ICL Financial Services, a wholly-owned subsidiary of India Cements is increasing its stake in Indo Zinc by an additional 39.84 per ce-nt. As a result, ICLFSL’s st-ake in Indo Zinc will incre-ase to nearly 53 per cent, since it already held a 13 per cent stake in the latter. The acquisition of this additional stake will set in the process of complying with the relevant provisions of Sebi (substantial acquisition of shares and take-overs) regulations, and will go for an open offer to acquire a minimum of another 20 per cent. ICLFSL has entered into a share purchase agreement on July 19 with the promoters of Indo Zinc for purchase of a little more than 17.87 lakh equity sha-res of Rs 10 each fully paid up in Indo Zinc, constituting 39.84 per cent of its paid up equity share capital, India Cements infor-med BSE on Monday. […]

Reliance Capital is planning to unlock value by selling a part of its stake in its life insurance arm and foraying into investment banking, group Chairman Anil Ambani has told shareholders. In addition, the Reliance Anil Dhirubhai Ambani Group (ADAG) has tweaked its private equity (PE) plans, which have been delayed by several months, to focus on domestic sources of funding. “We are considering various options to unlock value in our life insurance business, from a potential IPO (initial public offer) to strategic or financial stake sale or a combination of both. A final decision will be taken shortly,” Ambani said at Reliance Capital’s annual general meeting here. […]

IFCI Ltd has acquired 5-per cent stake in MCX Stock Exchange Ltd from Financial Technologies (India) Ltd for Rs250crore, the company said in a filing with the Bombay Stock Exchange. MCX-SX has sold its stake at Rs 35 per share, valuing at Rs 5,000 crore in the second round of disinvestments. It started its first round of divestments last month in order to meet the regulatory requirements. In the first week of June, the company had announced divesting 18 per cent of its equity to Indian banks. Of this, it had sold 6.48 per cent to Union Bank of India and Bank of India through a primary offering for Rs 87.5 crore. The banks picked up shares at Rs10 per share, valuing the exchange at Rs 1,390 crore at that time. […]

Maytas Infrastructure the Hyderabad based infrastructure company promoted by the Raju family, may be looking for a buyer. NDTV has learnt that the board of directors has expressed concerned on the state of affairs at Maytas Infrastructure and made the suggestion for the company to be sold in its report submitted to the Ministry of Corporate Affairs. The communication from the board to the ministry also cites the example of the successful turnaround of Satyam after it was sold off to its new owner, Tech Mahindra. Sources said that the government is open to the idea of selling off the company, “if it helps in the long run. NDTV contacted two senior officials of the company who confirmed the move. One of the officials, a member of the Maytas board, said, “The options are open”. He did not elaborate further. […]

Singapore's Changi Airports International (CAI) has picked up 26% stake in Bengal Aerotropolis Projects Ltd (BAPL), the specialist company developing Aerotropolis projects in India. The stake has been picked up by Changi Airports India, the 100% subsidiary of Changi Airports International. CAI CEO Wong Woon Liong and Deputy CEO Eugene Gan have been inducted as directors on BAPL board. […]