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A clutch of investors including stock brokers Rakesh Jhunjhunwala and Radhakrishna Damani have picked up an 11% stake in Mumbai-based real estate and hospitality firm Delta Corporation Ltd. for Rs200 crore, a banker familiar with the development said. The investors will get equity for Rs120 crore and will further subscribe to Rs80 crore of warrants that can later be converted into stock. Jhunjhunwala will join the Delta Corp. board. India’s leading corporate lawyer Zia Mody of AZB Partners Ltd and her husband Jayadev Mody will invest Rs70 crore as part of the promoters’ contribution. Both together own 48.40% in the real estate developer. […]
Elder Pharmaceuticals has said it is acquiring a UK-based company through its wholly-owned subsidiary In Dubai, Elder Pharma said in a filing to the National Stock Exchange on Thursday. Elder Pharma is engaged in manufacture, research and development and marketing of pharmaceutical products. According to a Reuters report, Elder will buy NeutraHealth, a UK-based supplier of vitamins and nutrients, for about £12.2 million (approximately 8.77 billion rupees). If the deal gets through Neutrahealth shareholders will get 6.5 pence per share, a 20.9 percent premium on Wednesday’s close. […]
State-run oil marketeer Hindustan Petroleum Corp. Ltd (HPCL) could buy a 5.2% stake in Petronet LNG Ltd that is currently held by the Asian Development Bank (ADB). “We will put a note to the government, and if it approves, we will look at it,” HPCL chairman and managing director Subir Roy Choudhury said on Thursday. In a letter to the Indian government in August, Manila-based ADB had expressed its intention to sell its 39 million shares in Petronet, valued at Rs.433.48 crore, based on Friday’s closing price of the company’s shares on the Bombay Stock Exchange (BSE). ADB is also reported to have written to Petronet’s other promoters—Indian Oil Corp. Ltd (IOC), Oil and Natural Gas Corp. Ltd (ONGC), GAIL India Ltd and Bharat Petroleum Corp. Ltd (BPCL)—offering them its stake, while Oil India Ltd and Indraprastha Gas Ltd are said to be interested as well. […]
CVC Capital Partners Ltd, a private equity fund, agreed to buy TDC A/S’s Swiss unit for 3.3 billion Swiss francs ($3.25 billion), paving the way for a share sale by majority owners of Denmark’s largest telecommunications company. TDC, which is about 88 per cent owned by private equity funds, expects the all-cash sale of Sunrise Communications AG to be completed in the fourth quarter, the Copenhagen-based company said today in a stock exchange statement. The sale marks the second attempt by TDC to divest Sunrise after an accord with France Telecom SA to merge the Swiss operations with the French company’s Orange unit was blocked by regulators in Switzerland. While the CVC deal is less favourable than the France Telecom offer, it may allow TDC’s private-equity owners to sell their investment, said Jan Dworsky, an analyst at Handelsbanken Capital Markets in Stockholm. “The price is slightly less than what they would have gotten from France Telecom,” he said. “It probably paves the way for the share sale to be back on track; if not this year, in the first half of 2011.” […]
A group of private equity firms are planning to buy a 15 per cent stake in the Hero Honda joint venture, as Honda, the world's largest manufacturer of motorcycles seeks to reduce its stake in its 26 year-old Indian JV with the Hero Group. According to various media reports, global private equity firms, Kohlberg Kravis Roberts & Co, TPG Capital, Carlyle Group and Bain Capital are reportedly vying to acquire at least 15 per cent interest, valued at $1.1 billion, of Honda's 26 per cent stake in Hero Honda Motors. Two of the US-based private equity firms, TPG Capital and the Carlyle Group have already moved ahead and have spoken to Honda, but the Japanese company is reportedly looking for a better offer. […]
India's largest glass bottle manufacturer Hindusthan National Glass and Industries Ltd is in talks with a European multinational to sell a minority stake, with plans to form a strategic partnership for global expansion. Hindusthan National Glass is divesting part of its 16.76% treasury stock–shares that are held by the issuing corporation and are available for resale. Hindusthan National Glass' treasury stock was created in 2002 when it merged Owens Brockway India Ltd with itself. The company with which it is in talks is one of the world's top glass container makers, but senior vice-president and chief financial officer Laxmi Narayan Mandhana declined to name the potential stake buyer or share other details of the deal that's being negotiated. “This strategic stock divestment to the multinational company would help both the companies to tap the complementary strengths, and become an undisputed leader in the world glass packaging market,” he said. The deal could go through by the end of this fiscal. […]
Having set a target to quadruple its total business to Rs.1 lakh crore by 2021, city-based Saraswat Co-operative Bank is eyeing to acquire up to six banks in the near future, a top official said. “In all, over 66 banks have approached us. Twenty one of them are under our scanner, five are designated candidates and one will be acquired immediately,” bank's Chairman Eknath Thakur told reporters here on Friday. Mr. Thakur mentioned two banks — Vadodara's Anyonya and Ichalkaranji Urban Cooperative Bank — as targets but said Saraswat's plans were meeting resistance because of legal issues in both cases. […]
Bank of Baroda on Tuesday said it has decided to takeover some asset and liabilities of the city-based Memon Cooperative Bank. Approval of government and Reserve Bank of India has been received for the purpose, Bank of Baroda informed the Bombay Stock Exchange. The bank will formulate a scheme for the take over which will be subject to further approvals of the appropriate competent authorities, it said. Memon Cooperative Bank has 18 branches across Maharashtra and Gujarat. RBI, the banking sector regulator, had suspended the operations of the cooperative bank in May last year owing to poor financial health. […]
The RPG Group-promoted Integrated Coal Mining Ltd, an affiliate company of power producer CESC Ltd, has acquired 10 per cent stake in Resource Generation (RG), an Australian coal mining company, for $10.5 million (Rs 45 crore). Integrated Coal Mining will purchase a million tonnes of thermal coal per annum for three years and two million tonnes per annum for a further 17 years from RG’s Boikarabelo mine in South Africa. RG has agreed, it said in a statement, to place 18,268,053 shares with Integrated Coal Mining at a share price of $0.575. RG is a public company dual-listed on the Australian and Johannesburg stock exchanges, with coal mining assets in Tasmania in Australia and in South Africa. It also has uranium exploration projects in central-west Africa’s Cameroon. CESC is India’s third largest power utility, with an installed generating capacity of 1,225 Mw. It serves nearly 2.5 million consumers across Kolkata and Howrah. It is increasing this generating capacity to 5,745 Mw. Its officials could not be spoen to for their views. […]
Vijay Mallya-led United Spirits Ltd (USL), the country's largest liquor maker by sales, has bought a 54.69% stake in promoters' equity in Hyderabad-based Pioneer Distilleries Ltd for '73.95 crore. In a share purchase agreement signed on Tuesday, USL bought 7,322,280 shares in Pioneer Distilleries at '101 each from its promoters, the Hyderabad-based Sudhir Rao and family. USL will make an open offer for an additional 20% stake held by minority shareholders. In June, Rao and his family held 54.99% stake in the firm. The acquisition, according to a company filing to stock exchanges, comes at a time when USL is exploring ways of shoring up its distillation capacity to gain better control over supplies of extra-neutral alcohol (ENA), the primary ingredient in Indian made foreign liquor (IMFL)–as locally made spirits such as whisky, rum and brandy are classified. […]
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