Today's Biz Bit

• According to sources, SEBI may introduce a new pricing formula for fund-raising windows such as QIPs and FCCB issues, in order to reduce the gap between market price and issue price of stocks. The proposed formula will shorten the period for which average traded price is sought in order to arrive at issue price. Time lag in a rights issue, including notice period to shareholders and period between pricing and completion may also be trimmed (Mint)

• According to sources, Govt’s top level committee on capital markets is proposing to permit infrastructure companies to bring in up to $500 mn automatically, instead of the current cap of $100 million under the ECB route. (FE)

• The much-awaited new Defence Procurement Policy-2008 is expected to be released by defence minister AK Antony on Friday. The new policy is likely to encourage contenders to go in for joint ventures. (FE)

• According to sources, the 7 formally approved SEZs in Goa, including three notified ones, are likely to be scrapped. Goa government will talk to developers of these zones on issues related to compensation and after finalising details and compensation mechanism, zone developers will approach commerce ministry and apply for taking back their applications. The compensation package could involve giving land and other incentives to zone developers in other locations in Goa for developing non-SEZ industrial units. (BS)

• According to sources, DoT has decided to grant licences to 2 mobile number portability (MNP) service providers in the country, to be selected through a“beauty parade”, who will act as clearing house to allow mobile users to seamlessly change their operator without changing their number. Launch of portability services have been delayed till February or March 2009. (BS)

• DoT has constituted a high-level committee headed by its member (finance) to frame guidelines for e-auction of radio frequencies. The 3G policy likely to be announced on Friday is expected to provide for a ‘simultaneous ascending e-auction’ to be conducted on a circle-wise basis. The broad guidelines for e-auction are learnt to have already been finalised. (ET)

• HDFC and ICICI Bank have hiked interest rates on floating loans by 75 basis points, a quarter point more than what RBI has signalled. (ET)

• Chandigarh-based Alchemist Group is planning a foray into the hospitality sector with an investment of Rs 1,300 crore over the next two years. The group plans to build five brands including fine dining restaurants specialising in varied Indian cuisines and will open 100 restaurants under these brands in Indian cities and overseas markets. (ET)

• US’ third-largest automaker Chrysler is learnt to have held discussions with Tata Motors Ltd about selling its Jeep Wrangler Sports Utility Vehicle (SUV) in India and possibly other Asian markets. Tata and Chrysler are already cooperating on developing an electric vehicle. (BS)

• Japanese drugmaker Daiichi Sankyo has indicated that the Ranbaxy, Daiichi Sankyo deal is on track and its offer to buy 20 % from shareholders will be delayed because of regulatory hurdles. There is no change in the terms and conditions of the deal and the revised date of open offer is shall be communicated soon. (BS)

• According to sources, Unitech is planning to raise nearly $1 billion (Rs 4,200 crore) in the current financial year from PE players for its hotel, commercial and retail projects across the country. The company will raise funds by floating special purpose vehicles (SPVs) in different projects. Out of the total amount, $300 million will be spent on hotel projects and $700 million on commercial and retail projects. (BS)

• NCAER, in its quarterly review, has lowered its forecast for India’s GDP growth to 7.8% for 2008-09 from 9% predicted earlier on account of slower global growth and higher rate of inflation. It has pegged inflation at an average of 7.9%, projected a slowdown in growth of exports to 15.8% from 23% in the previous fiscal and fall in growth of imports to from 27% in the last fiscal to 23% for 2008-09. (Mint)