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Birmingham stockbroker Arden Partners is staying in touch with the Indian financial services company with which it has been discussing a possible bid since the early summer. The talks finally ended on Wednesday and Arden’s share price nearly halved to 43p on the news. It held steady at that level yesterday. Arden has strong contacts in India and has brought five Indian companies to the British stock market. The largest, Hardy Oil & Gas, is now in the FTSE 250 index. Arden was approached by three Indian financial companies after negotiations with Cenkos Securities ended in May. […]
Actis Biologics (India) is close to finalising a deal with private equity (PE) players to sell 15% stake. The company is in advanced stages of discussions with three foreign players to raise Rs 125 crore through issue of fresh shares, said Actis Biologics CEO Sanjeev Saxena. “The talks have taken longer time because of the global financial crisis. However, we hope to finalise a deal before the end of the year. The money raised will go towards the new plant to be built at Khopoli in Mumbai. The cost for the plant is estimated to be $9.5 million (approximately Rs 44 crore),”said Actis Biologics president PN Venugopalan. The remaining money would be utilised to meet the company’s working capital requirement in next 10 months till the plant is up and running and starts generating revenue. […]
ICICI Ventures, Larsen & Toubro and IL&FS are in the race to acquire a 51% stake in NTPC-BHEL Power Projects (NBPPL) — the 50:50 JV floated to manufacture power equipment and pitch for EPC (engineering, procurement & construction) jobs from the power sector. Indicating this, the Union minister of state for power, Jairam Ramesh, told ET: “The government intends to hand over the management control of NBPPL to a private strategic investor who will hold 51% stake and impart operational and managerial expertise to the venture. ICICI Ventures, Larsen & Toubro and IL&FS are in the race.” Mr Ramesh was in town to attend a boiler synchronisation ceremony of CESC’s Budge Unit-3 (250 mw) on Friday. This unit is slated to be commissioned in a record 30 months and is likely to start commercial generation by June 2009. […]
The race for U.K.-based software company Axon on Friday turned aggressive with HCL Technologies making a counter bid to Infosys’ bid by raising the offer by 8.3 per cent to seal the biggest overseas deal by an Indian firm in this space. HCL Technologies on Friday made an offer of 650 pence per share compared to Infosys’ offer of 600 pence announced late last month. This values Axon at 441.1 million pound ($810.8 million). After HCL’s offer, now Infosys will get a second chance to scale up its bid. In case Axon’s shareholders decide to go with the Shiv Nadar company’s offer, Infosys stands to be paid one per cent of the deal amount as inducement. […]
Even before INX Media completes a year of operation, its flagship Hindi general entertainment channel 9X seems to have run into trouble. It is learnt that the company is in talks with Balaji Telefils to divest a significant stake. Although there is no clarity on how much stake in 9X has been put on the block, the promoters are targeting a valuation of $120-150 million for the channel from the stake sale, according to insiders. Sources close to the development confirmed that the talks were on between the parties. There is a possibility that Balaji may buy a majority stake in the channel, sources added. However, the two parties will take a while to reach a conclusion on the exact size of the stake and the price. Sources added that any possible transaction would take time, as INX Media would have to spin off the channel into a separate entity prior to the sale. Besides 9X, INX Media runs a music channel — 9XM. […]
Auto component maker Autoline Industries today said its has acquired 49 per cent stake in two Italian firms for an undisclosed amount. The company has also entered into an agreement with Luxembourg-based Icon Develpoment SA to increase its shareholding in the latter to 60 per cent. In a filing to the Bombay Stock Exchange Autoline Industries said its wholly owned subsidiary, Koderat Investments has “acquired 49 per cent equity share capital of SZ Design Srl and Zagato Srl”. […]
Looking at expansion, Sanwaria Agro Oils Ltd is all set to explore avenues to raise funds. “We plan to raise Rs 2 billion in the next 2 years for our expansion / diversification projects. However, due to market volatility, we are a bit cautious in fund raising,” said Anil Agrawal, whole-time director, Sanwaria Agro Oils. “We will be setting up factories at our existing locations in Madhya Pradesh. We will also focus on our captive power plants with the pace of capacity expansion,” Agrawal added. The company plans to raise funds through a combination of QIB, ECBs, GDR or private placement. In the first phase, it will raise Rs 50 crore. The expansion will increase its current capacity of 2,650 mtn of soy seeds crushing to 4,000 mtn. […]
India's largest private sector steel producer Tata Steel has bought 7.29 per cent additional stake in Australia-based Riversdale Mining for a sum of USD 120.7 million, through its Singapore subsidiary. Tata Steel's Singapore-based subsidiary TS Global Minerals Holdings purchased 13,705,000 shares, representing 7.29 per cent stake in the Australian firm which owns coal blocks in mineral-rich Mozambique. According to the information available with the Australian Securities Exchange, the arm of Indian steel major has increased its shareholding in the mining company to 42.3 per cent from 35 per cent, since the JV was formed last year. A Tata Steel spokesperson confirmed the move but declined to reveal any details. […]
Software services company Infotech Enterprises plans to acquire three companies by the end of the current fiscal and has set aside Rs. 300 crore for the acquisitions. Infotech said it is in talks to acquire a Germany-based auto-engineering firm for $30 million – 40 million but did not name the company. Infotech Chairman and managing director B.V.R.Mohan Reddy said, “We have a letter of intent which is written. We are in the exclusivity period. If everything goes in time, we’ll complete the acquisition by December end.” Earlier this month, Infotech had said it was acquiring California-based chip designer Time to Market Inc. The company also said it had entered the Japanese market recently and appointed three local sales managers there. The company, which said 45% of its revenues come from the North American market, 45% from European operations and 7% from Asia Pacific. […]
Sterlite technologies, part of Anil Agarwal’s Sterlite group, is in advanced discussions to acquire UK-based cabling company Brand-Rex for roughly $55 million, or approximately Rs 250 crore, sources said. The acquisition move, advised by PricewaterhouseCoopers (PwC), is in line with the company’s target of establishing itself among the top three players on the globe in every business segment it is into. Edinburgh-based Murray Capital controlled Brand-Rex has been scouting for a buyer, and a potential transaction with the Rs 1,690-crore Sterlite Technologies could be unveiled within 3-4 weeks after completion of necessary formalities, sources close to the company added. […]
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