|
|
Japan's Itoh Oil Chemicals (ITOH) is picking up a 4.8% stake in Mumbai-based Jayant Agro Organics (JAOL), a leader in castor oil and castor derivatives. India produces nearly 70% of the world consumption of castor oil. Jayant Agro, an Udeshi group company, produces castor oil worth Rs 450 crore a year. Castor oil is used in industrial manufacturing the world-over as a value addition material. The board of Jayant Agro last week approved the issue of 6 lakh shares (4.76%) to the Japanese company for Rs 105 each. The total investment by ITOH, a leading manufacturer of castor oil derivatives in Japan, would amount to over Rs 6.3 crore. JAOL also plans to allot 1.3 million warrants to promoters at Rs 105. The board has also approved the issue of overseas convertible bonds for up to $20 million. The infusion of funds will be used for further expansion and setting up of new projects for higher value added derivatives. The company has already undertaken expansion of its crushing unit by 100% and its derivative unit by 25%. […]
There’s a new pecking order for private equity investors in India. Temasek, the Singapore government’s investment arm, has emerged as the largest PE investor in terms of investments announced this year, followed by the US-based Blackstone group. There’s a close race for the other top slots among Goldman Sachs, Carlyle, Citigroup and DE Shaw. Last year buyout major KKR and Providence were the top two PE firms investing in India. The total value of PE deals announced this year grew more than 100% to cross $17.14 billion. This includes three big deals announced by Temasek worth $2 billion, which would materialise only next year and it is possible that the final figure may be different. The list includes the 4.99% stake deal in telecom major Bharti Airtel worth around $1.9 billion (based on the market value on the date of announcement), the $55-million investment for 10% in Tata Sky and $26.5 million for a 27.7% stake in courier firm First Flight. According to data compiled by advisory firm Grant Thornton, the other big PE investor in India was Blackstone, which struck eight deals, some in quick succession, pumping in around $1 billion. Blackstone was involved in a couple of buyouts — Intelenet Global Services and Gokaldas Exports — apart from acquiring minority stakes in Eenadu Group and Nagarjuna Construction. […]
State Bank of Mauritius, the second largest bank in Mauritius, has approached the Mumbai-based Centrum group to buy into the equity of its flagship firm Centrum Capital. The move is in keeping with the bank’s new focus on expanding its reach and network in the Indian retail and financial services segment. Centrum Capital is active in the investment banking services and distribution of financial products sector. The firm had forayed into the local stock broking business almost four years ago. SBM had signalled its intention early this year when it acquired a minority stake in the Kolhapur-based private bank Ratnakar Bank. Sources close to the deal said the foreign bank was in talks with Centrum Capital to pick up a stake of less than 15% in the company. State Bank of Mauritius is believed to have valued this at close to Rs 1,800 crore which has been communicated to Centrum Capital, the sources said. The valuation may not be acceptable to the company. A senior Centrum official said: “State Bank of Mauritius approached us to acquire an equity stake in the company. However, we cannot agree with the valuation which they have given to us. We expect a much higher valuation because all our business are growing, Currently, we are in the process of restructuring our business operations and we will actively look for a stake sale after few months.” […]
Eyes Rs 2,000 cr business from Nashik by March 2011. As part of its expansion plan to strengthen its base in north Maharashtra, Saraswat Co-operative Bank Ltd (SCBL), the largest multi-state co-operative bank in the country with a business turnover of Rs 17,000 crore, has acquired the financially troubled city-based Nashik People’s Co-operative Bank (NPCB) with 14 branches. The bank had already got the approval of the Reserve Bank of India (RBI). With the acquisition of NPCB, the total number of branches of the Saraswat Bank has gone up to 141. Saraswat’s plans of increasing business in Nashik got a boost on the very first day of the NPCB’s acquisition as it got the largest deposit of Rs 14 crore from a local businessman. NPCB, which was founded in 1923, had deposits of Rs 124 crore, with 1,30,478 deposit accounts. It was in the red and its loss stood at Rs 31 crore. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|