Private Equity backed Allcargo Global Logistics (AGL), a Mumbai based logistics firm, on Friday raised nearly Rs 100 crore through qualified institutional placement (QIP). The QIP proceeds will be used for acquisition in US and India, informed sources. Institutions to whom QIP was done include State Bank of India, Bajaj Alliance, Prudential and ING. In September 2009, New York-based private equity major Blackstone Group invested had invested Rs 142 crore in the company, raising its stake to over 11 per cent from 5.26 per cent stake earlier. Earlier in January 2006, New Vernon had picked up 6 per cent stake in AGL for Rs 60 crore. In a filing to the stock exchanges, AGL had recently informed that it proposed to raise funds not exceeding $150 million equivalent to Rs 700 crore, to meet the long term needs of the company to augment long term resources for investing in expansion and development of its businesses, future acquisitions, capital expenditure, working capital requirements and general business purposes. […]

EID Parry India has entered into a definitive agreement with GMR Holdings to acquire majority equity stake in GMR Industries, the agri-business entity of GMR Group. As per the definitive agreement entered into between the parties, GMR Group will divest a majority equity stake such that post the mandatory open offer (as per SEBI regulations), EID Parry would hold a minimum 65% equity stake in GMR Industries. Post the open offer, GMR Group would become a minority share holder in the company.(Bloomberg UTV) […]