| ICSA India calls for EGM to approve issue of securities
1. To issue, offer and allot on behalf of the Company, in one or more lots (including with provision for reservation on firms and / or competitive basis) of public or private offerings in domestic and / or international markets, through prospectus and / or offer letter or other permissible / requisite offer document, Foreign Currency Convertible Bonds (FCCBs), and /or American Depository Receipts (ADRs) / Global Depository receipts (GDRs) / other Depository receipts and / or Equity Shares/ Preference Shares / Fully Convertible Debentures / Partially Convertible / Non-Convertible Debentures / Optionally Fully Convertible Debentures / Bonds, or any other instruments (including shares without voting rights attached to them or global depository receipts), with or without detachable warrants, whether secured by way of creating charge on the assets of the company or unsecured, as may be decided by the Board of Directors, either in Rupees or in any such appropriate foreign currency as may be permitted by law for an aggregate value as may be decided by the Board of Directors of the Company with or without attachable or detachable warrants, securities in registered or bearer forms, to the Promoters / Directors, their Friends and Relatives and Associates / Group Companies, Members, Employees under Stock option Scheme and / or otherwise, Non-Resident Indians, Indian Public, Overseas Corporate Bodies, International Institutions, Foreign Institutional Investors / Foreign Companies, whether incorporated or not, Companies, Mutual Funds, Financial Institutions or other entities as may be allowed under applicable rules and regulations and to such persons (whether shareholders of the Company or not) by public issue, rights issue / private placements, preferential issues, bought out deals, reservations, firm commitments, employees stock option scheme or by any one or more of the above methods or by any other terms and conditions including the face value, premium amount, premium on conversion or at discount, provided that amount on conversion of convertible debentures shall be as per applicable SEBl guidelines which will be duly certified by the Auditors of the Company, number of conversions, number of tranches, exchange price for warrants / options, rate of interest, redemption period, manner of redemption, amount of premium on redemption / conversion, nature of security, manner of calls and other connected matters with authority to retain such over-subscription of the amount as may be permitted by law for an aggregate amount not exceeding USD 24.00 Million (with permissible green shoe option) or equivalent in Indian and or in any other currency(ies) (inclusive of such premium, as may be fixed on such equity shares) or upon such limit as may be permitted by the Ministry of Finance or Reserve Bank of India or such other Authorities which ever is higher, directly to Indian or Foreign investors whether institutions, incorporated bodies, mutual funds and or individuals or otherwise and whether or not such investors are members, promoters, directors or their associates of the company through public issues, rights issues, private placements, preferential allotment for cash or stock swap or acquisition of business / companies or a combination thereof at such time or times and in such tranches at such price or prices, at discount or premium to market price or prices in such manner and on such terms and conditions including security, rate of interest etc as may be decided and deemed appropriate by the board at the time of such issue or allotment considering the prevailing market conditions and other relevant factors wherever necessary in consultations with the lead managers and underwriters or through the subsidiaries so as to also enable the company to get listed at the Indian Stock Exchanges and Overseas Stock Exchanges / or such as Singapore, Luxemburg, London, Nasdaq and or New York Stock Exchange and or any other overseas stock exchange, subject to necessary provisions and approvals.
Currencies: Signs of recovery elevate won
HONG KONG: The South Korean won rose to the strongest in six weeks on Wednesday as overseas investors bought stocks for a second day on signs the economy is recovering from a slowdown. "Rising stocks are leading expectations of more inflows of funds, boosting the won," said Hideki Hayashi, a Tokyo-based foreign-exchange strategist at Shinko Securities. "Steady export numbers in addition to expectations the free-trade agreement with the U.S. will help increase overseas sales are also supportive for the won." The won rose to 936.30 against the U.S. dollar, according to Seoul Money Brokerage Services. It touched 935.20, the highest since Feb. 16. Elsewhere, Taiwan's dollar touched a two-week low on speculation overseas investors will borrow the currency to purchase higher-yielding assets abroad.
Yen at 4-week low versus dollar
PETALING JAYA: The yen, which has been weakening since March 28, yesterday touched a four-week low against the dollar, probably signalling a return of a bigger risk appetite globally. The Financial Times in a report on Wednesday said the depreciating yen could imply that the yen carry trade was alive and well. It quoted Bank of New York currency strategist Neil Mellor as warning that some currency pairs appeared to have risen beyond levels justified by prevailing interest rates. The background of global economic uncertainty, which pertains in the first instance to the US housing market ... is none too dissimilar to that which brought about the initial phase of unwinding (of carry trades) in February, Mellor pointed out. Meanwhile, Bloomberg said Barclays Capital chief foreign exchange strategist Toru Umemoto predicted the yen to slump 5% this quarter, saying individuals were disheartened by returns in Japan as the central bank's interest rate of 0.5% was likely to remain till the third quarter. Umemoto said the yen could weaken to 125 against the US dollar, the weakest since December 2002. A currency trader contacted by StarBiz said while the yen had been sliding since the start of April, the trend over the past two months had been too volatile to predict where it would head next. .
A butterfly in the desert
Recently a one-day decline in the Chinese stock market led to a succession of reactions, which continue to reverberate around the world's financial markets. It's an example of the so-called 'butterfly effect', the theoretical notion that a minor event in one location can lead to major consequences elsewhere. The Gulf region's foreign exchange markets are seeing their own version of the same phenomenon. Yet, here the butterfly of regional currency fluctuations is caught in the net of official intervention. Once it is freed, however, the implications for those markets will be wide-ranging. Much has been made about the recent increase in Gulf Cooperation Council (GCC) currency volatility, akin to the flapping of this butterfly's wings.
Canada Morning: C$ Flat, Seen Staying Rangebound Near-Term
TORONTO (Dow Jones)--The Canadian dollar is little-changed in light, narrow trading early Monday, with the currency expected to maintain a fairly tight range throughout the session given a lack of fresh domestic economic data and potential event risk from Quebec's provincial election. The U.S. dollar was trading at C$1.1605 at 10:24 a.m. EDT (1424 GMT), from C$1.1622 at 8:00 a.m. EDT (1200 GMT), and from C$1.1610 late Friday. Dealings so far in the Canadian dollar have been contained by a tight C$1.1598 to C$1.1627 range, according to EBS, with only brief flurries of ultimately inconclusive activity coinciding with early-session option expiries and also the release of a soft U.S. February new home sales report. The Canadian currency is generally expected to remain confined by a range of about C$1.1585 to C$1.1635 for the remainder of the day, faced with a gap in the Canadian data calendar that extends until Friday's gross domestic product report, and also the polling in Quebec.
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