June 2010
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Brigade plans to raise up to Rs 750 crore

To be in addition to Rs 500 cr through PE in SPVs. Bangalore-based real estate company, Brigade Enterprises has announced that it will raise up to Rs 750 crore by the issue of equity-based securities to various investors by means of public or private offering or qualified institutional placement or through preferential share allotment. However, there is no clarity yet on the preferable route and timing of this fund raising activity. The plan to raise up to Rs 750 crore will be in addition to company’s earlier plan of raising Rs 500 crore through private equity investment to ramp up group’s hospitality and retail verticals through special purpose vehicle. J P Morgan is running the mandate to rope in PE investors and a deal is expected by the end of August. The realtor, which has plans to develop around eight to 10 million sq ft of area this fiscal, will utilise this fund flow to increase its foot print in retail and hospitality segment. […]

RIL May Buy Stake In Fortis

Reliance Industries may buy 26 per cent stake in hospital chain Fortis Healthcare, thereby making its footprint in healthcare sector, the Financial Express reported on Thursday. Citing industry sources, the report said Reliance had approached Malvinder and Shivinder Singh who own Fortis. Fortis last week unveiled its plans to raise about $1.2 billion to acquire stake in Singapore hospital chain Parkway Holdings. Malaysian sovereign wealth fund Khazanah is also in line to acquire the stake in the Singapore hospital chain and the Singapore Securities regulator has given a deadline of July 30 for the acquisition. […]

Lalbhai Group firm acquires 51% in Anchor Adhesives

Atul, a Lalbhai Group chemical firm, on Friday said it has acquired 51% stake in Mumbai-based Anchor Adhesives for Rs 10 crore. With this acquisition, the Rs 1,200-crore Ahmedabad-based industrial chemical manufacturer will expand its reach in local and international markets through the joint sales network, said Atul president Rajesh Bhasin. Atul will also access the local rubber and polymer-based adhesives market, which annually records sales of about Rs 500 crore. “We are targeting to add Rs 30 crore to our adhesives business after the acquisition of the Polygrip brand,” said Mr Bhasin. Polygrip is the leading brand of Anchor Adhesives. Atul’s polymer division grosses revenue of Rs 100 crore every year. […]