Dalal Street

The board of Southern Online Bio Technologies has approved to raise an amount up to Rs 1921.50 lakh by way of QIP of equity shares to qualified institutional buyers.

The board has approved the preferential issue of 26.50 lakh warrants convertible into equity shares to promoters and non-promoters at a price of Rs 42.70 per share and preferential issue of up to 24 lakh equity shares to entities / persons other than promoters / promoter group at Rs 42.70 per share.

Indiabulls Financial Services has entered into a memorandum of understanding with Societe Generale Insurance for its upcoming life insurance joint venture. Societe General, through its French life insurance company, Sogecap, will own 26% of the future joint venture.

Indiabulls has already received the Reserve Bank of India’s approval to invest in the joint venture, and has also approached IRDA, the Insurance Regulatory and Development Authority, for the necessary regulatory approvals.

Omaxe Ltd just a while ago informed us that subsidiary of the company, Omaxe Powers has filed expression of interest to bid for a project to convert existing low voltage distribution system to high voltage distribution system throughout the state of Punjab.

We think this is a fantastic move by the company unlike Parsvnath which is planning to get into low margin capital intensive business of Telecom which will be an unrelated diversification. Instead Parsvnath should look at the Infrastructure space.

On 20 December 2007, the concerned authority had approved the company’s subsidiary Eden Buildcon’s bid for a multi-purpose project, estimated at Rs 1,800 crore, in Hyderabad.