June 2009
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MCX Stock Exchange to divest 18% stake to Indian Banks

MCX Stock Exchange announced divestment of 6.48% equity to Union Bank of India and Bank of India through primary offering at Rs 10 per share (Face Value Re 1/- per share) involving total investment of Rs 87.5 crores in the Company. The exchange is also expecting on further 11.52% equity divestment to other banks. This disinvestment is in line with the regulatory requirements of SEBI and subject to further compliances, if any. Total 18% equity will be divested with the top Indian public and private sector banks as strategic investors in the first round. These banks have been long term partners and have earlier invested in MCX, the parent exchange which is also India's largest commodity derivative exchange. MCX Stock Exchange is the new national level stock exchange recognized under section 4 of Securities Contract (Regulation) Act, 1956 by SEBI. Its currency market segment has been valued by Emst and Young at Rs.1390 crores. The Central Board of Direct Taxes (CBDT) has notified MCX Stock Exchange Ltd. as a recognized stock exchange under the Rule 6 DDA of the Income Tax Act in its official gazette. [...]

StanChart IL&FS picks up 4.5% in Ramky Enviro

Private equity fund Standard Chartered IL&FS Asia Infrastructure Growth Fund has bought a minority stake of less than 5% in Ramky Enviro Engineers Ltd (REEL), a waste management company belonging to the Rs2,500 crore Ramky Group, by investing Rs200 crore. REEL, which posted revenue of around Rs300 crore for the fiscal year ended March, is engaged in industrial, municipal and biomedical waste management, and has 12 subsidiaries across 28 locations in India, West Asia and Singapore. StanChart IL&FS Fund invests in the infrastructure sector, including transportation, energy, power, water, environment, telecom and urban infrastructure. The fund has a primary focus on the rapidly growing Indian market. Hyderabad-based Ramky Group chairman A. Ayodhya Rami Reddy said the waste management company is currently executing some Rs4,000 crore worth of projects over the next 30 months. [...]

Akruti City to raise $500 m via QIP

Mumbai-based real estate company, Akruti City said on Friday that the company plans to raise up to $500 million through the qualified institutional placement (QIP) route. It is gathered that the funds raised through the proposed QIP would be used for Akruti’s projects in Mumbai that are currently under construction. The company, like many other real estate companies, was facing a liquidity crunch for a while now and had gone slow on many of its projects. Akruti is yet to announce its results for the year ended March 31, 2009, and the debt on its balance sheet at the end of March 2008 stood at Rs 625 crore. When asked about the debt position, Vimal Shah, managing director, Akruti City, said it was minimal. [...]

Private equity players set to infuse $8 billion

Venture capitalists and private equity players are now working overtime when it comes to new investments. Due diligence is taking more time than before. Anywhere between $5 to $ 8 billion is waiting to be pumped into the Indian market in the form of private equity. Slowdown-free sectors like healthcare and education are hot picks, besides those catering to domestic consumption. “Right now, we are evaluating proposals in diagnostics, logistics and energy saving,” says Srini Raju, co-founder of Peepul Capital. His fund has a war chest of $220 million of which $150 million has been invested in telecom and manufacturing companies. [...]

Suzlon ups stake in REpower to 90.72%

Suzlon Energy, the world’s fifth largest turbine maker, on Saturday said it had completed the acquisition of Martifer Group’s stake in REpower Systems AG, which now takes Suzlon’s total shareholding in REpower to 90.72%. The acquisition was completed in a two-part payment plan that involved Martifer’s remaining 14.4% equity stake in REpower, Suzlon said, adding that the acquisition will now allow Suzlon to transfer REpower’s technology to its subsidiaries in emerging markets. [...]

Grainger to acquire Asia Pacific Brands India

Grainger has signed a definitive agreement to acquire full ownership of the Indian firm as the city-based company looks at expanding business in India. It would contribute an estimated $1.2 million to gain full ownership of the Indian joint venture. “As the Indian economy gets more competitive, companies there want efficient and reliable ways to get the quality products they need to keep their facilities running and their employees safe,” Grainger Chairman and Chief Executive Officer Jim Ryan said. With annual revenues of approximately $30 million, Asia Pacific would provide Grainger a starting position in a large, high potential MRO market, it added. [...]