August 2007
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Bharat Box in talks with UK fund for raising money

Punjab-based packaging firm Bharat Box Factory Ltd is in talks with a UK-based fund for raising Rs 60 crore through venture capital route to fund its capacity expansion programme. “We are holding talks with a UK-based fund in order to raise money for funding our expansion project,” Bharat Box Factory Director (Finance) Sumeet Jain told PTI here. Refusing to divulge the name of the fund and the quantum of stake that would be divested, he said “within next twenty days, the deal will be finalised.” Under the capacity expansion project, which is aimed at consolidating its position in the market, the company plans to invest Rs 30-40 crore to double its capacity in the next 7-8 months. […]

August 24th, 2007

FT picks 1% stake in NSE

The Financial Technologies (India) Ltd (FTIL), promoter of Multi Commodity Exchange (MCX) has become one of the shareholders of country's largest stock exchange, the National Stock Exchange (NSE) of India Ltd. In an announcement to the stock exchanges (SEs), FTIL said, it has bought 4.50 lakh shares of NSE from the ICICI Bank at a total outlay of Rs 125 crore. ICICI Bak now holds 4.5% in NSE after the present stake sale. The average share price of NSE share works out to be Rs 2,778 per share. It may be recalled that earlier this year, NSE had divested 20% of its stake to well known global investors like Goldman Sachs, General Atlantic Partners and Soft Bank along with the New York Stock Exchange (NYSE) bought 5% each in the NSE, valuing the exchange at over $2.3 billion. […]

August 24th, 2007

ABG Shipyard to buy WISL for Rs 200 crore

ABG Shipyard is all set to take over Western India Shipyard (WISL) in a Rs 200-crore deal (around $48 million) to be announced in a few weeks. ABG will get management control of WISL and the 40% stake held by financial institutions led by ICICI Bank. Sources said the deal will not be followed by an open offer as it is a court-initiated sale. The total debt of WISL has gone up to Rs 280 crore. ICICI Bank, which has been coordinating the sale on behalf of lenders for over a year, is believed to have sorted out most of the pending issues with the highest bidder – ABG Shipyard. A host of court cases and various issues related to conversion of debt into equity and other concessions, which lenders were seeking from bidders, had delayed the sale of the company, said sources. Senior ABG Shipyard officials confirmed they were in talks with ICICI Bank, but refused to divulge further details. On Thursday, shares of Western India Shipyard fell 5% to Rs 16.5 on BSE. As per the closing price, the company’s market capitalisation stands at around Rs 179 crore. […]

August 24th, 2007