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IDBI Bank is believed to have zeroed in on Kerala-based private sector lender Federal Bank for acquisition. IDBI Bank has also completed due diligence, an exercise undertaken by the acquirer to assess the value of the entity before purchasing it, a source close to the development said. When contacted, Federal Bank Managing Director & CEO M. Venugopal declined to comment on the matter. The acquisition, if it materialises, would enable IDBI to consolidate its position among State-run banks by strengthening key segments such as branch network, human resources and client acquisition, besides augmenting its deposit-base. […]
Puneet Dalmia, managing director of Dalmia Cement, has said the company is close to raising USD 100–200 million by diluting 10-15% stake in the company and is in talks with various foreign institutional investors (FIIs), reports CNBC-TV18. Additionally, he said, the company was also looking to offload stake in Dalmia Cement Ventures, a wholly-owned subsidiary, to about four-five private equity players. Gautam Dalmia, the joint managing director, said there were no listing plans for the subsidiary, for the next 12 to 18 months. On cement prices, he said the current volatility was expected and that prices have recovered from November lows and had bounced back 10%. […]
Bahrain's investment firm GBCORP and telecom firm Batelco Group have announced a strategic partnership for acquiring 11% stake in S-Tel, India, a joint venture between the Batelco Group and the Siva Group of India. “We are greatly pleased to partner with the Batelco Group in their joint venture telecom project in India. The partnership with Batelco is a significant measure of our way forward strategy of building investment bridges through strategic partnerships, identifying new investment opportunities and diversifying our investment portfolio,” said GBCORP Vice-Chairman & Managing Director Abdul Rahman Mohammed. Batelco Group Chief Executive Peter Kaliaropoulos said the company was delighted and welcomed GBCORP as their investment partner in BMIC Limited, the subsidiary company of Batleco that will hold a 49 per cent stake in S Tel India, subsequent to GBCORP's investment. […]
Anil Ambani-controlled Reliance Entertainment is likely to put in a bid for the iconic film studio Metro-Goldwyn-Mayer, or MGM, as it seeks to increase its presence in Hollywood beyond its existing tie-up with Steven Spielberg’s DreamWorks Studio, a person privy to the development told ET. MGM, the owner of a library with more than 4,000 titles, including classics such as the Pink Panther and James Bond movies and more recent ones such as Legally Blonde, a series of comedy films, has been put on the block by its lenders, a consortium of over 100 financiers led by JPMorgan. Twelve potential bidders with background in media and movie-making have signed non-disclosure agreements, according to a Reuters report. Banking sources said Reliance Entertainment is among them. […]
The stock of ABG Shipyard moved up after the announcement that it received a 15.23 per cent stake of Great Offshore in the open offer. Officials at ABG Shipyard could not be reached for comment on what do they propose to do with the stake. ABG and its rival, Bharati Shipyard, had made competitive bids to acquire 33.8 per cent and 20 per cent stakes in Great Offshore respectively. ABG’s offer was to acquire stake at Rs 520 a share, while Bharati’s offer was to acquire at Rs 590 a share. Bharati received 27 per cent of the stake against its offer to acquire 20 per cent. The open offers concluded last month. […]
Bharti Airtel Ltd., India’s largest mobile-phone operator, agreed to acquire a 70 percent stake in Warid Telecom in its first overseas acquisition. Bharti, controlled by billionaire Sunil Mittal, will invest $300 million and take management control, the New Delhi-based company said in a statement today. Privately held Dhabi Group will retain a 30 percent stake, it said. The investment is the biggest by an Indian company in neighboring Bangladesh. Bharti was India’s second-worst performing benchmark stock last year as competition from Vodafone Group Plc and NTT DoCoMo Inc. cut revenue and a $23 billion merger with South Africa’s MTN Group Ltd. collapsed. Dhaka-based Warid has 2.92 million subscribers, matching the number of users that Bharti adds in India in a single month. […]
Optical storage devices manufacturer Moser Baer India today said it will raise USD 100 million (about Rs 454 crore) by various fund raising routes, from national and international markets. The company’s board of directors at their meeting held on January 11 have decided to raise funds for an amount up to USD 100 million, Moser Baer India said in a filing to the Bombay Stock Exchange. […]
ABG Shipyard has acquired a 15.20% stake in Great Offshore through its open offer after having pulled out of the race for the latter at a crucial juncture in the takeover battle with Bharati Shipyard. Industry observers say that ABG Shipyard now has little interest in Great Offshore and it would sell its stake to Bharati or offload it in the open market at the right price. ABG Shipyard had made an open offer for 33% stake in Great Offshore at Rs 520 a share and has shelled out Rs 280 crore for the 15.20% stake. When contacted by TOI, ABG Shipyard's CFO Dhananjay Datar declined to comment on company's future course of action. ‘‘We haven't taken a call on our investment in Great Offshore,'' he said. Some analysts said ABG Shipyard may ask for a seat on the board of Great Offshore by virtue of its holding. Datar refused to comment on this too. […]
Ruchi Soya Industries has acquired over 50% stake in Andhra Pradesh-based Gemini Edible and Fat for Rs 45 crore in order to consolidate its presence in the southern markets. The Ruchi Soya board has approved the acquisition on Tuesday. Post the acquisition, Ruchi Soya will scale up the annual crushing capacity at Gemini’s Krishnapatnam, Andhra Pradesh, unit by 10% to 24.4 lakh tonne. “The acquisition will help us consolidate presence in Andhra Pradesh, Karnataka and Tamil Nadu,” Ruchi Soya MD Dilip Sahara told ET. After the transaction Gemini, a refiner of edible oil, will become a subsidiary of Ruchi Soya. Ruchi Soya, the flagship of the Indore-based Ruchi group, has emerged as one of top five FMCG players following the merger of group firms such as Aneja Solvex, General Foods, Ruchi Credit Corporation, Ruchi Health Foods, Param Industries with itself. […]
Surprising everyone, including the promoters, Citibank, along with its arm Orbitech Ltd, sold little over 14% stake in financial services IT major Polaris Software Lab just in four months after holding the same for more than six years. Effective September this year, Citibank has started off-loading the latter’s shares in the open market in a number of tranches and subsequently brought it down to 28.6% as of December 31 from its peak of 43.3%. This includes a stake sale of 2.4% on December 30. Though the exact reason for the partial exit in Polaris has not known till date, a market source here pointed out that the US investor has been under pressure for quite sometime due to financial meltddown. As part of its global strategy, Citibank has decided to exit wherever possible but with good margins. Interestingly, the bank has realised over Rs 230 crore by selling more than 14 million shares in the open market with a comfortable margin. […]
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