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Grainger has signed a definitive agreement to acquire full ownership of the Indian firm as the city-based company looks at expanding business in India. It would contribute an estimated $1.2 million to gain full ownership of the Indian joint venture. “As the Indian economy gets more competitive, companies there want efficient and reliable ways to get the quality products they need to keep their facilities running and their employees safe,” Grainger Chairman and Chief Executive Officer Jim Ryan said. With annual revenues of approximately $30 million, Asia Pacific would provide Grainger a starting position in a large, high potential MRO market, it added. […]
Japan's Nomura Group is set to acquire 35 per cent in LIC Mutual Fund, India's seventh largest mutual fund, after the board of directors of Life Insurance Corporation (LIC) approved a proposal to induct the Japanese financial services major as a strategic partner in the mutual fund business, sources in the state-owned life insurer said. The insurance company has formed a four-member committee headed by LIC Chairman TS Vijayan to decide the valuation of LIC Mutual Fund. Exim Bank Chairman T C Venkat Subramanian and GIC Chairman Yogesh Lohiya are among the other members. […]
LIC Housing Finance, India’s second largest housing finance company, plans to raise capital by issuing 10 million shares through the qualified institutional placement (QIP) route. The issue is to be approved by the housing finance company’s (HFC) share holders in the annual general meeting (AGM) scheduled for 21 July. QIP is the private placement of equity shares–which can be converted into equity by a listed company–with qualified institutional buyers approved by the market regulator Securities and Exchange Board of India (Sebi). […]
Hospitality major Panoramic Universal today said it is in talks with a couple of private equity players and a strategic investor to raise up to Rs 100 crore by offloading stake to part-finance acquisitions of three-star and four-star hotels in India. “A couple of private equity investors and a strategic investor have evinced interests in acquiring stake in the company. We are in discussions with them but, no decision has been taken yet,” Panoramic Universal's Senior Vice President (Finance & Operations) Utpal Parekh told PTI. Declining to reveal the identities of the interested parties in acquiring stake in the company, Parekh said that Panoramic Universal intends to raise Rs 75-100 crore through equity dilution. […]
The United Stock Exchange of India (USE) has picked up 10% stake in International Multi Commodities Exchange (IMCE), the new commodity futures exchange, promoted by Indiabulls and Minerals and Metals Trading Corporation (MMTC) for an undisclosed amount. With this, IMCE has achieved closure of its entire capital structure of Rs 100 crore as per the latest ownership guidelines of the government. This is the first commodity bourse in India to conform to the revised ownership criteria which mandates participation of public sector units/co-operatives and also a more diversified shareholding pattern. […]
Share Microfin, a regulated microfinance institution, is looking to raise close to Rs 250 crore through the private equity route. The Hyderabad-based company started in 1989 and having close to 2 million clients spread over 16 states in India, has made a total disbursement of Rs 5,100 crore with an outstanding portfolio of Rs 1,100 crore. According to recent statements from the company it has plans to reach out to more than 15 million clients in 20 states with a total disbursement of Rs 39,610 crore in the next four years. Share broadly follows the Grameen operating model and lends mainly to women joint liability groups. The company has diversified its product range and is now offering individual loans for micro enterprises as well as personal loans. The company is also offering non-credit based services including money transfer, credit life insurance and health insurance. […]
Oman Oil Company (OOC), the Gulf nation's national oil company, has sought to increase its 2 per cent stake in Bharat Petroleum Corporation's Bina refinery project to 26 per cent, for about $250 million. OOC has so far invested Rs75 crore in Bharat Oman Refineries Ltd (BORL), a joint venture with Bharat Petroleum, which is building a six million-tonne-a-year refinery at Bina in Madhya Pradesh, at a cost of Rs10,400 crore. “We want to increase our equity (in the project) to 25-26 per cent. We are in discussions with BPCL,” Omani oil minister Mohammed bin Hamad Al-Rumhy said. BORL was originally planned as a joint venture in which BPCL and OOC will hold 26 per cent stake each, with the remaining going to the public and strategic investor. […]
The KK Modi Group has decided to acquire 10.83% stake in Godfrey Phillips India (GPI) from joint venture partner Philip Morris. The deal is estimated to be in Rs 100-125 crore range. Post acquisition, the deal will bring down US-based tobacco giant Philip Morris' stake in the joint venture to around 25%, while making the Indian business group the single-largest shareholder in the listed firm with 47% stake. GPI sells cigarette brands such as Four Square, Jaisalmer and Red & White. […]
India's top mobile operator, Bharti Airtel, said on Monday it was exploring a potential deal to buy 49 percent in South African telecoms firm MTN. The deal being discussed would also have the South African firm taking a 25 percent interest in Bharti and its shareholders taking another 11 percent, the Indian firm said in a statement. Bharti is looking at paying 86 rands and 0.5 newly issued Bharti global depositary receipts for each MTN share, while MTN would spend $2.9 billion for its purchase in Bharti, it said. (Forbes) […]
The Aditya Birla group’s plan to find a buyer for the insulator business has come a cropper after prospective buyers, primarily private equity funds, backed out of the deal over valuation differences. UK-based private equity fund 3i, which was ahead in the race to acquire the insulator assets, recently opted out of the transaction. The insulator business is part of the group’s holding company, Aditya Birla Nuvo. Foreign PE funds such as Bain Capital and Carlyle had earlier moved out of the race. Three months back, the group had mandated investment banking firm UBS to find a buyer for the insulator business, which was then identified as a non-core activity. UBS had circulated an information memorandum to the prospective buyers. […]
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