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Mumbai-based Financial Information Network and Operations (FINO), which provides technology solutions such as biometric smart cards for banks, plans to raise as much as $20 million (Rs102 crore) from private equity funds to increase the number of customers it serves fivefold in two years. “We are in the process of dialogue with a few people. We are looking to raise $15-20 million and it should be finalized in the next couple of weeks,” said Rishi Gupta, chief financial officer and president (sales and marketing) of FINO. Gupta declined to reveal the identities of the likely investors. He said two parties would be infusing funds into the company, whose technology solutions have so far helped financial institutions to reach five million customers. FINO is targeting increasing the number to 25 million by 2011. […]
Aditya Birla Nuvo Ltd has announced that the Company has acquired 35,87,500 equity shares constituting 50.0001% of the paid up capital of Birla Sun Life Distribution Company Ltd (BSDL) held by Sun Life (India) Distribution Investments Inc, Canada and therefore BSDL has become a wholly owned subsidiary of the Company. This will bring synergy and synchronization in the business of Broking & Distribution in the financial services. […]
Logistics major Gati has acquired an additional 26.01 per cent stake in Kausar India, increasing its total stake in the company to 99.73 per cent. The acquisition was done as on March 31, 2009, Gati informed the Bombay Stock Exchange today. The purchase of the equity was through an open offer reverse book building process and other Sebi norms.(Business Standard) […]
Tata Technologies, the engineering design and technology arm of the Tata group, is looking to do a private placement and is in talks with some PE investors, said a source familiar with the Pune-based company's plans. The renewed fund raising exercise comes after the company cancelled its initial public offering proposal some months ago. The plan was to raise Rs 400-500 crore from the capital market. Details about its proposed private placement remain sketchy. Sources say the company, depending upon valuations, intends to dilute 10-12% equity stake. Tata Motors is the single largest shareholder of Tata Technologies, with holding of 82%. The design houses employees and other Tata entities hold the balance. The company serves automotive, aerospace and consumer durable manufacturers. […]
A top Mumbai-based bond broker, A K Capital, has acquired 70.83 percent stake in a non-banking finance company (NBFC), Girdhar Vanijya, for Rs 1.48 crore. Through the NBFC, A K Capital plans to start an investment banking unit for the bond market. Talking to Business Standard, A K Capital’s Senior Vice-President Vikas Jain said, “There is tremendous opportunity in the corporate bond market, which is going to witness high activity in the coming days.” Recently, the Rs 500-crore bond issue of Tata Capital was a huge success. It received record subscription from the retail segment too. However, the NBCF business has been under consistent pressure after the meltdown in stock markets in 2008 as client defaults piled up. […]
Continuing its acquisition spree, electric equipment manufacturer Crompton Greaves Ltd said it will pick up a 41 per cent stake in Avantha Power and Infrastructure Ltd, a part of the Avantha group of companies. Crompton Greaves will invest Rs227 crore in APIL, picking up shares of the face value of Rs10 at a book value of Rs11. The Avantha group arm is an independent power producer engaged in the generation, transmission and distribution of electricity. […]
Kuwait's Mobile Telecommunications Co., or Zain Group, said it is looking for an acquisition in India to enter the fastest growing telecommunications market in the world. “Whilst in 2008 Zain engaged in discussions with leading investment banks on (acquisition) opportunities in India, we were unable to conclude any transaction,” it said in an emailed statement to Dow Jones Newswires late Tuesday. “Zain will continue its evaluation of opportunities.” The company is still considering investments in Datacom Solutions Pvt. Ltd. or Loop Telecom Pvt. Ltd., two companies it had looked at last year as well, Zain said. […]
The parent company of Novartis is set to buy 39% additional stake in its Indian unit, which will take its stake to 89–90%. It is offering Rs 351 per share. However, there is no indication from the company with regard to delisting. CNBC-TV18's Archi Damania reports. With regards to delisting there is no intimation from the company on whether the company will be de-listed or not. We spoke to a few people who said that, possibly, the company falls into a 10% free-float requirement. However, at the moment the comment from the company is that it has not given any intimation as to whether it will be listing or delisting it. […]
ICRA Techno Analytics Inc, New Jersey, USA, a wholly owned subsidiary of ICRA Techno Analytics Limited (ICTEAS) operating from Kolkata, has acquired 100% stkae in Sapphire International Inc. (Sapphire), a Delaware Corporation based out of Trumbull, Connecticut, USA. Sapphire, a Microsoft Gold Partner, is in the business of providing IT solutions to government agencies and large corporations in the US market. ICTEAS is a wholly owned subsidiary of ICRA Limited, a leading Credit Rating Agency in India. Briefing newspersons on the sidelines of the signing of Stock Purchase Agreement in Kolkata on Friday, ICRA Vice Chairman and Group CEO, Mr.P.K. Choudhury said, “the acquisition is expected to provide strategic synergies to the software initiatives of ICTEAS in the diversified field of .NET applications and Business Applications and Solutions. Sapphire specializes in .NET based applications and solutions and has an impressive client list including government agencies and large corporations. The acquisition will enable the in-house capability of ICTEAS to cater to a wider client base in USA.” […]
Telenor has reportedly planned to acquire majority stake in the Indian mobile operator Unitech Wireless. According to the agreement, the initial investment in Unitech Wireless made by Telenor will be worth $1.2 billion, though the operator will now acquire 67.25% stake and not 60%, which it had announced earlier. The subscription of shares will be completed in four phases. After the completion of first phase, which will be done soon, Telenor will own 33.5% stake in Unitech Wireless.(WF) […]
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