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RSB Transmissions, engaged in manufacturing of automotive, construction and farm equipment, has acquired, through its Netherland based arm RSB Europe BV, 70 per cent stake in the Belgium based construction equipment aggregate manufacturer MSI (Mechanical Supplies International) for an undisclosed sum. RSB currently has 10 manufacturing plants spread over 7 locations in India and the USA While the turnover of MSI stood at 21 million Euro in the pre-recession period, its new owners now hope to take the turnover to 28 million Euro by 2012 without any additional investment. The Belgian company, situated in the city of Tessenderlo, manufactures heavy fabrication aggregates for excavators, off-highway machines and windmills which are similar to the products of RSB manufactured in its Jamshedpur, Dharwad and Chennai plants. […]
India's biggest company by market value Reliance Industries Ltd is considering buying a stake in shale gas assets in U.S. owned by Pioneer Natural Resources, media reports said. Reliance Industries, which is controlled by billionaire Mukesh Ambani, is close to announcing a deal to pay $1.35 billion for a stake in a field controlled by Pioneer, the Financial Times reported, citing sources familiar with the matter. The company will buy a 45 percent stake in the Eagle Ford shale gas field in south Texas, the newspaper report said, which will be the second deal of its kind in recent months for Reliance. In April, Reliance's energy-based conglomerate had agreed to pay $1.7 billion to Atlas Energy to form a joint venture and own a 40 percent stake in Atlas' Marcellus Shale operations in the eastern United States. […]
Vivendi , Europe's largest entertainment group, said on Wednesday it was not in talks to buy a 26 percent stake in Indian mobile carrier Reliance Communications. Indian newspaper Economic Times said Vivendi, which has telecom operations in France, Morocco and Brazil, had been talking to Reliance for a month and discussions were at an advanced stage, citing a person with direct knowledge. Reliance Communications, the No.2 mobile carrier in India's fast-growing market, is burdened by debt and the cost of rolling out third-generation (3G) services. It said earlier this month its board had agreed to sell up to 26 percent of the firm. The company has a market capitalisation of 384 billion Indian rupees ($8.6 billion) and is majority owned by billionaire Anil Ambani's Reliance conglomerate. […]
Dutch bank, dubbed Rabo bank sold 11% stake out of its 15.9%in private sector lender Yes bank to a group of domestic and foreign institutional investor for around Rs.1, 000crore to set up its own banking operations in India. Rabo, at present got a non-banking finance company in India called Rabo India Finance. Sipko Schat, member of the executive board of Rabobank said that the bank as per the la w is bound to reduce its shareholding in Yes Bank. Rabo is waiting for the approval of a full banking license in India. He said that they are confident on the future prospect of the Yes Bank and for that they were retaining 4.9% of stake in the bank. Schat will step down from the board of Yes Bank as a result of this reduction in shareholding. […]
Punjab National Bank said it signed a memorandum of agreement (MoA) with Mauritius-based Principal Financial Group and Vijaya Bank for restructuring of their existing joint ventures. Both the lenders will continue to support Principal in the asset management company for next three years. PNB and Vijaya Bank will sell their 30% and 5% stake in the distribution joint venture company to Principal. Similarly, PNB will buy Principal’s 26% stake and Berger Paints’ 25% stake in the insurance broking company. PNB will buy out Principal and UK Paints stake of 26% and 32%, respectively in Principal PNB Life Insurance Co Ltd. […]
Europe's largest entertainment group, Vivendi, that has telecom operations in France, Morocco and Brazil is said to be in talks with Reliance Communications to buy a 26 per cent stake, media reported on Wednesday. It is believed that Vivendi was in talks with RCom for a month and the discussions were in the advanced stage now. Once the deal is finalized, Reliance will issue new shares to Vivendi and the French company would make an open offer to acquire 20 per cent stake in the Indian firm. RCom burdened by debt and the cost of rolling out 3G services, decided to offload stake early this month. […]
Dutch financial services group ING is selling its entire 3.1 percent stake in India's Kotak Mahindra Bank to raise up to $173 million, a source with direct knowledge of the matter said on Wednesday. The shares would be sold at 730 rupees to 750 rupees each, said the source, who refused to be named as he was not authorised to speak to the media. The price represents a 4 percent discount at the upper range of the band to Wednesday's closing price of 783.20 rupees. “The book-building for institutional investors has started,” the source said. An ING spokesman said the company did not comment on market rumours. […]
Hyderabad-based micro finance institution (MFI) Basix is planning to raise Rs 200 crore through private equity route this financial year. This is will be the fifth round of private equity infusion in the MFI since 2001. Existing investors in Basix include SIDBI, IFC and private equity players such as Matrix Partners, Lok Capital, Hivos Triodos Fund and Avishkaar Goodwell. This infusion of Rs 200 crore is likely to happen through a new private equity investor. The funds will help in meeting MFI’s growing lending needs with addition of new states such as Gujarat and UP to its network this year. Basix operates across 16 states at present, catering to about 2 million customers. It would also help the MFI maintain the capital adequacy ratio a measure of financial strength of 12 per cent stipulated by the Reserve Bank of India. From April 2011 the CAR would be increased 15 per cent by RBI. […]
The Bombay Stock Exchange (BSE) has acquired the controlling stake in Central Depository Services Ltd (CDSL) by purchasing 16 per cent more from three banks, people with direct knowledge of the deal said. Asia’s oldest stock exchange has bought a 7.5 per cent stake from HDFBA, 4.5 per cent from Bank of Baroda (BoB) and 4 per cent stake from Bank of India(BoI), taking its holding in the depository to 54.5 per cent, these people said. The deal was struck at Rs 50-55 per share, valuing CDSL at Rs 522-575 crore. […]
SBG Projects Investments, a part of Saudi Arabia-based Saudi Binladin Group (SBG), today made an open offer to acquire an additional 20 per cent stake in Maytas Infra at a price of Rs 195.72 per share. SBG Projects has made an open offer to acquire 1,54,23,236 shares, representing 20 per cent stake in the infrastructure company, at Rs 195.72 per share, Maytas Infra, initially promoted by the kins of disgraced Ramalinga Raju of Satyam, said in a public announcement. The offer price is at a 7.32 per cent discount from Friday's closing price of Rs 211.20 on BSE. On June 19, Mauritius-based SBG Projects Investments had acquired 20 per cent, or 1,54,59,133 equity shares, in Maytas Infra, from the present promoter IL&FS at Rs 195.30 per share leading to an investment of around Rs 300 crore. […]
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