Madras Stock Exchange (MSE), the oldest stock exchange in South India, has invited bids to sell 51% brokers’ stake in the bourse as part of the scheme to separate brokers’ trading and ownership rights. Interested parties willing to bid up to a maximum of 5% equity of the MSE have been requested to submit their Expression of Interest (EoI) by 27 July. The disinvestment is being carried out under the demutualization scheme for 11 stock exchanges approved by the Securities and Exchange Board of India in August 2005. Each stock exchange would mandatorily have to sell 51% of brokers’ equity to separate their trading and ownership rights of bourses. The process is called demutualization. The disinvestment of at least 51% would be made by the way of offer of sale or private placement or a combination of both. In addition to this there could be induction of strategic or financial partners, the stock exchange said in the invitation of bids. Stock exchanges can sell 26% stake in bourses to foreign direct investors and 23% to foreign institutional investors. The MSE board reserves the right to accept or reject any EoI received without assigning any reasons, it said. […]

The country’s oldest financial institution, IFCI, will invite bids later this month for the sale of 26% stake to a strategic investor. “We will float global advertisement for inviting bids for strategic sale of stake in the next 10-15 days,” IFCI chief executive officer R M Malla told PTI here. The board has given approval to preliminary information memorandum prepared by Ernst & Young in consultation with IFCI, he said. The memorandum lays down the criteria for selection of bids, he said. E&Y would help IFCI in carrying out modalities related with stake sale. On whether the partner would be domestic or foreign player, Malla said the path has been laid out for the induction of a strategic partner, which could be local or global investor. […]

India's Wipro group announced Friday its consumer care and lighting division was acquiring Singapore-based personal care products firm Unza Holdings Ltd for $246 million in an all-cash deal. According to a company statement here, the 100 percent takeover process will be completed by month-end. The deal will make the combined entity a force to reckon with across Asian markets in the personal care segment. 'The acquisition will double our addressable market size in terms of GDP. Unza has an excellent product range and a large portfolio of strong brands catering to Asian consumers,' Wipro consumer care president Vineet Agrawal said. […]