Bangalore-based software manufacturer Subex Systems on Tuesday announced its Initial Public Offering (IPO) of 9,71,000 shares at a premium of Rs 65, aggregating to Rs 7.2825 crore. The objective of the issue is to part-finance its software development facilities at Bangalore as well as for setting up a subsidiary in the United States, Subex managing director Subhash Menon told reporters on Tuesday.

Vatsa tops NSE complaints list

Vatsa Corporations Ltd topped the complaints lists at the National Stock Exchange (NSE) with 31 complaints pending against them for more than 2 two months. The other companies against whom maximum complaints pending against are: Motorol (I) Ltd and Xedd Telecom Ltd (20 each ), Videocon International Ltd (17), Padmini Polymers Ltd (14), Sterlite Industries (I) Ltd (10), Grapco Industries Ltd and Reliance Industries Ltd (8 each), NEPC India Ltd and Patheja Forgings Auto Parts Manufacturers Ltd (7 each), a NSE release said.

Buyinginterest in food-processing

Possible mergers and acquisitions (M&A) have sparked off a buying interest in the food-processing industry. According to brokers, the trend was kicked off by HLL and Nestle and is now expected to be a full-feleged M&A game with a host of US and UK-based food companies attempting to set shop in India through acquisitions/tie-ups. Aiding this M&A game will be the government decision to place milk and dairy products on the open general licence (OGL).

Bearing scrips on upswing

With the automobile industry on the revival path, punters are zeroing on the bearing scrips. The fate of the bearings industry is linked to that of auto industry - which is its main user. This coupled with the plans of the auto companies to launch newer models after the recent successes in the small car segment, will lead to higher demand for ball bearings.

Tightrope walk ahead for Andhra Bank

Although Andhra Bank has managed to present a clean balance sheet in the run-up to itsproposed IPO, the bank may have a tightrope walk ahead in order to see its public issue through. While Andhra Bank has witnessed a net profit growth of 20 per cent to Rs 90.04 crore in 1998-99 and written off its accumulated losses by running down the equity (a book entry), the bank's main activity is investment-related rather than loan advances.

ISE suggestion to regional SEs

To give a phillip to its dwindling business, Inter-Connected Stock Exchange (ISE) has suggested that members of regional stock exchanges (RSEs) be allowed to shift their capital deposits from the RSEs to the ISE. It has also sought a consolidation of the capital market infrastructure, whereby exchanges not having a national presence should compulsorily be asked to join the ISE. These are some of the issue which will be taken up at the ISE board meeting scheduled for July 9.