September 2008
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Power Finance Corporation to pick 7% stake in PXI

State-run Power Finance Corporation has informed that the Board of Directors of the Company at its meeting has given approval to participate in the equity of Power Exchange India Ltd (PXI) up to 7% share capital of PXI not exceeding Rs 1.75 crore. PXI is a company promoted by NSE and National Commodity and Derivatives Exchange (NCDEX), for setting up power exchange to provide electronic, transparent and neutral platform for trading of electricity. […]

AGM clears way for CSB takeover by Federal Bank

The unanimous appointment of five directors on the board of the Thrissur-based Catholic Syrian Bank Ltd (CSB) at its annual general meeting (AGM) on Friday appears to have cleared the decks for its possible takeover by Federal Bank Ltd, also a Kerala-based private bank, which holds a 4.99% stake in CSB. According to S. Santhanakrishnan, a director of Federal Bank who was present at the AGM, the no-contest nomination at the AGM is an indication of “the smoother things to follow”. The two days before Friday’s AGM witnessed a flurry of activity to avoid a contest, since there were six nominations for the five board positions. One of the candidates, Johny Chandy, withdrew from the contest late on Thursday. […]

IDFC PE puts $86 mln in Suzlon parts unit

Indian wind turbine maker Suzlon Energy Ltd on Monday said IDFC Private Equity would buy 17.1 percent in subsidiary SE Forge Ltd for 4 billion rupees ($86 million). SE Forge, which specialises in large-scale foundry and forging materials, is expanding capacity at its plants in Coimbatore in south India and Vadodara in the west to cater to the growing demand in the wind energy sector, it said. Suzlon will continue to hold the remaining stake in SE Forge. […]

Deutsche Bank to pick 4.76% stake in ailing BPL

Global financial major Deutsche Bank is all set to pick 4.76% stake in the consumer electronics company BPL Ltd. On Friday, the company's board sanctioned a proposal to make preferential allotment of 24,25,500 equity shares and/ or convertible securities to Deutsche Bank AG (DB) and/ or their nominees and affiliates in terms of applicable SEBI guidelines. According to official sources, the funds will be utilized as long-term working capital requirement of the company's healthcare management solutions business and for other general corporate purposes. The BPL healthcare management solutions division has been in existence for over three decades and manufactures a range of medical equipment. […]