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IDFC PE-II, a venture fund of Infrastructure Development Finance Corporation, has picked up 22% stake in the Seaways Shipping, for Rs 1.20 billion, reports Business Line. Seaways Shipping is one the leading maritime operators in the country, providing a range of shipping and logistics services. It is learnt that IDFC and JP Morgan had been in discussion for funding Seaways for some time, but the deal was finalized only about a week ago. The investment was made out of IDFC`s second fund, which has a corpus of USD 440 million. Seaways is the second investment out of the fund in the current financial year. IDFC is now looking to raise a third fund, with a corpus of around USD 700 million.(My Iris) […]
Reports suggest that the West Asian company, Al Rostamani may buy a 25% stake in Gujarat Heavy Chemicals Ltd, or GHCL for USD 200 million. Nikhil Sen, Head of International Strategy said that the West Asia initiative is an integral part of their strategy. However, he clarified that he cannot comment on the report of West Asian company's buying stake. Soda-ash is a very strong area of business for the company, he said. Sen added that the company is looking at bolstering both its soda ash and retail business in West Asia. The company is also in talks with some domestic and international companies regarding few verticals within India, he said. They may announce a deal in a few days, he said. (Money Control) […]
Gammon India Ltd. said it has acquired a 75.1 percent stake in steam turbine maker, Franco Tosi Meccanica Spa. for 40 million euros. In a regulatory filing, the company also said it has bought 50 percent in power sector services firm, Sadelmi Spa., for 7.5 million euros. SCI shares closed up 3.12 percent at 390 rupees on the Bombay Stock Exchange, and the benchmark Sensex closed up 1.99 percent at 15,185.32 points. (Forbes) […]
The AV Birla group flagship Grasim Industries on Tuesday said it has sold its sponge iron business — Vikram Ispat — to Welspun Power and Steel for Rs 1,030 crore. Grasim, in a statement issued here, said the company would transfer its Vikram Ispat undertaking into a new special purpose vehicle (SPV), to be formed as a subsidiary company of Grasim. The SPV would be funded by Welspun Power and Steel through equity investment and induction of debt to acquire the SPV and sponge iron business. The SPV would use the funds inducted by Welspun to make the payment to Grasim. The transaction is expected to be completed within the next six months, the statement added. Ravi Kastia, group executive president and business head, Grasim, told ET that the company would plough back the money into its core businesses of viscose-staple fibre and cement. […]
Mobile payments solutions provider PayMate Inda has raised $9 million (Rs 38.57 crore) in the second round of funding from three PE funds, led by Mayfield Fund and existing investors Kleiner Perkins Caufield & Buyers and Sherpalo Ventures, for an undisclosed stake in the firm, PayMate said in a statement. “Mobile electronic payments are the way of the future in India. PayMate has figured out how to unleash the potential of the phone as the primary transaction terminal for the over 260 million mobile users in India,” said Nikhil Khattau, MD, Mayfield Advisors, who also join the PayMate board. PayMate works with service providers like airlines and banks to enable transactions on mobile phones and wireless devices. Customers can buy an air ticket by sending an SMS and pay by credit card through a secure IVRS call-back service. […]
In one of the biggest buy outs of any Indian company by an MNC, Japanese major Daiichi Sankyo has picked up the promoters – Malvinder Singh and Shivinder Singh's – 34.8% stake at Rs 737 per share in drugmaker Ranbaxy Labarotaries. This means complete exit of Ranbaxy promoters from the company. However, the senior Singh (Mr Malvinder Singh) is expected to continue to head the management for sometime. The story was first broken by ET. As ET reported earlier, the Japanese company may buy the promoters' stake at Rs 737 per share or around 30% premium over Ranbaxy's share price of Rs 560.75 on Tuesday. At this share price, the company is valued at around Rs 27,492 crore while the promoters will get around Rs 9,573 crore. The Japanese major will also make a mandatory open offer, as per the Indian laws, to buy an additional 20% stake in the company. The source added that Daiichi Sankyo plans to hold a controlling 51% stake in the Indian company. […]
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