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Sterlite Industries has offered to pay Rs 16,000 crore to buy government stakes in Hindustan Zinc (HZL) and Bharat Aluminium Company (Balco), in which the majority holding was acquired by the Vedanta group about a decade back. “Government had asked us, if we will be interested to take its stakes in HZL and Balco. We answered in the affirmative. As per the prevailing market price, we have offered Rs 16,000 crore for buying stakes. That was in January,” Chairman of […] Multi-brand car service chain Carnation Auto, promoted by former Maruti Suzuki India chief Jagdish Khattar has secured a fresh equity investment of 85 crore from Gaja Capital Partners, a Mumbai-based PE fund. This new round of financing will enable the privately held Carnation Auto to further consolidate its independent multi-brand auto solution network as well as also scale up its newly launched certified pre-owned car program across the country. “We are looking at rapid expansion both in the […] Rahul Bajaj-promoted Bajaj Holdings and Investment Ltd has picked a 3.06 per cent stake in the listing-bound Multi Commodity Exchange (MCX). In a notice to investors, MCX indicated Bajaj purchased 1.56 million MCX shares from Passport Capital LLC. The deal would lead to a change in the list of top 10 shareholders in the prospectus, the company added. Passport Capital, which operates as a hedge fund, was the fourth largest shareholder in the company with 2.5 million shares or 4.9 […] Australia-based Rapid Nutrition, a natural healthcare company, has entered into a joint venture agreement with in city-based Cheminnova Remedies. According to the JV understanding, Rapid Nutrition will pick up 74% of Cheminnova stakes in the next 24 months, through a special purpose vehicle of the Australian company in India, said Vasudeva Rao, managing director, Cheminnova. “The current holding of promoters is 100% and Rapid Nutrition will hold 74% equity in 18 to 24 months time and we will end up […] Gitanjali Gems, India’s largest jewellery retailer, is close to acquiring a jewellery retail company in China and hopes to announce a deal in the next 2-3 months, a top official said. In December 2011, it acquired Hong-Kong based jewellery manufacturing company Crown Aim, but has so far not disclosed the financial details of the deal. We are looking at another company in China as that market is very attractive for us, Abhishek Gupta, head of corporate strategy, said in an […] Norwegian sovereign-wealth fund Norges Bank Investment Management has cut its stake in three Indian infrastructure companies including IVRCL Ltd. and Lanco Infratech Ltd. in the past two weeks, stock exchange filings showed Tuesday. Norges Bank Investment has reduced its holding in IVRCL to 6.39% from 7.61% by selling shares on the open market and in Lanco Infratech to 4.93% from 5.97%, the fillings showed. It has also marginally cut its stake in NCC Ltd. to 5.51% from 5.57%. IVRCL and […] Singapore-based private equity firm, Nalanda Capital increased its stake to 11.19 per cent in Mindtree. The PE firm, Nalanda already had a stake of 8.84 per cent in Mindtree. Nalanda India Fund and Nalanda India Equity Fund purchased the stake of 2.85 per cent through open market. Although the price of acquisition was undisclosed, the market price on Wednesday was Rs 464 per share. The announcement coincided with the elevation of vice-chairman Subroto Bagchi as chairman of Mindtree, replacing the […] Mauritius-based Caduceus Asia Mauritius Ltd to pick up 11.93% stake in Shasun Pharmaceuticals Ltd, by infusing Rs 50 crore. The promoters’ holding will come down to 41.15% from the current 46.73%. The money will be used to pay long term funds for the company and to part finance the capex, according to the company. Caduceus Asia Mauritius Ltd is a part of OrbiMed, a private equity fund focusing on healthcare. OrbiMed has earlier invested in Clinical Research firm Ecron Acunova […] The global private equity (PE) majors are changing their strategy a bit on their investment in the listed space. The PE majors are reducing their exposure to the large-cap listed companies, as the stock market has broadly been in the recovery mode lately. Simultaneously, they are stepping up presence in similar mid-sized companies. Last month, PE majors Carlye and Warburg Pincus had, in two separate deals, made a partial exit from their investments in India’s leading mortgage lender HDFC Ltd […] Indian real estate fund Indiareit Fund Advisors, a unit of drugmaker Piramal Healthcare, is planning to raise $500 million via an offshore fund to invest in Indian development projects. The fund, to be launched after June, will look at raising money from investors in America, Europe and Asia who are showing renewed interest to invest in India. The offshore development fund will only invest as an equity partner and will focus on projects in Mumbai, Pune, Chennai, Delhi and the […] |