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Bhushan Steel, India's third-largest steelmaker, has taken up a 15 pct stake in Australia's Bowen Energy for an estimated 3.2 mln aud, the Economic Times reported.
'We have taken the stake through a preferential allotment,' the report quoted Bhushan Steel chief financial officer Nitin Johari as saying.
It also quoted unnamed sources close to the company as saying Bhushan has the option to hike this stake.
Earlier this week the companies had signed a memorandum of understanding aimed at creating […]
IDBI Capital Market Services, a unit of Industrial Development Bank of India, may sell a 26% stake to a foreign investor to get a share of overseas business and boost broking revenue. “We are thinking of a foreign partner but haven't finalised anyone,” S Muhnot, managing director of IDBI Capital Market Services, said in an interview on Monday. Mumbai-based IDBI Capital is seeking foreign partners to help boost revenue after its government debt underwriting business was turned into a new company in accordance with central bank rules. The broking house also wants to benefit from record overseas investment in the nation's $854 billion economy that's persuading brokerages such as Motilal Oswal Financial Services Ltd to sell shares to expand business. Overseas funds have bought a net $9.73 billion of stocks and $234.8 million of bonds this year, totaling a record $9.97 billion. That surpassed the net $8.87 billion in stocks and bonds bought in 2006 and $9.46 billion in 2005. […]
Mumbai-based Texport Syndicate group has picked up about 75% in Delhi-based Vanasthali Textile Industries, a premier terry towel manufacturing unit. The company’s clients include prominent international brands like Polo Ralph Lauren, Tommy Hilfiger, Calvin Klein, Croscil, Roseby, besides volume buyers like Wal-Mart. Details on the valuation of the deal are not available yet.
Vanasthali, a listed company, clocked an export turnover of about Rs 120 crore in 2006-07. Texport Syndicate group is an exporter of readymade garments with a […]
Bharat Oman Refineries (BORL), the special purpose vehicle implementing the Bharat Petroleum’s (BPCL) 6 million tonnes per annum (mtpa) refinery at Bina in Madhya Pradesh, is in talks with strategic investors for selling 15-20 per cent stake. “We are in preliminary talks with a number of crude oil producers such as Saudi Aramco and Petrobras. A final decision is likely to be reached by the middle of next year,” said R P Singh, managing director, BORL. Singh added that the stake would be sold only to a supplier of crude oil as it would make strategic sense. Some stake may also be sold to financial institutions. […]
Bear, Stearns & Co. Inc. is in talks to buy a Ford Motor Co. financing unit in India as a way to secure an additional license to beef up what it can offer clients in that expanding market. “We are in advanced discussions with Ford but it is too early to confirm the outcome,” a London-based spokeswoman for the U.S.-based bank said on Wednesday. Because India is not issuing new licenses to sell financial products into the country, a secondary market for them has opened up. Bear Stearns is already registered as a foreign institutional investor in India and offers some services, such as buying Indian equity for overseas clients, but it cannot sell other products into the market. […]
With Dutch paint maker Akzo Nobel giving the nod today for the $16 billion global takeover of ICI, Akzo is expected to make an open offer of 20 per cent to the shareholders of ICI India. India’s largest paint maker Asian Paints also holds a 9.2 per cent stake in ICI India. According to the Securities and Exchange Board of India (Sebi) regulations, a company, which intends to buy shares that would entitle it to exercise 15 per cent or more voting rights, has to make an open offer for at least an additional 20 per cent shares of the target company. The open offer will be priced on the average 26-week price or the average of the daily high and low prices, two weeks prior to the date of announcing the offer. In case the shares of the target company are not frequently traded, then the pricing parameters for the open offer will be based on the fundamentals of the company such as returns on the net worth of the company, book value per share, EPS and so on. Akzo executives from Amsterdam refused to comment on India specific initiatives, citing it was too early to comment. […]
The $14 billion Chinese consumer durables major, Haier Co., Ltd. has firmed up its Indian operations by acquiring the manufacturing facility of Anchor Daewoo Electronics in a few hours from Mumbai in Pune, Maharashtra. The acquisition, for an undisclosed amount, was announced by Haier India last week. The acquisition of Anchor Daewoo's facility, spread over 40 acres in Ranjangaon, Pune, will give Haier access to a manufacturing capability of refrigerators, color televisions and washing machines. According to a Haier official, the company plans to upgrade the new facility, which currently employs around 500 people, and create a research and development facility for its refrigerator range. The plant has a capacity to make 350,000 refrigerators annually, about 300,000 washing machines and 500,000 colour TVs. […]
ONGC Videsh Ltd (OVL) has sought 20 per cent participating interest in Iran’s Yadavaran field, which has an estimated capacity to yield 60,000 barrels per day (bpd) of crude. “Exercising our option we have asked Iran to consider giving OVL a 20 per cent stake in the project. The fate of the five-million-tonne liquefied natural gas (LNG) deal, which was inked between India and Iran in 2005, is linked to the development of these fields,” official sources said. In 2005, as part of a memorandum of understanding (MoU) signed with India, Iran had agreed to give 100 per cent participating interest in the Jufeyr project along with 10 per cent in the Yadavaran project to OVL. “However, if OVL, is unable to get 100 per cent participating interest in Jufeyr field then there was an option that Iran would offer 20 per cent in Yadavran project,” the sources told Business Line. This move by OVL is significant as Iran is reported to be in talks with China for a stake in Yadavaran. Besides, PEDEC, a subsidiary of National Iranian Oil Company (NIOC), is understood to have informed OVL that the MoU signed in 2005 has expired though OVL had prepared a master development plan for the project and submitted the same to PEDEC. […]
Government plans to sell 10% cent stake in Oil India Ltd (OIL) to state refiners along with the company's initial public offering in February to garner Rs 1,000 to Rs 1,500 crore.
“We have moved a note for consideration of the Cabinet for divestment of 10% government stake alongside the company's IPO,” a top Petroleum Ministry official said.
OIL, the nation's second largest state-run oil explorer, plans to offer 10% stake to public in an IPO and another one […]
Shiva Cement Ltd on Wednesday said it will allot 10 lakh equity shares to IFCI Ltd on preferential basis.
The Board of Directors at its meeting approved the proposal to issue the shares to IFCI, the Orissa-based company said in a filing to the Bombay Stock Exchange.
Earlier in July, the shareholders passed the resolution for the allotment of the shares to IFCI Ltd.
The company further informed that Santosh Kumar […]
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