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Tata Steel has picked up a 14.99 per cent stake in Sydney-based Riversdale Mining, which owns coal mines in South Africa and Mozambique. Tata Steel has steadily bought into Riversdale, listed on the Australian Stock Exchange, through its Singapore-based subsidiary Tata Steel Global Minerals Holdings. In a filing before the Australian Stock Exchange earlier this week, Tata Steel Global Mineral said it had acquired a 4.99 per cent stake in Riversdale through market purchases at an estimated investment of $41 million (Australian), or Rs 143 crore. When contacted, a spokesperson for Tata Steel declined to comment. […]
Following the steep decline in the equity market in 2008, some private equity (PE) firms that had invested in companies through warrants are now left with no option but to let them expire because shares on the open market are cheaper than the exercise price of the warrants. Warrants are securities that stakeholders use to purchase or increase equity in a company at a future date. An investor pays 10% of the value of the investment up front, and acquires the option of converting the warrants into shares any time within 18 months at a pre-decided price. This price is known as the exercise price. A Mint analysis of data provided by Delhi-based investment banking outfit SMC Capital Ltd shows that there are at least 13 companies in the National Stock Exchange’s S&P CNX 500 index in which PE investors had warrants exercisable after 1 January 2007. The S&P CNX 500 represents about 95% of the total market capitalization of the stocks listed on the exchange. This index declined by 57.13% in 2008. […]
Lazard Group is learnt to have seeking Foreign Investment Promotion Board (FIPB) nod to launch Venture Capital fund in India. Lazard will start Lazard India Growth Fund based out of Mauritius and will invest USD 25 million as part of sponsor commitment. The Fund primarily is looking to invest into mid market companies especially in infrastructure and some of the other growth areas. Lazard Group will also approach IL&FS to act as trustee to the fund.(Money Control) […]
Biotech firm Actis Biologics said it is looking to raise USD 400 million for its operations in India, the US and Malaysia. “We want to raise USD 250 million to invest in Malaysia, USD 100 million in India and USD 50 million in the US,” Actis Biologics President PN Venugopalan told PTI. The company is in talks with a US-based fund and a UK-based fund to raise USD 250 million for the Malaysian project. “We expect to raise USD 250 million in the next four months for the Malaysian project. Once that is in place, then we will look funds for the Indian and the US operations,” he said. […]
India's largest hospital chain, Apollo Hospitals Enterprise Ltd, is eyeing a stake in unlisted Wockhardt Hospitals Ltd, a senior company official said on Tuesday. Wockhardt Hospitals, promoted by the founders of drug maker Wockhardt Ltd, has been trying to raise money through an equity sale since its initial public offer was withdrawn last year on poor investor response. “Currently, we are just examining the books, and we are looking at the hospitals, their performance and complete valuation and diligence exercise,” Suneeta Reddy, Apollo's executive director-finance, told news channel NDTV Profit. […]
IndiGo Airlines Pvt. Ltd., a low-fare Indian carrier, denied Monday reports it is in talks to sell a stake or merge with another domestic airline company. Indigo's statement came after local media reports the airline has been in talks with rival budget carrier SpiceJet Ltd. to form an alliance or sell a stake. “As a matter of company policy, we do not comment on market rumors,” IndiGo President Aditya Ghosh said in the statement. “However, on this occasion, we feel it is necessary to categorically state that there is absolutely no truth or basis to any of these rumors, market speculation or media reports.” […]
World Bank’s private sector lending arm, International Finance Corporation (IFC), has said two funds supported by it are ready to pick up equity worth $1.7 billion (about Rs 8,500 crore) in infrastructure projects in India, a move that will help the country’s economy arrest the impact of the global financial meltdown. “We have mobilised $1.7 billion. The funds are expected to generate a total investment of $5-8 billion over the next three-five years,” said Anita George, IFC’s director for infrastructure (Asia and Africa). The funds, she said, would be used in picking up equity in the infrastructure sector projects and would be in addition to the regular operations of IFC in the country. […]
Twenty-eight years after he started Infosys with Rs 10,000 borrowed from his wife, NR Narayana Murthy, whose personal fortune today is said to be worth around $1.8 billion, wants to start a venture fund to invest in new ideas that create value for society. In an exclusive chat with ET, the chairman and chief mentor of India’s second-largest IT firm, said there are tremendous investment opportunities beyond computers and high-tech areas. Ideas from rural areas need to be encouraged and the urban poor need the right handholding, mentoring and capital to grow. “I find youngsters want to do all kinds of things. There are people who want to create wealth by booking tickets. There are people who are creating wealth by enhancing the efficiency of production lines. There are people who are creating wealth by providing efficient, decent and cost-effective means for the corporate world. They all have great ideas,” he said. […]
The board of Maytas Infra Limited met here on Friday under the chairmanship of K Ramalingam, and Anil K Agarwal, O P Vaish and Ved Jain all government-nominated directors along with Teja Raju, vice-chairman and whole-time director and B Narasimha Rao, the whole-time director, according to a company release. The board had extensive discussions on the business plan, orders in hand and under execution. More importantly, it also had discussions with bankers as well as the chairman of IL&FS Infrastructure Leasing and Financial Services (IL&FS), Ravi Parthasarathy, amid reports that it appears set to take over Maytas Infra soon. Interestingly, IL&FS owns a 37% stake in Maytas Infra. […]
In a move that signals a fresh round of consolidation in the recession-hit aviation industry, budget carrier SpiceJet may pick 7.5 per cent stake in another low-cost airline IndiGo. “SpiceJet is in talks with IndiGo to purchase 7.5 per cent equity in the airline,” an industry source said on condition of anonymity, but key officials of both SpiceJet and IndiGo refused to comment on what they called rumours and market speculation. SpiceJet is also looking for a position on the IndiGo Board, the source said, adding that “they are still discussing what the price should be”. SpiceJet chief executive officer Sanjay Aggarwal said, “We do not comment on such rumours and speculations”. […]
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