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Spate of rights issues

By Our Corporate Reporter

CHENNAI AUG. 5. The Securities and Exchange Board of India (SEBI) has received the draft offer documents pertaining to the rights issues of Industrial Development Bank of India, Bajaj Electricals, Ramco Systems, Sangam (India) and Golden Palms India.

Indian Overseas Bank had already submitted its draft prospectus with the SEBI for its second public issue of equity shares of Rs. 10 each at a premium of Rs. 10-14.

Depending upon the premium the issue size will be Rs. 200-240 crores.

UCO Bank has also lodged its draft prospectus for its public issue of equity shares of Rs. 10 each either at par or at a premium of Rs. 1-2, the issue size being Rs. 200 to Rs. 240 crores, according to a SEBI notification.

The rights issue of Ramco Systems will be at a premium of Rs. 190 per share and the size Rs. 78.57 crores.

Industrial Development Bank of India (IDBI) will be offering its rights shares at a premium of Rs. 12 per share and the total amount involved will be Rs. 154.23 crores.

Bajaj Electricals' rights equity issue is at a premium of Rs. 5 for Rs. 10.86 crores and Sangam India will be tapping the market with its rights issue at a premium of Rs. 5 per share for a total amount of Rs. 12.33 crores.

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