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ABG Shipyard has acquired a 15.20% stake in Great Offshore through its open offer after having pulled out of the race for the latter at a crucial juncture in the takeover battle with Bharati Shipyard. Industry observers say that ABG Shipyard now has little interest in Great Offshore and it would sell its stake to Bharati or offload it in the open market at the right price. ABG Shipyard had made an open offer for 33% stake in Great Offshore at Rs 520 a share and has shelled out Rs 280 crore for the 15.20% stake. When contacted by TOI, ABG Shipyard's CFO Dhananjay Datar declined to comment on company's future course of action. ‘‘We haven't taken a call on our investment in Great Offshore,'' he said. Some analysts said ABG Shipyard may ask for a seat on the board of Great Offshore by virtue of its holding. Datar refused to comment on this too. […]
Ruchi Soya Industries has acquired over 50% stake in Andhra Pradesh-based Gemini Edible and Fat for Rs 45 crore in order to consolidate its presence in the southern markets. The Ruchi Soya board has approved the acquisition on Tuesday. Post the acquisition, Ruchi Soya will scale up the annual crushing capacity at Gemini’s Krishnapatnam, Andhra Pradesh, unit by 10% to 24.4 lakh tonne. “The acquisition will help us consolidate presence in Andhra Pradesh, Karnataka and Tamil Nadu,” Ruchi Soya MD Dilip Sahara told ET. After the transaction Gemini, a refiner of edible oil, will become a subsidiary of Ruchi Soya. Ruchi Soya, the flagship of the Indore-based Ruchi group, has emerged as one of top five FMCG players following the merger of group firms such as Aneja Solvex, General Foods, Ruchi Credit Corporation, Ruchi Health Foods, Param Industries with itself. […]
Yes Bank and US private equity investor Global Environment Fund (GEF) are set to raise a $200m cleantech private equity fund, according to reports. The fund, which was initially mooted in June 2008 to raise up to $500m, will close this month. The Asian Development Bank and the International Monetary Fund both contributed to the downsized fund. The vehicle will invest in cleantech-focused small and medium enterprises in South East Asia, with more than half the money being invested in India. Some investments will be made by the end of the fiscal year. GEF has previously made investments into electric car project Reva and Greenko. […]
Private equity Bain Capital has bought a 15.4% stake in Kolkata-based Himadri Chemicals in a move which will support the chemical company’s plan to triple capacity. The Rs 600-crore deal that includes an open offer to Himadri’s retail shareholders, will part-finance the company’s Rs 1,600-crore expansion plan that will raise its coal tar capacity to 400,000 tonne and forward integrate into other products for use in construction and auto industries, CEO Anurag Choudhary told ET. Coal tar is a high viscous liquid by-product derived from coal gas, and is widely used by the auto sector, specially by electric cars that are powered by lithium ion batteries. […]
Private equity investments in India, which saw a sharp dip in 2009, could bounce back in 2010 with several large global and local funds in active talks with promoters and managements of firms to put in money. Private equity fund managers, or PE fund managers as they are popularly known, and investment bankers say this year could see increased activity at various levels as several Indian companies have reported robust results despite a testing economic environment. Besides fresh investments and divestment in existing companies, PE funds could also partner Indian companies for global acquisitions and also local buyouts. According to Venture Intelligence, a research service focused on Private Equity and M&A, deal flows plunged to $3.82 billion in 2009 from $10.2 billion in 2008 and $13.6 billion in 2007. Private equity investment tapered off in 2009 as fund managers turned cautious. […]
Surprising everyone, including the promoters, Citibank, along with its arm Orbitech Ltd, sold little over 14% stake in financial services IT major Polaris Software Lab just in four months after holding the same for more than six years. Effective September this year, Citibank has started off-loading the latter’s shares in the open market in a number of tranches and subsequently brought it down to 28.6% as of December 31 from its peak of 43.3%. This includes a stake sale of 2.4% on December 30. Though the exact reason for the partial exit in Polaris has not known till date, a market source here pointed out that the US investor has been under pressure for quite sometime due to financial meltddown. As part of its global strategy, Citibank has decided to exit wherever possible but with good margins. Interestingly, the bank has realised over Rs 230 crore by selling more than 14 million shares in the open market with a comfortable margin. […]
Private equity firm Bain Capital would be investing about Rs 580 crore for over 35 per cent stake in Himadri Chemicals and Industries. The board of directors of Himadri Chemicals has approved the issuance of 63.1 lakh shares representing 15.39 per cent stake on a preferential basis to Bain Capital, the chemical company said in a statement. The allotment would be made at Rs 400 a piece, resulting in an equity raise of Rs 252 crore for Himadri Chemicals. Further, the PE firm would make a mandatory open offer for a 20 per cent stake, resulting in a further investment of up to Rs 328 crore. […]
Global investment bank Goldman Sachs is all set to purchase a 9.4% stake of Max India for Rs 540 crore. Max India will issue fully and compulsorily convertible debentures (FCDs) of the face value of Rs 867 each to Goldman Sachs Equity Partners for an aggregate consideration of $115 million. The sum of Rs 520 crore would be pumped into the life insurance firm Max New York life, with about Rs 200 crore for the new health insurance business, while Rs 150 crore is for the healthcare business. […]
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