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News Round UP: Rahul Bajaj buys 28.2% stake in Bajaj Hindusthan

31 December, 2008

HP Eyes Stake in Satyam – Hewlett-Packard (HP) is considering the possibility to acquiring a stake in Satyam Computers, the IT services provider. Satyam’s lucrative business software practices have attracted HP. Currently the option is being evaluated at HP and being discussed at a strategic possibility. (The Economic Times)

M&M to Sell its Stake in Swaraj Mazda to Sumitomo – Automobile giant Mahindra and Mahindra (M&M) has decoded to sell its stake in the commercial vehicle manufacturer Swaraj Mazda to Japan’s Sumitomo Corporation. According to sources M&M is planning to sell its 14.04 % stake in Swaraj Mazda. Reports suggest that the stake sale could be priced at around Rs 292 per share. However, M&M had decided to keep its 33.22% stake in Swaraj Engines. Swaraj Engines would be retained as a separate entity. (The Economic Times)

Rahul bajaj buys 28.2% stake in Bajaj Hindusthan – Rahul Bajaj, bajaj Group chairman has bought 28.2% stake (or 39.9 million shares) in the sugar producer Bajaj Hindusthan in two block deals. The deal was transacted at the BSE on Tuesday. Family investment firms Bachhraj Co and Jamanalal & Sons sold 34.7 million shares at Rs 64 and 5.2 million shares at Rs 66, respectively, as part of inter-se transfer among the promoters. In another transaction, Rahul Bajaj bought 14 lakh shares of Bajaj Hindustan in the BSE’s bulk deal segment, taking his total purchases to 41.3 million shares, or 29.2%, of the company’s equity. (The Economic Times)

Suzlon Acquires First Tranche of Martifer’s Stake in  REpower Systems – World’s fifth largest wind turbine maker, Suzlon Energy has acquired the first tranche of the Martifer group’s stake in REpower Systems AG of Germany, for approximately euro 65 million. The transaction takes Suzlon Power’s stake in REpower to 73.71%. Through an existing agreement with Martifer, Suzlon holds 91% voting rights in REpower. (The Economic Times)

ONGC Videsh to Go Ahead With the Imperial Energy Acquisition – ONGC Videsh (OVL), the overseas investment arm of India’s largest oil exploration company Oil & Natural Gas Corp (ONGC) has decided to acquire the UK-listed Imperial Energy. According to sources, earlier, ONGC was short of getting the required 905 shares from Imperial Energy’s shareholders. (The Economic Times)

Maharashtra Govt. Plans Rs 4,500 Crore Investment for the Power Sector – Maharashtra Government has announced Rs 4,500-crore investment plan for the power sector to meet its energy requirements by 2012. The cabinet has decided to invest Rs 4,500 crore in the next 2-3 years. (The Economic Times)

Gati to Acquire Chinese Cargo Co. for $5 Million – Logistics service provider Gati has identified three small cargo companies in China and would probably acquire one of them for $5 million. Hyderabad based Gati is looking at a hybrid model, which would include operating with own offices and through a partner. The timing of the acquisition is yet to be decided. (The Economic Times)

RCOM Buys Back FCCBs Worth Rs 121.22 Crore – Anil Ambani Group firm Reliance Communications announced that it has bought back foreign currency convertible bonds (FCCBs) worth Rs 121.22 crore. The company has repurchased 250 FCCBs worth $100,000 each, aggregating about Rs 121.22 crore ($25 million). The zero coupen bonds have been bought back at a discount of 52.5% over the issue price and have been extinguished.  (Business Standard)

Europrint Buys Majority Stake in PBC Power – Belgium based Europrint Group has acquired a majority stake in PCB Power (India) Ltd through its subsidiary Eurocircuits, for an undisclosed amount. PCB Power will now be a subsidiary of Eurocircuits. Eurocircuits is a Gujarat based  printed circuit board manufacturer. With the support of Eurocircuits, PCB Power will offer new services, features, prices and online customer interface available in the market. (Business Line)

RJK Group to Form JV with Japanese Company – One of the largest soft drinks bottlers in the country, RKJ group, promoted by Ravi Jaipuria, is in talks with Toyo Seikan Kaisha to form a joint venture for manufacturing cans for soft drinks and beer. Toyo Seikan Kaisha will hold the majority stake in the 74:26 JV and will invest around $50-60 million. Reports suggest that the talks between the two firms are at an advanced stage and the deal is expected to be finalised by January end. The manufacturing unit for the JV will be located at Neemrana, near New Delhi. The Economic Times)

GE Commercial Finance May Sell Stake to IDBI and IDFC – IDBI plans to pick up around 25% stake in GE Commercial Finance’s construction equipment finance business in India. GE Commercial Finance is the financial arm of GE. Infrastructure Development Finance Company (IDFC) will also hold around 35% stake in it. While the talks were initiated in the beginning of this year, the slowdown in the global markets ked o a delay in the agreement. (The Economic Times)

SBI Life Insurance to Raise Rs 600 Crore through IPO – Country’s second-largest private insurer SBI Life Insurance Company will raise Rs 600 crore through an initial public offering at the end of 2009. the company claims that it will be ready for the IPO by mid 2009, while the certifications and procedures involved for the IPO are already in progress. (The Economic Times)

 

 

 

 


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News Round UP: Rahul Bajaj buys 28.2% stake in Bajaj Hindusthan

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