• JSW Energy sets IPO price at Rs 100/sh, for retail at Rs 95 - JSW Energy, a part of Sajjan Jindal-led JSW Group, has fixed its issue price at Rs 100 per share, at lower end of price band of Rs 100-115, due to lukewarm response from retail and non-institutional investors. For retail investors, issue price is fixed at Rs 95 per share, at a discount of Rs 5 to the original issue price. The initial public offering (IPO) of JSW Energy was opened for subscription during December 7-9,2009 and was subscribed 1.68 times, as per data available on the NSE website. Qualified institutional investors supported the issue to get subscribed; their reserved portion subscribed 2.88 times. The reserved portion of retail & non-institutional investors remained undersubscribed. LIC has invested Rs 1,884 crore by bidding nearly 1.36 times of total QIB issue size.

• RIL to decide on Lyondell bid today – Reliance Industries (RIL), on Tuesday, will decide on submitting a financial bid to buy LyondellBassell, based on the outcome of the hearing by the Bankruptcy Court of New York South District of rescue plans proposed by the management team of the world’s third-largest petrochemical company. India’s largest private sector company on November 21 said it offered a non-binding bid to acquire the troubled petrochemical company. LyondellBassell management is expected to seek time till September 6, 2010 to finalise the reorganisation plan which it submitted last week. Under the US bankruptcy laws, the final approval of the reorganisation plan vests with the court. “RIL will wait till Tuesday evening to take a final decision. Reliance could make a lower bid considering the projected drop in revenue of LyondellBassell. JP Morgan Chase is helping RIL to secure finances for the deal. Though RIL is yet to carry out due diligence, its executives had a few rounds of meeting with the LyondellBassell management.

• GVK Power buys L T s 17 stake in Bangalore Int l Airport: The GVK Power has acquired 17% in Bangalore International Airport (BIAL) from Larsen & Toubro for Rs 686 crore. The stake was acquired through its subsidiary and the acquisition was priced at Rs 105 a share. With this acquisition, GVK will now hold 29% stake in BIAL. The deal values BIAL at around Rs 4,040 crore. Speaking on the acquisition, GV Krishna Reddy, Chairman and MD, GVK Power & Infrastructure, says, “The acquisition of additional stake in BIAL is in line with our objective of expanding GVK’s presence in the airports business.” GVK is India’s leading infrastructure developer and also the lead promoter of the Mumbai International Airport. It had earlier approved the acquisition of 4,61,52,000 shares, or 12% of the paid-up equity share capital, of BIAL at a total cost of Rs. 484 crore from Flughafen Zuerich AG through GVK Airport Developers Pvt GVKADPL), a wholly-owned subsidiary of the company.