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IT distributor Redington (India) today said its overseas subsidiary will acquire a 49.4 per cent stake in Turkey-based Arena for USD 42.464 million (about Rs 194 crore). Redington International Holdings, a subsidiary of the company, has entered into a share purchase agreement with the promoters of Arena Bilgisayar Sanayi Ve Ticaret Anonim Irketi (Arena) to acquire a 49.4 per cent stake, Redington (India) said in a filing to the Bombay Stock Exchange . “This is a part of the company's strategy to explore opportunities in new markets,” the company added. The transaction would get consummated on satisfaction of all conditions including, but not limited to, all legal permits that are required, it said. […]
Aryaka Networks, provider of cloud-based application accelerations and WAN optimization solutions, has raised $14 million, including Series A funding from Trinity Ventures, Mohr Davidow Ventures, Nexus Venture Partners and Stanford University, said the company in a statement. The company also announced the launch of the Aryaka platform. The platform would enable enterprises to deploy WAN optimization quickly, with no capital expenditures and will deliver a 99.999 per cent network uptime, the company claimed. For an organization spending $6,000 per month on dedicated connectivity for six locations across the globe, Aryaka is likely to deliver over a period of three years, benefits in excess of $1 million, said the company in a statement. […]
CRISIL Ltd. said Wednesday it has signed a pact to buy unlisted U.S.-based knowledge process outsourcing company Pipal Research Corp. for $12.75 million. Pipal Research reported revenue of $8.1 million in the fiscal year through March 2010, the unit of Standard & Poor's Corp. said in a regulatory filing. Currently, Firstsource Solutions Ltd. owns about 51% of Pipal, CRISIL said. […]
Swiss Re is selling its 26% stake in TTK Healthcare TPA Private Ltd., a third-party administration service for domestic medical and health insurance polices, to Vidal Healthcare Services. “It is our global strategy to focus on our core (re)insurance business. This transaction allows Swiss Re to fully concentrate its resources on capturing rapidly growing opportunities in the (re)insurance space in India,” said Martyn Parker, Swiss Re group management board member and Asian division head, in a statement. The third-party administration system has a crucial role to play in the expanding health care industry in India, noted Parker. This move is only about Swiss Re's exit of the Bangalore-based TTKHTPA, but not about any exit of the Indian medical and health (re)insurance market, said KC Wong, a Hong Kong-based spokesman for Swiss Re. […]
Zuri Group Global, whose businesses span across three continents with interests in hospitality, floriculture, real estate and green energy, is planning to offload at least 20 per cent stake to private equity (PE) players, a top company official said on Tuesday. “We are planning to offload 20 per cent stake. We are in talks with two PE players,” Abhishek Kamani, director, told reporters here. The group is restructuring its hospitality business into three luxury collections- platinum, lifestyle and comfort- to gain more foothold in the Indian hospitality market. A multinational conglomerate promoted by a consortium of investors from the Middle East, the group, however, declined to name the PE players or the timeframe for offloading the stakes. […]
India's largest spirits company United Spirits Ltd (USL), which acquired a 54 per cent stake in Pioneer Distilleries, has made a public offer to acquire another 20 per cent equity in the company. The acquisition will take United Spirits' holding in the Maharashtra-based distillery to nearly 75 per cent. The Vijay Mallya-led USL had on Tuesday entered into an agreement to buy a majority stake in Pioneer Distilleries for about Rs74 crore, which will help it raise its distillation capacity. USL had already acquired 54.7 per cent stake in Pioneer Distilleries, a primary distillation unit. […]
Leading agricultural commodity exchange NCDEX has decided to sell a 26 per cent stake to Jaypee Capital through the issue of fresh equity. “The exchange will sell a 26 per cent stake to Jaypee Capital through the issue of fresh shares,” a senior NCDEX official said. National Commodity & Derivatives Exchange Ltd (NCDEX) is issuing fresh shares to raise the equity capital of the exchange to Rs 50 crore, in line with the new norms which national exchanges have to adopt by the end of this month, he said. As of now, the exchange's equity capital stands at Rs 37.5 crore, the official said, adding that following the deal, the equity base of existing shareholders will automatically come down. […]
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. […]
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. […]
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