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My dollar has one price for everything, from American cosmetics to Chinese toys. And Future Capital's Kishore Biyani seems to love it. His private equity arm might buy upto 30% in this discount chain. Here, everything costs 99 rupees. And Kishore Biyani apparently wants to buy, not a few goodies, but a part of the chain. Sources tell CNBC-TV18, Future Capital's private equity arm, Indivision Capital is about to pick up between 26-30% in the master franchisee of My Dollar stores in India, Sankalp Value Retail Stores. The initial investment might be Rs 20-40 crore. But Future Capital and Sankalp Value Retail, are tight-lipped. My Dollar has 47 stores in 30 ciities and US-based Rex Mehta, the founder of this USD 50 million company, wants to boost that presence. Indivision's investments in Sankalp might help. […]
The Fortis group is acquiring 48% stake in Chennai-based Malar Hospital for around Rs 42 crore. This marks the group's first entry in the south. At present, Fortis has a network of 12 hospitals primarily in the north, and 16 satellite and heart command centres. The acquisition will be done through International Hospital Ltd, a wholly-owned subsidiary of Fortis, and group company Oscar Investments Ltd (OIL). In the first tranche, International Hospital Ltd will buy the promoters holding of 28% at Rs 30 per share. The total equity of the company is Rs 1.39 crore. The hospital was promoted in 1989 by a group of doctor's headed by late Dr S Ramamurthy, and his wife now runs the hospital. Shivinder Mohan Singh CEO and MD, Fortis Healthcare told newspersons here on Friday, “Malar Hospital is well established in Chennai with a strong brand equity and is centrally located. We will follow the same strategy in Chennai of setting up hubs and spoke hospitals as we have done in Delhi”. […]
Under pressure from the Reserve Bank of India, promoters of private banks are bringing down their shareholdings. Promoters of Bank of Rajasthan (BoR), the Tayals, who have held on to their stake for years, are finally giving in and will bring down their holding which currently stands at 44%. The promoter of another old private bank Dhanalakshmi Bank has also started offloading his stake to meet RBI guidelines. The new generation IndusInd Bank, which is promoted by the Hindujas, is also in talks with the RBI on the issue. The central bank has been putting pressure on private sector bank promoters to bring down their shareholding to the requisite 10%. In the case of BoR, the bank will now proceed with a preferential issue of up to 10% every quarter. In the first tranche, the bank is likely to place slightly below 5% stake to BNP Paribas for around Rs 150 per share. Bank officials are said to be in talks with a host of foreign banks and funds for preferential issuance. […]
While the ban on future trading in wheat, rice and pulses continue, the country’s oldest financial stock exchange — BSE has received centre’s nod to take 26 per cent equity control in the state-owned National Multi-Commodity Exchange (NMCE). Highly placed government sources informed The Indian Express that the union consumer affairs and food minister Sharad Pawar had approved the move last week. The tie up envisages to create a robust agricultural commodity exchange, which can rival the other two private commodity exchanges — MCX and NCDEX. NMCE will now have access to the large BSE trading platform network besides its expertise in running a large exchange. In addition, the tie-up would also leverage the vast network of agricultural warehouse of the government-owned central warehousing corporation (CWC), which holds 26 per cent control in NMCE. The Ahmedabad-based commodity exchange, which has a strong presence in rubber and spice trading, is promoted by the government-owned CWC, while another 25 per cent stake is owned by one of the NMCE founder companies – Neptune Overseas Ltd. NMCE’s other promoters include National Agricultural Cooperative Marketing Federation of India, Gujarat Agro-Industries Corp Ltd, Gujarat State Agricultural Marketing Board and National Institute of Agricultural Marketing. […]
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