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News Roundup: Ansal API Eyes Stake Sale In Township Project

29 June, 2010

McCormick To Buy 26% in Eastern Condiments – McCormick & Company is set to acquire a 26% stake in the Kochi-based curry ingredient maker Eastern Condiments. The deal is estimated to be worth $35 million, or Rs 162 crore. Eastern registered a turnover of $80 million, or Rs 370 crore. McCormick is a US-based global leader in spices, herbs and flavourings. (Business Standard)

Saudi Telecom To Pick Up Stake in GTL Infra – Saudi Telecom Company is likely to pick up a stake of 10-15% in the merged GTL-Reliance Infratel entity. The merged entity was likely to dilute this much equity to a strategic investor at an equity value of $9 billion (Rs 40,500 crore) once the deal neared completion around November. The dilution would be at a minimum premium of 20-25% to the then market price. Private equity funds like Carlyle, Blackstone and even Abu Dhabi Investment Corporation (ADIA) have also shown keen interest to invest in the venture. (BS)

Ansal API Eyes Stake Sale In Township Project – Realty infrastructure major Ansal API is now in talks with some of the leading institutional investors for investment in Sushant Golf City, the group’s 3500-acre hi-tech township project in Lucknow. Ansal is open to offering up to 49% stake in the proposed SPV, which will be converted into a joint venture once the deal is finalised. (Financial Express)

Tata Power Acquires 20.95 MW Wind Assets – Tata Power said it is acquiring 20.95 MW operating wind assets in Maharashtra from Niskalp Energy. The company will also install additional capacity of 150-200 MW in Maharashtra and Tamil Nadu this year, a company press release said. Tata Power has 200 MW installed capacity in Maharashtra, Gujarat and Karnataka.

Strides Arcolab Plans Fundraise – Strides Arcolab is gearing for a fresh round of fund-raising, both debt and equity. The company has plans to raise up to Rs 450 crore through equity, leveraging various instruments — qualified placements, depository receipts, etc. It will also ask for authorisation to raise its borrowing limit from the present Rs 1,500 crore to Rs 2,500 crore. (Sify)

Tata Motors To Raise Rs 4,700 Cr – Tata Motors will raise Rs 4,700 crore through a combination of equity, convertible bonds, debentures and warrants to reduce debt and fund expansion. The company will seek the approval of its shareholders for the fund-raising, the timing of which will be determined later. Money may be raised both in Indian and overseas markets. (ET)

Radaan Mediaworks Eyes PE, VC Funding – Radaan Mediaworks is working on a slew of new business initiatives to aggressively grow the company in the Indian and overseas markets. It is in the process of appointing an international consultant to finalise the plans in the next couple of months. The actor, R Radhikaa headed company plans  to achieve a topline of Rs 100 crore in three years. Radaan is also seriously looking at inviting substantial fund infusion by venture capital and private equity firms. (ET)

LGS Global To Raise $30 M Through FCCB – LGS Global Limited will be raising $30 million (approximately Rs 140 crore) through issue of foreign currency convertible bonds (FCCBs) to fuel its organic and inorganic growth plans. The company had obtained an approval from shareholders at the AGM held in September 2009. The IT services and solutions provider expects to close the fund-raising process by mid August this year. (BS)

Reliance Infrastructure To Raise Rs 2,600 Cr – Anil Ambani’s Reliance Infrastructure will borrow around Rs 2,600 crore for the Bandra-Worli-Haji Ali Sea Link project in Mumbai, part of which will be constructed by a consortium led by the company. The total cost of the project which includes both phases of the sea link is about Rs 5,100 crore. (ET)


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News Roundup: Ansal API Eyes Stake Sale In Township Project

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