August 2007
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Holcim makes fresh open offer for Ambuja Cements

Holcim Group has made an open offer to acquire 306,553,600 shares, representing 20 per cent equity shares of Ambuja Cements Ltd., at Rs 154 per share. It acquired 3.9 per cent stake from the promoters of Ambuja Cements at Rs 154 per share for around $ 220 million. Prior to the latest developments, Holcim held 32.3 per cent in Ambuja Cements. After the recent acquisition and if the open offer gets successful, its stake in Ambuja Cement will go up to 56 per cent. The total investment of $ 1.34 billion for the take over would be financed entirely through internal resources and existing credit facilities. Ambuja Cements will be increasing its annual cement capacity from 18 to 21 million tonnes by the end of the year. An additional five million tonne are under construction in Bhatapara (State of Chhattisgarh) and Rauri (Himachal Pradesh), which will come on stream in 2009. […]

Standard Chartered acquires 49 pct stake in UTI Securities

Asia-focused bank Standard Chartered said on Thursday it had acquired a 49 percent stake in Indian broker UTI Securities Ltd for around $36 million in cash.

Under the agreement with Securities Trading Corporation of India Ltd, Standard Chartered has options to raise its stake in stages to 100 percent by 2010.

UTI offers broking, wealth management and investment banking services across 60 cities in India.(Reuters)

Dubai buys 40 pct of Indian Internet TV firm

Dubai has bought 40 percent of India's Time Broadband Services Ltd. and plans to help the company expand its Internet-based television service into foreign markets, an agency owned by the emirate's ruler said. Time Broadband is about to launch services in India via the Internet including satellite channels, movies and interactive television, Dubai Investment Group said in a statement on Wednesday. It did not say how much it paid for the stake. Time Broadband was founded in 2005 and will initially sell its service via telecoms operators in New Delhi and Mumbai, according to its Web site. […]

NSE likely to buy 5% in Chennai, Bangalore SEs

The National Stock Exchange ( NSE) is planning to pick up stakes in the Chennai Stock Exchange and the Bangalore Stock Exchange. According to sources close to the development, the exchange could pick up 5 per cent each in these exchanges as per the demutualisation norms laid down by the market regulator Securities and Exchange Board of India. A fax query to the managing director of the NSE did not elicit any response. Most of the regional stock exchanges will have to divest 51 per cent of the stake to institutional or individual investors. The government has fixed a limit of 5 per cent as the maximum holding by an institution or an individual. However, no final decision has been taken as yet since the board will have to approve the stake purchase, said the sources. […]

Sequoia plans $500 mn fund

The rush to raise India-specific private equity funds continues unabated. After Barings India Private Equity Partners’ announcement to raise around $450-500 million for their next fund, it is understood that Sequoia Capital India is also mulling to raise its second growth fund with a corpus of at least around $500 million. The new fund is expected to be in place in the next year. Sequoia India is currently investing from its first $400-million late-stage fund, of which nearly 60 per cent has been committed. Industry sources indicate that Sequoia is readying the stables for its second fund, which will not be less than $400-million. Sequoia declined to comment on this development. Sequoia India currently manages $1-billion funds focused on India. Some of its investments include Applabs, Bharti Telesoft, Café Coffee Day, Firstsource, GlobalLogic, Travelguru, Shaadi and Guruji. Globally, Sequoia Capital has been an early investor in such companies as Google, Yahoo, Apple, Oracle, Cisco and YouTube. […]

3i Plans to Raise $1 Billion for India Infrastructure Fund

3i Group Plc, Europe's biggest publicly traded buyout and venture capital firm, said it plans to raise $1 billion for a fund to invest in Indian roads, ports and other infrastructure. The group said it will invest a minimum of $250 million in the fund and its unit 3i Infrastructure Ltd. agreed to commit the same amount. It will raise the remainder from third-party investors, the statement said. India's gross domestic product has expanded at a record 8.6 percent average pace since 2003, faster than any of the world's top 20 economies except China. The government plans to build $320 billion of infrastructure projects to ease bottlenecks that are constraining growth. […]