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IL&FS picks up 82% stake in Tiruchy Park

Private equity fund IL&FS Investments Ltd has acquired an 82 per cent stake in Tiruchirappalli-based GK Industrial Park Pvt for around Rs 70 crore. The park, coming up on 600 acres on the outskirts of the city, is being being funded through debt and equity. “IL&FS Investment Managers has taken 82 per cent equity and invested around Rs 70 crore in the project,” GK Industrial Park director KG Muralidharan. The debt portion of Rs 77 crore will be funded by Punjab National Bank. Muralidharan said the company had invested around Rs 75 crore to acquire land and plans to invest Rs 150 crore to create infrastructure in the park. […]

Chola DBS to raise Rs.100 cr offering fresh equity

The Board of city-based non-banking finance company (NBFC) Cholamandalam DBS Finance Ltd (Chola DBS) is planning to raise Rs.100 crore from the International Finance Corporation (IFC) by issuing fresh equity. The NBFC will issue 10,893,852 equity shares of Rs.10 each at Rs.92 per share on a preferential basis. The transaction is expected to close this May after the approval of IFC's Board, our shareholders and regulatory authorities. Normally IFC is a long-term investor and the company needs growth capital at regular interval. Hence, we decided on IFC,' N. Srinivasan, director-in-charge, told IANS Monday. […]

Country Club India to issue warrants, raise funds

Country Club India Ltd has announced that the Board of Directors of the Company at its meeting held on April 01, 2010, inter alia, has approved the issue of 30,000,000 warrants convertible into equivalent number of equity shares, to the Promoter(s) and / or their associates at a price of Rs 25 per warrant, in accordance with the SEBI (ICDR) Regulations 2009. The Board also approved issue of Equity Shares and / or convertible instruments through Qualified Institutional Placement (QIP) Issue in accordance with SEBI (ICDR) Regulations, 2009, FCCBs / GDRs / ADRs to the tune of upto USD 125 Millions or its Rupee equivalent. […]

Distribution deal helps Axis get 4% in Max NY at just Rs 80 cr

Private life insurer Max New York Life has given a 4% stake worth Rs 400 crore to Axis Bank for just under Rs 80 crore in exchange for a 10-year exclusive distribution deal as it looks to break into the league of top-five insurance players. This is the first time an insurer has paid such a huge fee, although indirectly, to enter into an agreement to sell policies through a bank’s network. Axis Bank will also get the usual 35-40% commission on first-year premiums to sell the products. “It is a game changer for both the companies,” said Mohit Bhalla, director (corporate development), Max India, which owns a 74% stake in Max New York Life (MYNL). Mr Bhalla did not divulge details of the financial transaction. […]

Reliance Big Entertainment to Buy Stake in Codemasters

Reliance Big Entertainment Ltd. said Monday it has agreed to acquire a 50% stake in British video game developer Codemasters. Reliance Big didn't disclose the amount it intends to pay for the stake buy. Codemasters had annual revenue in excess of $150 million, the Indian entertainment company said, without giving further details. Reliance Big is part of the diversified Anil Dhirubhai Ambani Group. (WSJ) […]

SEW Infra gets Rs 152 cr from Mauritius PE firm

SEW Infrastructure today said it has received Rs 152 crore as equity investment from NYLIM Jacob Ballas India Fund III, LLC, a Mauritius-based private equity investor. Daiwa Capital Markets acted as advisor to SEW on this transaction. “The infusion of funds will help the company strengthen its balance-sheet further enabling it to bid for larger projects,” SEW's Managing Director V Rajasekhar said. […]