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Stock broking firm Geojit Financial Services on Friday said the company's board has approved the offer from French banking major BNP Paribas to acquire a 35 per cent stake in one of its subsidiaries. BNP Paribas would acquire a 35 per cent stake in Geojit Technologies, which is into software development. “The Board of Directors of Geojit Financial Services has in principle decided to surrender its membership in various commodity exchanges held by its wholly-owned subsidiary. “This is to enable BNP Paribas to get approval from RBI for the open offer subsequent to their acquisition of 27.18 per cent stake in March 2007,” the firm said in a filing to the Bombay Stock Exchange. Further, the board has accepted the offer of compensation of Rs 40 crore by BNP Paribas for surrendering memberships in various commodity exchanges. During 2007-08, Geojit Technologies had started developing software for the French firm for some of its European operations. […]
India-based Gaja Capital Partners, a private equity firm, has launched Gaja Capital Fund I, which will take equity and equity-related investments in high growth companies whose principal business is in India. Gaja Capital Fund I has a target size of US$200 million and will invest between US$5 million to US$15 million across 10 to 15 deals in the services and manufacturing sectors. The International Finance Corp. is committing up to US$15 million in the fund.(Fin Alternatives) […]
Diversified business group Videocon is talking to U.S.-based Motorola for acquiring the latter’s mobile handset business. However, these talks are at ‘initial’ stages. It is also studying General Electric’s invitation for bid for its appliances division, which produces refrigerators, air-conditioners and ovens. Revealing this, Venugopal Dhoot, Chairman and Managing Director of the Group, said, “The talks with Motorola are at very initial stage.” He, however, did not spell out a deadline for finalising the deal. In the wake of Motorola’s plans to separate its mobile business from other operations, consumer electronics major Videocon had made a bid to acquire Motorola’s mobile handset business which is stated to be worth about $3.8 billion and account for 15 per cent market share globally. […]
Bharti has decided to disengage from the ongoing talks with the South African telecom major, MTN, to explore the possibility of a merger between the two “emerging markets” telecom giants. Bharti has already conveyed its decision to pull out of the talks to the MTN board, after discussions that continued till late last night could not achieve a breakthrough. According to a statement issued by the Bharti group, the decision to pull out of the talks was prompted by its consideration that the new structure proposed by the MTN board would not have been in the interest of Bharti Airtel's minority shareholders and in its plans for growth as an Indian telecom multinational. A few weeks ago and at the invitation of MTN board, Bharti had entered into exploratory discussions on the possibility of combining the two 'emerging market' telecom giants. A number of structures were discussed and evaluated between the lead bankers on both sides. An in-principle agreement was also reached on May 16 and a term sheet was initialled between the two lead bankers. […]
U.S.-based venture capital firm Battery Ventures plans to invest upto $100 million in Indian companies over the next 3-5 years, a top official said on Friday. The company manages eight funds worth $3 billion and has a presence in United States, Israel and now India. It will invest mainly in technology, media and financial companies, General Partner Mark Sherman told Reuters. Battery will aim for an average return of around 40 percent from each investment, which would be anywhere between $2 million and $50 million, he said. […]
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