REC ready for float

Rural Electrification Corporation (REC) has filed a draft red herring prospectus with Sebi for an issue of up to 156,120,000 shares of Rs 10 each through a 100 per cent book-building process. IL&FS Investsmart Securities Ltd, ICICI Securities Ltd and SBI Capital Markets Ltd are book running lead managers for the issue.

Tata Tele

Tata Teleservices and Qualcomm in association with M.S. Swaminathan Research Foundation and Astute System Technology have launched a pilot project — Fisher Friend — a BREW-based mobile application to help the fishing communities in India. The solution will work on 3G CDMA handsets.

Wella launch

Wella has launched the Wellastrate relaxing service in the city. The offer comprises products such as prep cream, hot iron fluid, neutralising emulsion, straight saver and care booster to ensure that hair feels relaxed at all times.

Quatrro

Quatrro Mortgage Solutions has acquired the mortgage technology platform and onshore-offshore loan processing operations of Preferred Financial Group, Burlingame, California.

Oriental

Oriental Insurance, which recorded a profit of Rs 629.64 crore in 2006-07 compared with Rs 334.19 crore in the previous year, has declared a 100 per cent dividend for 2006-07.