchange of India Ltd (MCX) has no immediate plans to enter the market with an initial public offering, a top company official told Reuters.

“No, there are no immediate plans of this nature. The newspapers may have had some sort of a misunderstanding. It is not true,” Joseph Massey, deputy managing director, MCX, said over the telephone. >> Read Source

Eicher Motors signs JV with Volvo

Swedish giant Volvo bought into Eicher Motors Ltd (EML) and would invest $350 million in a new subsidiary that the two companies would set up.

Volvo and Eicher signed a Letter of Intent on Monday for a joint venture, with an enterprise value of $506 million, that will be a step-down company of EML. Eicher will transfer its commercial vehicles, components and engineering design services business to the new joint venture.

Meanwhile, Shares of Eicher Motors fell sharply on Monday soon after it announced a joint venture with AB Volvo as a step-down subsidiary. The share closed at Rs 477.30, down 12.49 per cent or Rs 68.15. It touched a 52-week high of Rs 599 before the announcement was made. The low for the day was Rs 442.30. Traded volume was 10,52,119 shares.