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News Roundup: Ansal Properties To Raise Rs 650Cr Via QIP

22 December, 2009

Russian May Upset RIL’s Lyondell Plans – Reliance Industries’ (RIL) bid fails to factor in the potential turnaround gains of the bankrupt petrochemicals-maker LyondellBasell. Reportedly, RIL has valued LyondellBasell at $12 billion, which was “too low” for LyondellBasell. RIL may have to revisit its offer, if it has to realise its dream of becoming one of the world’s biggest petrochem players. (ET)

Ansal Properties To Raise Rs 650Cr Via QIP – Ansal Properties and Infrastructure Ltd plans to raise around Rs 650 crore through a qualified institutional placement (QIP) in February 2010. The company has appointed IDFC-SSKI as its lead banker for the deal. It plans to raise the fund to part finance its Rs 1000 crore debt and fund its Rs 2000 crore megapolis project. The company is also seeking shareholders approval to raise Rs 1500 crore issuing equity shares to institutions. (Reuters)

ADB To Provide India Loans Worth $850M – India has signed two loan agreements totaling $850 million with the Asian Development Bank (ADB). The ADB will provide a $700-million loan in three tranches to state-run India Infrastructure Finance Company Ltd to fund the country’s infrastructure programme. The Manila-based bank will lend another $150 million in four tranches over a period of three years, for the restructuring and development of Khadi industry, which makes India’s traditional handspun fabric. (Reuters)

MindTree Eyes $50-100M Buys – MindTree Ltd, a Bangalore-based company providing services to the manufacturing, banking and financial services sectors, is looking for acquisitions valued at $50 million-$100 million. This is in line with companies plan to post $1 billion in revenue by 2014. The company is looking for acquisitions in infrastructure management and package application businesses as a source of 20% of its revenue to come from these segments. The company had reported $269.1 million in revenue in the last fiscal year ended March 31. (WSJ)

Murthy’s VC Fund To Back Start-ups – Infosys chief mentor NR Narayana Murthy, who formed a Rs 600 crore venture capital fund — Catamaran Investment Pvt Ltd, has stated that the venture capital fund will have a wide portfolio, and not focus on any particular sector. The primary focus of the fund would be to help incubate start-ups in the country, and will have for both horizontal and vertical opportunities. Murthy has put in Rs174.30 crore in the venture capital fund by off-loading his 0.13% stake in Infosys, while his wife Sudha Murthy had sold two-million shares of her total Infosys holding to raise around Rs 430 crore. (DNA)

Havells Eyes European Unit’s Breakeven In Next Fiscal – Havells India, a major player in the lighting and fixture segment, expects its European unit Sylvania to turn profitable from the next financial year. Havells had acquired the Germany headquartered Sylvania in 2007 for 200 million euros. The company was then making losses and industry experts had called Havells management’s decision unwise. The business is spread across continents and Havells has closed its loss-making units in Brazil, Costarica and UK. (DNA)

Pipavav Port Plans Rs 500Cr IPO – Private port operator Gujarat Pipavav Port Ltd (GPPL) plans to raise at least Rs 500 crore through an initial public offering (IPO). The share sale is planned for 2010. Earlier in October 2008, the firm had filed a draft prospectus with the capital market regulator for a proposed public offering of shares, which was later withdrawn in March citing poor market conditions. (Mint)

Mahindra In JV With Chinese Tractor Firm – Mahindra & Mahindra (M&M), India’s largest tractor manufacturing company, has signed a joint venture agreement with Yueda Group, the second largest tractor producer in China. As part of the agreement, both the companies will set up a tractor company with a combined investment of Rs 175 crore. The new company, Mahindra Yueda (Yancheng) Tractor Company (MYYTCL) will be a 51:49 joint venture, where the Indian major will hold the majority. (BS)

Fortis Plans Rs 250 Cr Expansion – Fortis Healthcare, which has recently completed the acquisition of 10 hospitals from the Wockhardt group, will spend around Rs 250 crore to complete the ongoing hospitals of the group in Mumbai, Kolkata and Bangalore that would add 600 beds to the healthcare chain. 300 beds would be created in the older facility in Mumbai. Fortis has planned a Rs 150 crore investment for 424 beds for neuro and nephrology treatment that would come up in Kolkata. It would also invest another Rs 20 crore in a new 120-bed Bangalore hospital venture. The expansion plan will be completed in the first half of 2010. (Hindu Business Line)

Proxy Advisers Cast Their Lot With Sun – Proxy Governance Inc, a proxy advisory firm, has recommended Taro shareholders to withhold their votes for the re-election of Taro’s existing board of directors, besides voting against the board’s two nominees for external director and against both the board’s indemnification proposals. This adds to Sun Pharmaceutical’s ammunition in its on-going legal battle to acquire the Israeli generic company. (HBL)

Godrej Consumer Eyes Sara Lee’s Home Products Unit Buy – FMCG company Godrej Consumer Products Ltd (GCPL) is eying to acquire the household products business of the US-based Sara Lee in Asia. GCPL is working with its merchant banker on the plan. GCPL has a joint venture — Godrej Sara Lee — with Sara Lee in India. Sara Lee holds a 51% stake in the joint venture. (HBL)

 

 


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News Roundup: Ansal Properties To Raise Rs 650Cr Via QIP

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