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Bank of Baroda on Tuesday said it has decided to takeover some asset and liabilities of the city-based Memon Cooperative Bank. Approval of government and Reserve Bank of India has been received for the purpose, Bank of Baroda informed the Bombay Stock Exchange. The bank will formulate a scheme for the take over which will be subject to further approvals of the appropriate competent authorities, it said. Memon Cooperative Bank has 18 branches across Maharashtra and Gujarat. RBI, the banking sector regulator, had suspended the operations of the cooperative bank in May last year owing to poor financial health. […]
The RPG Group-promoted Integrated Coal Mining Ltd, an affiliate company of power producer CESC Ltd, has acquired 10 per cent stake in Resource Generation (RG), an Australian coal mining company, for $10.5 million (Rs 45 crore). Integrated Coal Mining will purchase a million tonnes of thermal coal per annum for three years and two million tonnes per annum for a further 17 years from RG’s Boikarabelo mine in South Africa. RG has agreed, it said in a statement, to place 18,268,053 shares with Integrated Coal Mining at a share price of $0.575. RG is a public company dual-listed on the Australian and Johannesburg stock exchanges, with coal mining assets in Tasmania in Australia and in South Africa. It also has uranium exploration projects in central-west Africa’s Cameroon. CESC is India’s third largest power utility, with an installed generating capacity of 1,225 Mw. It serves nearly 2.5 million consumers across Kolkata and Howrah. It is increasing this generating capacity to 5,745 Mw. Its officials could not be spoen to for their views. […]
Vijay Mallya-led United Spirits Ltd (USL), the country's largest liquor maker by sales, has bought a 54.69% stake in promoters' equity in Hyderabad-based Pioneer Distilleries Ltd for '73.95 crore. In a share purchase agreement signed on Tuesday, USL bought 7,322,280 shares in Pioneer Distilleries at '101 each from its promoters, the Hyderabad-based Sudhir Rao and family. USL will make an open offer for an additional 20% stake held by minority shareholders. In June, Rao and his family held 54.99% stake in the firm. The acquisition, according to a company filing to stock exchanges, comes at a time when USL is exploring ways of shoring up its distillation capacity to gain better control over supplies of extra-neutral alcohol (ENA), the primary ingredient in Indian made foreign liquor (IMFL)–as locally made spirits such as whisky, rum and brandy are classified. […]
Financial services firm Religare Enterprises on Wednesday said it will acquire 50 per cent stake in Sri Lankan brokerage firm Bartleet Mallory Stock Brokers(BMS). Religare on Wednesday announced its intention to acquire a 50 per cent stake in Sri Lanka's BMS, engaged in stock broking, online trading, and investment advisory, the company said in a statement. However, Religare did not disclose the financial details relating to the deal. The transaction is subject to regulatory approvals in India and Sri Lanka. Commenting on the transaction, Religare Group CEO Shachindra Nath said, “With the upsurge in economic and capital markets indicators over the last one year, Sri Lanka is positioned as an attractive frontier market and this addition would give strength to our Emerging Market Investment Banking platform.” The transaction would help Religare leverage its strength in retail stock broking in India and expand the leading position of BMS in retail broking as well, the statement added. […]
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