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Private lender Yes Bank on Sunday said it will raise about Rs 1,500 crore during this fiscal to fund its growth strategy. “By March 2010, we are looking to raise about $200-250 million through Tier I capital via Qualified Institutional Placement (QIP),” Yes Bank MD and CEO Rana Kapoor said at the sidelines of the India Economic Summit here. (TOI) […] Hyderbad-based Rs2,000 crore company GVK Power & Infrastructure Ltd (GVKPIL), has acquired a 12% stake in Bangalore International Airport Ltd (BIAL) for Rs485 crore from Flughafen Zurich AG through GVK Airport Developers Pvt Ltd (GVKADPL), a wholly-owned subsidiary of GVKPIL. The move also signals GVK’s second foray into the airport projects space in the country, after being involved in the modernisation of the Mumbai airport. According to company sources, the acquisition will be completed on obtaining all the required approvals. […] Ikya Human Capital Solutions, the Bangalore-based HR services firm, is likely to be a target for global HR firms planning to set up shop in India. Some of the names floating around are companies like the Dutch USG Group, Spherion, Volt, Robert Half and Michael Page from the US, and Radia from Japan who are looking to enter India and it is likely that they may look at Ikya to start their operations. However, Ikya management denied that they will sell out. Ikya, which describes itself as a human capital solutions company that offers executive search, recruitment, staffing and learning, and development solutions, has now remodelled itself by offering more value-added services. Ikya in 2008 received a funding of $8 million from India Equity Partners (IEP), a private equity fund focused on India. […] Shanghai Automotive Industry Corporation (SAIC) is likely to pick up a 50% stake in General Motors India to form an alliance that will assemble SAIC’s light trucks in India and source components from China’s No 1 carmaker. SAIC may also be offered a position on the GM India (GMI) board, said a person with direct knowledge of the deal, which will give the Chinese firm a foothold in the second fastest growing carmarket in the world. He, however , did not divulge the financial details of the transaction. […] Punjab National Bank, India's second-largest public sector lender, has received approval from its board of directors to acquire a majority stake of about 63 per cent in Kazakhstan-based Dana Bank. The bank stated in a communiqué that this acquisition is going to be the bank's first international acquisition and will entail an investment of $24 million (Rs115 crore). The bank has set up a representative office in the Kazakh city of Almaty. ''The board on Thursday approved acquisition of 63.6 per cent stake in Kazakhstan-based Dana Bank,'' PNB's newly-appointed chairman and managing director K R Kamath told reporters after announcing the second-quarter numbers. The joint venture would have five branches, he said. […] Petronet LNG is all set to pick up a 10 per cent equity stake in ONGC Petro Additions Ltd (Opal). The ONGC-promoted Opal is setting up a Rs 12,440-crore petrochemical complex in a special economic zone (SEZ) at Dahej. The deal size is estimated to be about Rs 400 crore, with the project having a debt-equity ratio of 2.55:1, according to sources. Petronet LNG MD & CEO P Dasgupta said: “We have got approval from the board to pick up a 10 per cent stake in Opal.” ONGC holds a controlling stake of 26 per cent in Opal, Gas Authority of India Ltd holds 19 per cent and Gujarat State Petroleum Corporation has a 5 per cent equity stake. OPAL is aiming to hit the capital markets in 2011 by offering 20 per cent equity. […] Surana Telecom and Power Limited, a city-based manufacturer of optical fibre, ethernet converters (modems), power cables and aluminium rods, will dilute 20 per cent of the equity in its solar power subsidiary – Surana Ventures Limited (SVL) – to foreign institutional investors (FIIs). The capital raised will be utilised to fuel SVL's expansion plans. Surana Telecom, on October 14, received in-principle approval from its board to demerge the solar business and consolidate it with group company Surana Ventures. At present, Surana Telecom and its publicly-listed group company Bhagyanagar India Limited hold 49 per cent each in Surana Ventures, while the rest is with the promoters. […] Outsourcing provider Cognizant plans to acquire UBS India Service Center Private Ltd. (UBS ISC), a Hyderabad, India-based captive service provider to UBS Group. No price tag for the deal was made public. As part of the transaction, UBS and Cognizant have entered into a multi-year agreement under which Cognizant will provide a range of business process outsourcing (BPO), knowledge process outsourcing (KPO), IT, and remote infrastructure management services to UBS divisions around the globe. […] Tata Motors Ltd.(TTM), India's largest auto maker by sales, said Tuesday it has acquired the remaining 79% stake in Spanish bus maker Hispano Carrocera S.A. Tata Motors bought the additional stake by exercising an existing call option with the other shareholder, Spain's Investalia S.A., the Mumbai-based auto maker said. Tata Motors had purchased a 21% stake in Hispano in February 2005. […] Malaysian oil firm Petronas has bought 2.3 per cent stake in Cairn India for US$240 million to raise its holding in the company, which gave the nation its largest oil find in recent times, to near 15 per cent. Petronas International Corp, which held 239.83 million shares, or 12.64 per cent, in Cairn, will buy 43.6 million additional shares from Cairn UK Holdings Ltd – the parent firm of Cairn India, the company said in a statement here. After the buyout, Petronas' holding in Cairn India will rise to 14.94 per cent. […] |