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The Board of city-based non-banking finance company (NBFC) Cholamandalam DBS Finance Ltd (Chola DBS) is planning to raise Rs.100 crore from the International Finance Corporation (IFC) by issuing fresh equity. The NBFC will issue 10,893,852 equity shares of Rs.10 each at Rs.92 per share on a preferential basis. The transaction is expected to close this May after the approval of IFC's Board, our shareholders and regulatory authorities. Normally IFC is a long-term investor and the company needs growth capital at regular interval. Hence, we decided on IFC,' N. Srinivasan, director-in-charge, told IANS Monday. […]
Country Club India Ltd has announced that the Board of Directors of the Company at its meeting held on April 01, 2010, inter alia, has approved the issue of 30,000,000 warrants convertible into equivalent number of equity shares, to the Promoter(s) and / or their associates at a price of Rs 25 per warrant, in accordance with the SEBI (ICDR) Regulations 2009. The Board also approved issue of Equity Shares and / or convertible instruments through Qualified Institutional Placement (QIP) Issue in accordance with SEBI (ICDR) Regulations, 2009, FCCBs / GDRs / ADRs to the tune of upto USD 125 Millions or its Rupee equivalent. […]
Private life insurer Max New York Life has given a 4% stake worth Rs 400 crore to Axis Bank for just under Rs 80 crore in exchange for a 10-year exclusive distribution deal as it looks to break into the league of top-five insurance players. This is the first time an insurer has paid such a huge fee, although indirectly, to enter into an agreement to sell policies through a bank’s network. Axis Bank will also get the usual 35-40% commission on first-year premiums to sell the products. “It is a game changer for both the companies,” said Mohit Bhalla, director (corporate development), Max India, which owns a 74% stake in Max New York Life (MYNL). Mr Bhalla did not divulge details of the financial transaction. […]
Reliance Big Entertainment Ltd. said Monday it has agreed to acquire a 50% stake in British video game developer Codemasters. Reliance Big didn't disclose the amount it intends to pay for the stake buy. Codemasters had annual revenue in excess of $150 million, the Indian entertainment company said, without giving further details. Reliance Big is part of the diversified Anil Dhirubhai Ambani Group. (WSJ) […]
Netherlands based Oikocredit International bought 10% stake in Kerala ( India) based NBFC microfinance ESAF Microfinance and Investments (P) Ltd (EMFIL), through its fully owned Indian subsidiary Manaveeya Holdings and Investments. Through this deal the capital base of ESAF Microfinance has crossed Rs 30 crores. The deal was aimed to generate capital for the company to expand its business. The company aims to reach out to one million poor households by 2014. “ESAF Microfinance always focuses on reaching to the unreached. Our association with Oikocredit reinstates our social mission” said Mr. Paul Thomas, Founder and Managing Director, ESAF Microfinance. […]
Three months after Kishore Biyani began restructuring Future Group’s 22 companies into two key business groups—retail and financial services—the chairman of India’s largest shopping chain by market value wants to offload stakes in units not part of those core categories to raise money needed to fund expansion plans. Biyani wants to cap his stake in the non-retail and non-financial services business at 26% and keep 40-45% in the operating companies. “We have two kinds of businesses. One is where we are running and operating (companies), and others we look at as mentor capitalists or financial investors,” Biyani said in an interview on Tuesday. […]
Alok Industries Ltd has announced with reference to the Placement of equity Shares of the Company under Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements), 2009 (SEBI ICDR Regulations) up to Rs 350 Crore with an option to issue an additional equity shares upto Rs 110 crore. The total issue size including the issue of additional equity shares was upto Rs 460 crore. […]
India's top telecom company Bharti Airtel was set to become the 7th largest global player in this business, with an approval from Kuwait's Zain to buy its African assets, other than those in Morocco and Sudan, for $10.7 billion. 'The company confirms that the board of directors of Zain met in Kuwait on Wednesday, March 24 to review the latest developments and negotiations related to this matter,' the Kuwaiti company said in a statement Thursday. 'The board is pleased to report that due diligence process has been completed and that the parties are finalising definitive agreements which are expected to be signed in the coming days.' […]
AT&T Inc has bought an 8.07% stake in Indian IT services firm Tech Mahindra Ltd for USD 34.57 million as per the priced agreed in a 2005 pact, data submitted to the stock exchange showed on Tuesday. AT&T, which is one of the leading clients of the Indian outsourcer, bought 9.87 million shares of Tech Mahindra through off-market purchase on Monday, according to data on the NSE website. Tech Mahindra said the company promoters sold the shares to AT&T at USD 3.5 per share under an agreement which dates back to 2005. […]
Kings XI Punjab's joint owner Mohit Burman on Tuesday said the owners of the Indian Premier League franchise could look at selling the team if valuation is more $250 million. However, co-promoter Wadias' spokesperson clarified that there is no substance in reports relating to sale of stake by the promoters. “The teams have now been auctioned for as much as $370 million. So why not if have a good offer that is substantially more than $250 million. But we have no offer… there is no buyer,” Burman, who is Director of FMCG major Dabur, said. […]
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