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Plywood and veneer manufacturing firm Century Plyboards’ fund raising plans of Rs 250 crore through the qualified institutional placements (QIPs) route have undergone a change. The company is in talks with global and domestic private equity players to raise Rs 100-150 crore to part-finance its cement expansion plans. The move follows the management’s decision to put its plans of setting up MDF plants in Punjab and Uttarakhand on hold for the time being till the Indian economy revives completely. “Since our MDF plans have been deferred, we will require funds to expand our cement capacities only. The company hopes to zero in on the prospective PE investors over the next three months or so,” told Century Plyboards (I) joint managing director Sanjay Agarwal to ET. […]
Dabur India announced that the consequent to the acquisition of 92.15% shareholding in Fem Care Pharma (FEM), Jaquline, USA, a wholly owned subsidiary company of FEM, has become a step down subsidiary company of Dabur India. Dabur India manufactures and sells ayurvedic medicines, baby care products, natural, herbal, personal health products and processed foods either directly or indirectly through its subsidiaries. […]
US-based investment management firm T Rowe Price is set to buy a 26% stake in UTI Asset Management Company (UTI AMC) for Rs 650-700 crore, two people familiar with the matter told ET. The deal, if it were to finally go through, would value India’s oldest mutual fund house between Rs 2,500 crore and Rs 2,800 crore, or roughly 4-5% of its assets under management. As on June 30, 2009, UTI MF managed roughly Rs 68,000 crore across its debt and equity schemes, and is the fourth-largest fund house in India in terms of assets under management. Total assets managed by T Rowe Price group of companies world-wide stood at $269 billion as on March 31, 2009. […]
Nomura Holdings Inc. agreed to buy a 35 percent stake in the asset-management arm of India’s biggest life insurer, to expand sales in Asia’s third-largest economy. “India is one of the fastest growing markets for asset management in Asia and is key to Nomura’s push to be the world- class asset-management firm,” Atsushi Yoshikawa, Nomura Asset Management’s chief executive officer, said in an e-mailed statement from Mumbai yesterday. The statement didn’t give financial details of the deal. Nomura will pay about 6 billion yen ($65 million) for the holding in LIC Mutual Fund Asset Management Co., a unit of Life Insurance Corp. of India, the Nikkei newspaper reported, without saying where it obtained the information. […]
An investment arm of C Sivasankaran, the non-resident Indian businessman better known as Siva in Corporate India, has emerged as a significant shareholder in Aamby Valley — the company floated by the Sahara Group to develop Aamby Valley City — a famous upmarket township project in Maharashtra. According to documents available with ET, Siva Ventures (SVL) owns a 49% equity stake in Aamby Valley. SVL is a wholly-owned subsidiary and the principal investment arm of the Sterling Infotech Group promoted by Mr Sivasankaran. In a recently-prepared information memorandum, Siva Ventures said it “has a significant presence in infrastructure and township building business by way of 49% ownership in the equity share capital of Aamby Valley, owners of Aamby Valley City”. The information memorandum was prepared last month when Siva Ventures raised Rs 435 crore through private placement of non-convertible debentures. ET has a copy of the memorandum. […]
Aegis, the business process outsourcing arm of the diversified Essar Group, has bought South Africa's CCN Group – paving the way for 5000 jobs to be created. Aparup Sengupta, Global CEO and Managing Director of Aegis said in a statement on Thursday that CCN was a strategic fit for Aegis. “This combined entity will offer CCN's clients and prospects an expanded set of solutions and services from a broader geographic delivery platform,” he said. “South Africa becomes an integral part of our growth strategy and offers an opportunity for Aegis to develop skills, create employment and bring in international experience to South Africa.” […]
Telecom and defence manufacturer Kavveri Telecom Products on Thursday announced its acquisition of Canada's Trackcom Systems International (TSI), a design and development company. It did not disclose the size of the deal which involves picking up 67% stake in the Montreal-based R&D company. It will acquire the remaining 33% over the next 4-5 years. Shivakumar Reddy, managing director of Kavveri Telecom, said the new buyout, which has the R&D capability for radio frequency (RF) products up to 40 gigahertz (Ghz), would help his company transfer technology to its manufacturing units in India and North America. […]
UK-based hedge fund Laxey Partners Ltd has sold its 11.63% stake in London-listed Hirco Plc. to Halbis Capital Management (UK) Ltd, an unit of HSBC group, people familiar with the development said. Laxey sold eight million shares at 95 pence a share in a transaction on 1 July, they said on condition of anonymity. HSBC, with all its four subsidiaries, holds 9.9% stake in India-focused Hirco. Halbis Capital individually holds 2.15% stake. […]
Personal care products maker Emami Ltd is likely going to announce this week, the sale of a 10% stake to foreign institutional investors. The company, which in October acquired a 72% stake in herbal healthcare firm Zandu Pharmaceutical Works Ltd for around Rs750 crore, is looking to raise around Rs300 crore through the share sale, according to chairman R.S. Agarwal. “Some of the best institutional investors in the world have evinced interest in acquiring shares of our company,” Agarwal said. “We connected with them by conducting roadshows in places such as Singapore and Hong Kong.” The money raised is likely going to be spent on expanding Zandu and Emami’s production facilities, to pay down debts and to introduce new products under the Zandu brand, according to Agarwal. […]
Reliance Power Ltd (R-Power), part of the Reliance Anil Dhirubhai Ambani (ADA) group, is in talks with five leading global power companies to sell 15 per cent equity stake in the company. Preliminary talks have started with three Chinese power companies, which include China Light and Power Holdings (CLP), and French and Canadian companies. Sources said Anil Ambani was in China last week to hold discussions with Chinese power companies for a possible stake sale. The company is willing to place the equity to one or two power companies. […]
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