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The International Finance Corp is likely to take a 10-12% stake in an infrastructure fund to be floated by India’s Infrastructure Development and Finance Co, the Financial Express said on Sunday, 26 August. The private sector lending unit of the World Bank will invest around $100 million in India Infrastructure Fund, and other partners in the fund such as Citigroup and private equity firm Blackstone will commit $300 million, it said. Talks are continuing on raising $1.2 billion from domestic and foreign investors, with the aim of securing a deal by the end of September with 10-15 investors, the paper said, quoting sources. The fund would invest in sectors such as energy and utilities, telecoms, water supply and waste collection among others, it said. (Livemint) […]
Close on the heels of acquiring 49 per cent stake in HPCL’s Bhatinda refinery, India-born billionaire Mr Lakshmi N Mittal is eyeing stake in two more new refineries being set up at Bina in Madhya Pradesh and Vishakhapatnam in Andhra Pradesh. Mr Mittal is in talks to acquire 20 per cent stake in state-run Bharat Petroleum Corp Ltd’s Rs 9,100 crore, six million tons a year Bina refinery that is to be commissioned by 2010-11, industry sources said. The steel tycoon is also talking to another public sector firm Hindustan Petroleum Corp Ltd for a stake in its proposed green-field nine million tons refinery-cum-petrochemical complex at Vishakhapatnam. […]
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. […]
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. […]
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. […]
Holcim Group has made an open offer to acquire 306,553,600 shares, representing 20 per cent equity shares of Ambuja Cements Ltd., at Rs 154 per share. It acquired 3.9 per cent stake from the promoters of Ambuja Cements at Rs 154 per share for around $ 220 million. Prior to the latest developments, Holcim held 32.3 per cent in Ambuja Cements. After the recent acquisition and if the open offer gets successful, its stake in Ambuja Cement will go up to 56 per cent. The total investment of $ 1.34 billion for the take over would be financed entirely through internal resources and existing credit facilities. Ambuja Cements will be increasing its annual cement capacity from 18 to 21 million tonnes by the end of the year. An additional five million tonne are under construction in Bhatapara (State of Chhattisgarh) and Rauri (Himachal Pradesh), which will come on stream in 2009. […]
Asia-focused bank Standard Chartered said on Thursday it had acquired a 49 percent stake in Indian broker UTI Securities Ltd for around $36 million in cash.
Under the agreement with Securities Trading Corporation of India Ltd, Standard Chartered has options to raise its stake in stages to 100 percent by 2010.
UTI offers broking, wealth management and investment banking services across 60 cities in India.(Reuters)
Dubai has bought 40 percent of India's Time Broadband Services Ltd. and plans to help the company expand its Internet-based television service into foreign markets, an agency owned by the emirate's ruler said. Time Broadband is about to launch services in India via the Internet including satellite channels, movies and interactive television, Dubai Investment Group said in a statement on Wednesday. It did not say how much it paid for the stake. Time Broadband was founded in 2005 and will initially sell its service via telecoms operators in New Delhi and Mumbai, according to its Web site. […]
The National Stock Exchange ( NSE) is planning to pick up stakes in the Chennai Stock Exchange and the Bangalore Stock Exchange. According to sources close to the development, the exchange could pick up 5 per cent each in these exchanges as per the demutualisation norms laid down by the market regulator Securities and Exchange Board of India. A fax query to the managing director of the NSE did not elicit any response. Most of the regional stock exchanges will have to divest 51 per cent of the stake to institutional or individual investors. The government has fixed a limit of 5 per cent as the maximum holding by an institution or an individual. However, no final decision has been taken as yet since the board will have to approve the stake purchase, said the sources. […]
The rush to raise India-specific private equity funds continues unabated. After Barings India Private Equity Partners’ announcement to raise around $450-500 million for their next fund, it is understood that Sequoia Capital India is also mulling to raise its second growth fund with a corpus of at least around $500 million. The new fund is expected to be in place in the next year. Sequoia India is currently investing from its first $400-million late-stage fund, of which nearly 60 per cent has been committed. Industry sources indicate that Sequoia is readying the stables for its second fund, which will not be less than $400-million. Sequoia declined to comment on this development. Sequoia India currently manages $1-billion funds focused on India. Some of its investments include Applabs, Bharti Telesoft, Café Coffee Day, Firstsource, GlobalLogic, Travelguru, Shaadi and Guruji. Globally, Sequoia Capital has been an early investor in such companies as Google, Yahoo, Apple, Oracle, Cisco and YouTube. […]
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