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State-owned mining giant NMDC is all set to pick up majority stake in Kudremukh Iron Ore Company (KIOCL ), the plan for which figures prominently in the 100-day agenda of the Steel Ministry. Outlining the ministry's 20-point agenda for the next 100 days, Steel Minister Virbhadra Singh said, “It is proposed that NMDC, a Navratna company under the Steel Ministry, will acquire majority stake in Kudremukh Iron Ore Company (KIOCL) and KIOCL will acquire stake in NMDC (in return).” Throwing some light to the proposed deal, NMDC Chairman and Managing Director Rana Som said the company will pick 51 per cent stake in KIOCL, which would be most likely through share swapping between the two PSUs and a cash component may not be involved. […]
ING Groep NV remains committed to its India operations and continues to have long-term business prospects in the country, a senior executive of the Netherlands-based financial services firm said today. Refuting reports in the media that the group plans to divest its holding in ING Vysya Bank and is seeking buyers for the same, Eli Leenaars, executive board member of ING Group said, “ING remains committed to ING Vysya Bank and considers it as one of the selective growth options as described in ING Groups strategy update. ING would like to put to rest any market speculation to the contrary.” […]
Citigroup may soon sell off part or all of its 11.73% stake in India's largest mortgage lender, HDFC Bank Ltd. , according to a report Monday in India's Economic Times. Citi's stake in the bank is currently worth 80 billion rupees ($1.7 billion), the report said. Citigroup has hired James von Moltke, a Morgan Stanley banker, to take charge of the sale of businesses the bank plans to exit. […]
Network equipment provider Cisco Systems is planning to invest $2 billion in the $16 billion Gujarat International Finance Tec-City, GIFT, project in Gujarat state of India, according to sources close to the deal. According to a state government release, Cisco's chief globalization officer and executive vice president Win Elfrink has already signed an MoU with the government for a project partnership. […]
US-based consumer credit reporting agency TransUnion is close to buying a 27.51% stake in Credit Information Bureau India (CIBIL) from its existing shareholders including HDFC, ICICI and Indian Overseas Bank (IOB) for Rs 96.28 crore, a person with direct knowledge of the development said. TransUnion already owns around 20% in CIBIL and the stake purchase will hike its holding to 47.5%. The transaction will value CIBIL at Rs 350 crore. The person who is intermediating the deal added that TransUnion would be acquiring the stake from a clutch of CIBIL’s existing shareholders. It would acquire 5% each from HDFC, SBI, ICICI, Punjab National Bank and IOB, besides buying out 2.5% from GE Strategic Investments (GE) and 0.01% from Dun & Bradstreet Information Services (D&B). […]
Pantaloon Retail, the country's largest retailer, today said it plans to raise as much as Rs 1,000 crore by selling shares to investors. The company board gave its approval for the fund raising plans today. Pantaloon is expected to go for a private placement of its shares with private equity companies within the next 45 days, company sources said. Already, the company is in talks with leading PE firms such as Carlyle, Blackstone, Bain Capital, KKR and Goldman Sachs to raise funds, sources added. […]
Founders of direct-to-home firm Dish TV have sold 5.8 per cent stake in the company to raise about Rs 270 crore, following which the shares plunged over 16 per cent on the Bombay Stock Exchange. “The founders have sold about 5.8 per cent of the stake in the company to fund their share of the rights issue. The second tranche of the rights issue is due. So, the funds will be deployed back into the company for its payment,” Dish TV Managing Director Jawahar Goel told media. The company has sold about 5.51 crore shares at a price of Rs 49 a piece, aggregating to Rs 270 crore, through block deal counter of the stock exchanges. […]
MCX Stock Exchange announced divestment of 6.48% equity to Union Bank of India and Bank of India through primary offering at Rs 10 per share (Face Value Re 1/- per share) involving total investment of Rs 87.5 crores in the Company. The exchange is also expecting on further 11.52% equity divestment to other banks. This disinvestment is in line with the regulatory requirements of SEBI and subject to further compliances, if any. Total 18% equity will be divested with the top Indian public and private sector banks as strategic investors in the first round. These banks have been long term partners and have earlier invested in MCX, the parent exchange which is also India's largest commodity derivative exchange. MCX Stock Exchange is the new national level stock exchange recognized under section 4 of Securities Contract (Regulation) Act, 1956 by SEBI. Its currency market segment has been valued by Emst and Young at Rs.1390 crores. The Central Board of Direct Taxes (CBDT) has notified MCX Stock Exchange Ltd. as a recognized stock exchange under the Rule 6 DDA of the Income Tax Act in its official gazette. […]
Mumbai-based real estate company, Akruti City said on Friday that the company plans to raise up to $500 million through the qualified institutional placement (QIP) route. It is gathered that the funds raised through the proposed QIP would be used for Akruti’s projects in Mumbai that are currently under construction. The company, like many other real estate companies, was facing a liquidity crunch for a while now and had gone slow on many of its projects. Akruti is yet to announce its results for the year ended March 31, 2009, and the debt on its balance sheet at the end of March 2008 stood at Rs 625 crore. When asked about the debt position, Vimal Shah, managing director, Akruti City, said it was minimal. […]
Suzlon Energy, the world’s fifth largest turbine maker, on Saturday said it had completed the acquisition of Martifer Group’s stake in REpower Systems AG, which now takes Suzlon’s total shareholding in REpower to 90.72%. The acquisition was completed in a two-part payment plan that involved Martifer’s remaining 14.4% equity stake in REpower, Suzlon said, adding that the acquisition will now allow Suzlon to transfer REpower’s technology to its subsidiaries in emerging markets. […]
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