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Private sector lender Yes Bank on Thursday said it has raised $225 million (about Rs 1,034 crore) through private placement of shares to institutional investors. “The issue of $225 million, was significantly oversubscribed on strong demand from foreign institutional investors and domestic mutual funds,” Yes Bank said in a statement. The bank will issue 3.84 crore equity shares at Rs 269.50 per share to institutional investors under the Qualified Institutional Placement (QIP), which would raise the overall capital adequacy of the bank to over 20 per cent. […]
Biotechnology major Biocon’s clinical services arm Clingene is actively exploring an alliance with Mumbai-based clinical research organisation SIRO Clinpharm. “We are looking at an alliance with SIRO Clinpharm that could entail bundling of complementary services. While we have a human pharmacology unit they have data management services,” Biocon’s CMD Kiran Mazumdar Shaw said adding that “although these are ongoing discussions, no alliance has fructified yet.” SIRO’s head of corporate marketing, Aniruddh Patwardhan, also confirmed that the two companies had initiated talks some time back. […]
Edelweiss today has entered into an agreement to acquire Anagram Capital for Rs.164 crores in an all cash transaction. With a nation-wide network of more than 137 branches and over 1300 sub brokers, Anagram has one of the widest geographical reach among retail broking firms. The company has more than 180,000 clients and estimated total revenues of Rs. 100 crores for the nine months ended December 31st 2009. The company's average daily equity trading volume is approximately Rs.800 crores. Edelweiss plans to operate Anagram as a 100 % subsidiary with clear focus on continuity and building on the current business and people with investments in research, products, training and technology. […]
Jet Airways (India) today announced that its board has approved an investment of up to 26% (partly for cash and partly for consideration other than cash) in the share capital of MAS GMR Aerospace Engineering Company, Hyderabad, subject to receipt of all statutory and regulatory approvals, as may be required. MAS GMR Aerospace Engineering is a 50:50 joint venture (JV) between Malaysian Aerospace Engineering, Malaysia, and GMR Hyderabad International Airport, set up to undertake airframe maintenance, repair and overhaul activities. […]
Qatar Investment Authority, or QIA, the sovereign investment fund promoted by the emirate’s ruling family, is in the final stages of negotiations to purchase a 10% stake in Hinduja National Power Corp. Ltd, or Hinduja Power, said two persons familiar with the development. The fund will pay Rs200 crore, at Rs40 a share, for the stake in the company that’s building a 1,040 MW coal-based energy plant at Visakhapatnam in Andhra Pradesh. “We have been in dialogue with quite a few investors,” Ashok K. Puri, managing director of Hinduja Power, said in an interview earlier this week, declining to give any more details. “The Hindujas will be in the driver’s seat and till the deal is finalized, we will not be able to comment about the transaction.” […]
Reliance Industries (RIL) suffered a setback in its attempt to take over Luxembourg-based LyondellBasell Industries on Tuesday after a US court dismissed a creditors’ petition seeking a bigger role for potential investors such as RIL in rescuing the bankrupt company. US bankruptcy judge Robert Gerber dismissed the motion filed by unsecured creditors seeking the installation of a court examiner to ensure that Lyondell gives due consideration to the RIL offer. He also dismissed another petition by the committee urging him to give it the right to come up with a restructuring plan after working with potential investors like Reliance Industries. Gerber, instead, gave Lyondell management time till April 15 to win approvals for its current plan of restructuring, something that has no role for RIL. […]
Bahrain Telecommunications Company (Batelco) plans to increase its stake in S Tel to 49 per cent for $50 million, the domestic telco said in New Delhi on Thursday. Batelco has entered into a partnership with Bahrain-based Islamic investment bank Global Banking Corporation which in turn will acquire 11 per cent stake in S Tel for $50 million, S Tel director P Swaminathan said. After buying 11 per cent stake, Batelco will hold 49 per cent stake in S Tel, a joint-venture between Chennai based conglomerate Siva Group and Batelco. […]
Mcleod Russel, a wholly owned subsidiary of Borelli Tea Holdings, has acquired the equity stake in Uganda-based Rwenzori Tea Investments. With this acquisition, Borelli has gained control over James Finlay Uganda (JFUL), which owns six tea estates in Uganda and is engaged in growing, manufacturing and marketing of black tea, and is a subsidiary of Rwenzori. As a result of this acquisition, Rwenzori and JFUL have become step down subsidiaries of the company. In December last year, Borelli Tea had signed a Share Purchase Agreement with James Finlay and James Finlay International for the acquisition of 100% of the share capital of Rwenzori Tea Investments, Uganda (Rwenzori) for a provisional consideration of $25m. The acquisition is expected to give Mcleod a presence in Uganda, which could lead to possible expansion in future. […]
ZEE Entertainment Enterprises Ltd (ZEEL) has approved the move to acquire a further 45 per cent stake in Taj TV Limited Mauritius, owners of Ten Sports. This will increase ZEE Network's control in the popular sports channel to 95 per cent. Up until now, ZEE Network had a 50 per cent stake in the channel, which it had acquired from the Bukhatir Group for $114 million in 2007. ZEEL has also acquired additional 50 per cent stake in its subsidiary Taj Television (India), which handles the distribution and ad sales for Ten Sports India. Together the two deals were worth $44.15 million. […]
Anil Ambani Group's financial services firm Reliance Capital is considering divesting up to 20 per cent stake in its mutual fund arm, Reliance Asset Management Company, to an overseas strategic partner. Induction of global partner would help Reliance Asset Management Company to expand its reach and help improve product, technology and process, sources told. Reliance Capital holds 93.37 per cent in Reliance Asset Management Company, the largest mutual fund house with asset under management over 1.18 lakh crore. When contacted, Reliance Capital spokesperson said, “As a policy, we do not comment on speculations.” In 2007, Reliance Capital sold 5 per cent stake to global investor Eton Park for Rs 501 crore, at an equity valuation of Rs 10,000 crore. […]
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