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Geojit Financial Services Ltd said on Monday its board has approved forming a joint venture in the Sultanate of Oman in which it would invest 32 million rupees. The JV, in which Geojit would have a 51 per cent stake, would be formed with The Financial Corp Co. SAOG, it said in a statement. The JV will offer brokerage services and distribute financial products, it added. Separately, Geojit said its consolidated net profit for the quarter to September declined 58.27 per cent to 52.2 million rupees, while revenue dipped 0.82 per cent to 506.1 million rupees. (ET) […]
The promoters of Pyramid Saimira have bought Ravichandran and Nirmal Kotecha's 24.9% stake at Rs 200 per share. Commenting on this stake buy, PS Saminathan, CMD, Pyramid Saimira said the promoters have bought the stake way above the current market price, as the current price is not a reflection of the company's worth. “Both Ravichandran and Nirmal Kotecha entered the company at Rs 10-15 per share. This was at an early stage in the evolution of the company. They have stayed with the company and have been good investors. So, it is a normal investment exit as they are making a profit.“ Post acquisition, Saminathan will hold 51% in the company. […]
India’s largest cement maker ACC has announced that the conglomerate has acquired 40% equity stake in Goa-based Alcon Cement Company for Rs 222.5 million. Alcon has a clinker grinding and cement packing plant in Goa with a production capacity of 500 tonnes a day. It entered into a joint venture with ACC for technical and marketing support. According to the sources, the equity stake was acquired in the previous quarter. […]
Idhasoft announces a successful completion of its 26th acquisition which is Atlanta based $12 million Company called Enterpulse. Idhasoft acquired 100% equity in Enterpulse Inc. The company is in BPM consulting services with offices in California and New Jersey. With its integration in Idhasoft, it plans to leverage Idhasoft’s 1000 odd clients in USA and India, also maximize the large sales force team and the India offshore delivery centre. Ramesh Subramaniam, Managing Director, Idhasoft Ltd., speaking on the acquisition said, “The acquisition of Enterpulse adds one more new feather in Idhasoft’s resplendent cap. With this acquisition, we consolidate the service offerings in Content Management & BPM space. ” […]
Tata Consultancy Services will buy Citigroup Inc.'s back-office operations in India in a deal valued at $505 million, it was announced. TCS, with headquarters in Mumbai, will acquire all of the U.S. company's 96.26 percent stake in Citigroup Global Services Ltd., The Wall Street Journal reported. As part of the deal, Citigroup will use TCS for its outsourced operations for more than nine years with orders worth $2.5 billion, becoming the Indian company's largest customer, other reports said. Currently, the Citigroup back-office has about 12,000 employees. […]
Part of Reliance Capital, ADAG`s financial arm, Reliance Money has sought permission to buy an additional 16% in the National Commodity Exchange of India (NMCE), reports Business Standard. Reliance Money has acquired 10% stake earlier and now, it is looking for approval from the Forward Markets Commission and Ministry of Consumer Affairs for an additional 16% stake in NMCE within 3 months. […]
Apparel retailer Provogue (India) Ltd said on Monday UK's LTG International Ltd will invest 569.7 million rupees to pick up 3.36 percent stake in a unit of real estate arm Prozone Enterprises Pvt Ltd. LTG is founded by Lewis Trust Group of UK and Prozone is a joint venture between Provogue and Liberty International Plc, according to a company statement. In April, Provogue sold 27 percent stake in the unit for 4.57 billion rupees to Triangle India Real Estate Fund, founded by Old Mutual Investment and ICS Realty. (Reuters) […]
Vaccine maker Panacea Biotec has agreed to buy 19.9% in US-based PharmAthene for $13.1 mn. Panacea will route the acquisition through a wholly-owned subsidiary Kelisia Holdings. PharmAthene is developing medical products against biological and chemical threats. Kelisia Holdings will purchase approximately 3.73 mn shares of PharmAthene common stock at $3.50 per share and will also receive warrants to purchase up to 2.75 mn additional shares of PharmAthene at $5.10 per share. The transaction is expected to close on or before October 20, 2008, a Panacea Biotec release said. […]
UK-based back office services provider Xchanging Plc has agreed to acquire 75 per cent stake in IT services firm Cambridge Solutions for about 83 million pounds (Rs 686.84 crore). As part of the deal, Xchanging would pay Rs 371.2 crore in cash and issue 1.52 crore shares of the firm to Cambridge. These shares would account for seven per cent of Xchanging's current issued ordinary share capital, the firm said in a statement on Friday. According to sources, the UK firm would be paying about Rs 81 for each share of Cambridge. This would be a premium of 36.3 per cent over the company's closing price of Rs 59.40 on Friday on the Bombay Stock Exchange. […]
Integrated media and entertainment company Compact Disc India (CDI) on Tuesday said content developer iMedia Ventures will invest $10 million in the company and is interested to pick up 15 per cent stake in it. In a filing to the Bombay Stock Exchange, CDI said iMedia Ventures has offered to invest $10 million (about Rs 47 crore) in the company's expansion projects. (Indiantelevision) […]
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