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The International Finance Corporation (IFC) has decided to pick 4.4% stake in Max India at Rs 145 per share. The sources said that Max India, an insurance and healthcare conglomerate would be raising Rs 150 crore through issue of shares to IFC. The sources further added that the conglomerate would be utilizing the amount raised to fund its expansion of healthcare and insurance business. […] The Godrej group is putting on hold the plan by Godrej Properties to raise Rs 600 crore through an initial public offering. The plan, to offload a 13.5 per cent stake in the real estate company, is being postponed till the IPO market shows signs of revival. Instead, funds for immediate need are being raised through banks or private equity funds. The company had proposed to use Rs 355 crore from the IPO proceeds for acquisition of development rights for its forthcoming projects in Ahmedabad and Greater Noida, Rs 75 crore for construction of proposed projects in Chandigarh and Rs 150 crore for repaying loans, according to the draft red herring prospectus filed by the company with the capital markets regulator. […] DLF Ltd. said Wednesday some of its founders have sold about 9.9% of the company's shares for about INR38.60 billion ($781 million) in the open market. The founders sold about 168 million shares at just above INR230 apiece, India's biggest realty company by sales said in a statement. The transaction was at a 2.6% discount to the closing price of DLF shares Tuesday, it said. DLF didn't identify the founders who sold the shares. Its founders comprise billionaire K. P. Singh, his family and several investment companies. The transaction will reduce the founders' stake to 78.6% and nearly double the company's floating shares to 21.3% from 11.4%, it said. Deutsche Bank and J.P. Morgan were the advisers for the deal. […] Meant to propel growth, Daiichi Sankyo's foray into generic drugs by acquiring a majority of Ranbaxy Laboratories has instead erased four years' worth of profits. Daiichi has now taken a $3.5 billion goodwill writedown on its controlling stake in the Indian company — an investment that cost $4.9 billion only last year. The Japanese company's fresh financial forecast envisions full year net profit of $400 million; this is less than half of what it earned in fiscal 2007. On Monday, the president of rival Takeda Pharmaceutical said he's interested in deals in India and China. Daiichi's fiasco should provide a valuable lesson to its rival's boss. […] In what could throw a spanner in merger between Reliance Petroleum and Reliance Industries, a shareholder in both companies has moved the Bombay High Court opposing the amalgamation and has alleged diversion of funds from RPL to RIL. Levelling allegations of financial mismanagement by RIL Chairman Mukesh Ambani, shareholder Anup Kumar Sheth in his petition has sought a court directive to SEBI, RBI and other financial governing bodies before sanctioning the merger. The boards of both the companies in March approved the merger in 1:16 ratio, which would creat the biggest petrochemical plant in India. In April, the merger was approved by shareholders and creditors of both the companies with a vast majority. […] The US buyout specialist Kohlberg Kravis Roberts (KKR) has joined the race to acquire a minority stake in Vijay Mallya-promoted United Spirits Ltd, says a media report. “…It has emerged that Kohlberg Kravis Roberts (KKR), the US buyout specialist, has entered the race to buy a minority stake in United Spirits, the parent company through which Mallya owns Whyte & Mackay,” UK's The Times has reported. The report published online said that KKR faces competition from the likes of Diageo, the British maker of Guinness stout and Gordon's gin, for the stake in United Spirits. […] The pioneer of low cost flying in India, Captain Gopinath has launched the first Indian-owned cargo freighter called Deccan Express Logistics. The initial investment in the venture is USD 25 million and Gopinath is looking to raise another USD 30 million. He says he is in talks with a few investors to offload 24% stake in the logistics venture. […] Bharati Shipyard Ltd., one of the largest private sector shipyards in India, today announced the acquisition of the pledged shares equivalent to 14.89 percent equity stake in Great Offshore Ltd. at a price of Rs 315 per share. Natural Power Ventures Pvt. Ltd. and Dhanshree Properties Pvt. Ltd. the two 100 per cent subsidiaries of Bharati Shipyard Ltd. will hold the 14.89 per cent stake in Great Offshore Limited. Earlier the holding companies of promoters of Great Offshore Ltd. had pledged 14.89% stake with Advitiya Urja Pvt. Ltd and Vishudh Urja Pvt. Ltd., the two 100% subsidiaries of Bharati Shipyard. […] SUN Apollo Ventures, a joint venture company between the Delhi-based Khemka family and the US-based AREA Property Partners (formerly Apollo group), has picked up a 15 per cent stake in Mumbai-based developer Keystone Realtors for Rs 300 crore, making it the first private equity deal in the cash-strapped real estate space in 2009. The deal values Keystone at around Rs 2,000 crore. SUN-Apollo India Real Estate Fund, the $630-million offshore fund of Sun Apollo, will invest in existing foreign direct investment (FDI)-compliant projects of Keystone, also known as Rustomjee group, and future projects of the developer, a top Keystone official said. In January, the Foreign Investment Promotion Board (FIPB) had cleared the Keystone proposal for the offshore investment. […] Named Secura, the first private VCF of the state was jointly started by Hi-lite group, a major real estate player, and a group of professionals. The company was launched by Principal Secretary to Industries T. Balakrishnan at Hotel Hyson Heritage here. Secura Managing Director M. A. Mehaboob said the fund would be operated in accordance with the ‘Shariah’ laws and regulations. […] |