September 2009
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L&T Finance to buy out DBS Chola AMC

L&T Finance, the financial services arm of infrastructure giant Larsen & Toubro, is set to buy 100% stake in DBS Cholamandalam Mutual Fund for Rs 45 crore, reports NewsWire18. The loss-making DBS Chola was set up as a joint venture between Singapore’s DBS Bank and Chennai-based Murugappa Group.L&T Finance recently raised USD 200 million via a retail bond sale. Pointing out in a statement that DBS Chola had assets under management (AUM) to the tune of Rs 2,893 crore, L&T Finance said the buy would help the company “widen, deepen” its services. […]

QIP investments outpace PE funds by at least eight times

Qualified institutional placements (QIPs) have outstripped private equity (PE) funding since January by at least eight times, making it by far the most popular fund-raising route for firms this year. QIPs raised at least Rs21,209 crore since January this year, while PE funds invested only Rs2,574 crore in listed firms. Mint on 15 September reported that QIPs have raised close to more than twice of initial public offerings. A QIP is a private placement by a listed company of shares or securities convertible to equity with qualified institutional buyers approved by market regulator Securities and Exchange Board of India. Data from Delhi-based investment bank SMC Capitals Ltd shows another 48 QIPs worth Rs43,891 crore are in the pipeline. […]

Dish TV to raise $200m

Local reports say that Subhash Chandra’s Dish TV India is to raise $200m from an issue of Global Depository Receipts in order to fund expansion. Dish had previously sought government permission (from its Foreign Investment Promotions Board) to raise around $150m but using a different financial instrument, a Foreign Currency Convertible Bond. Local reports say that Dish TV and/or its Essel Group parent will use the permission to raise equity capital as well as general funding. […]