Action Construction Closing Two Acquisitions For Rs 120Cr - Haryana-based material handling and construction equipment manufacturer Action Construction Equipment (ACE) is close to acquiring two companies, one in India and another in China, for a total of Rs 120 crore to expand its product portfolio. The company is planning a qualified institutional placement of up to Rs 30 crore by the end of October to part finance the acquisitions. The Chinese acquisition would give it a better technology to produce on of its existing products at a lower cost while the local company will help it enter a new product line. (Economic Times)

L Capital To Take Another 15% Stake In Genesis - L Capital Asia, the private equity arm of the world's largest luxury conglomerate LVMH Group and Groupe Arnault, is in talks to pick up an additional 14.5% stake in the company. As per negotiations between the entities, the second tranche of investment is expected to close over the next 12-36 months, and the PE fund plans to infuse Rs 60-100 crore to facilitate the company's expansion plans. L Capital Asia invested Rs 100 crore in the first round of investment in Genesis Luxury that closed last week. (Economic Times)

Alok Industries Starts Divesting Real Estate Assets - Alok Industries Ltd, one of India’s largest textile firms, has started divesting its real estate portfolio to ease debt, almost a year after announcing the plan. The company has signed an agreement to sell 73 acres at a 500-acre land parcel in Silvassa, the capital of Dadra and Nagar Haveli, to a group of manufacturers, and has sold a portion of its commercial building in Lower Parel, central Mumbai.It is also close to leasing out two floors at Peninsula Business Park, an office building in the same area. These deals will together garner about Rs 70 crore. (Mint)

Hotel Leela Stake Sale Delayed, Promoters Up Stake - Hotel Leelaventure promoters have hiked stake in the company by over 1% in the first few months of the fiscal as they look to increase holding to 60%, even as their plan to dilute nearly 15% of their equity has been delayed. The promoters have increased their holding to 56% from 54.61% as on March 31, 2011.  It is also talking to three private equity companies at the moment to raise about Rs 600 crore. (Business Standard)

City Union Bank To Raise Rs 1,000Cr - City Union Bank (CUB) has said it would require Rs 3,000 crore by 2014, to support its target of achieving a three-fold increase in its business. The bank's current capital is Rs 1,000 crore and Rs 1,000 crore from the profit will be pumped back. The remaining Rs 1,000 crore will be raised though rights issue or QIP. (Business Standard)

Bishops Gate On The Block - Bishops Gate, a plush residential apartment in South Mumbai where several flats are owned by Standard Chartered Bank and HSBC, is up for sale in a deal valued at around Rs 250 crore. It is believed Raymond’s chairman and managing director Gautam Singhania has expressed interest to buy it. (Business Standard)

GVK Power May Finalise Hancock Bid In Two Months - GVK Power and Infrastructure may finalise a deal to buy coal mines operated by Australia's Hancock Prospecting in two months. GVK Power may raise $1.2 billion in debt to part-fund its acquisition of Hancock mines in Australia, with the final transaction estimated to cost about $2.4 billion. Hancock's Alpha Coal and Kevin's Corner mine are located in Australia's Queensland province and have an estimated 7.6 billion tonnes of thermal coal reserves. (Economic Times)

NSDC Picks Up Stake In Everonn - National Skill Development Corporation (NSDC), which was formed by the Government of India, has taken an equity investment in Everonn Skill Development Limited (ESDL), a joint venture between Chennai-based Everonn Education and NSDC. The new company is proposing to invest around is planning to invest around Rs 700 crore for setting skill development centres across the country. NSDC has committed around Rs 115 crore, which includes equity portion of Rs 15 crore and Rs 100 crore of loan. (Business Standard)

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