Tatas To Buy Sumitomo Stake In Swaraj - Tata Motors is planing to acquire Japanese conglomerate Sumitomo’s 53.5% stake in Swaraj Mazda. The deal size, including the open offer, may be around Rs 250 crore. The company’s stake will go up to 73.5% if the open offer, which has to be at least 20% of the target company’s equity capital, is fully subscribed. (Economic Times)

Fortis In Talks To Buy Lanka Hospital Chain - Fortis Healthcare is close to acquiring three hospitals in Sri Lanka. The company is in talks with Asiri Group of Hospitals and targets to buy the three group hospitals among Asiri Hospital, Asiri Surgical Hospital Plc, Asiri Central and Asiri Hospital. On the agreement of the deal, Fortis would get a minimum of 250 beds in Sri Lanka. (Business Standard)

Hindalco To Raise Rs 4,500 Cr - Hindalco Industries is raising over Rs 4,500 crore as debt to achieve financial closure for Utkal Alumina Refinery, a new 1.5-million-tonne per annum project in Orissa. The refinery is expected to start production from July 2011. It involves an estimated Rs 6,500 crore of planned capital expenditure, about 30% of which is being put up as equity by the company, while the rest is being raised as debt. (BS)

ATC To Buy Essar Telecom Tower Arm For $400M - American Tower Corporation (ATC) is set to take a controlling stake in Essar Telecom Infrastructure Pvt Ltd (ETIPL) in a $350-400 million deal. Both the telecom companies have initiated the legal documentation process for the transfer of ownership and the deal may be announced in the first week of January 2010. The exact stake that will be bought over or the valuation of the company is not yet disclosed. Barclays Capital is advising Essar on the transaction. (

Essar Oil Likely To Pay $1-1.2B For Shell Assets - Ruias-controlled Essar Oil (EOL) is looking to seal a deal with Royal Dutch Shell at $1-1.2 billion for acquiring the global petroleum giant’s three refineries in Europe. EOL has presented its valuation of assets to the Shell management and the negotiations are on verge of completion. Essar Group, which is looking to acquire the assets in an all-cash transaction, has already received financial commitments from global banks to fund the acquisition. (BS)

GNML Stake In Rey Down To 11.90% - Rey Resources, an exploration company in Australia, which is also the target for a takeover bid by Gujarat NRE Minerals (GNML), has issued fresh shares and expanded its capital. A total of 75 million shares were issued, representing 29% of Rey's enlarged capital base of 258.6 million. The issue effectively reduces the existing percentage holding of GNML in Rey – from 16.6% to around 11.90%. However, GNML still remains the largest shareholder in the company. (Hindu Business Line)

SEBI Bars Barclays Bank - Market regulator SEBI has barred Barclays Bank Plc from issuing, subscribing or transacting in any offshore derivative instruments (ODI). The directive on Barclays Bank will be in force till the bank satisfies the regulator that it has put adequate systems, processes and controls to ensure correct reporting of its ODI transactions. (Hindu Business Line)

DB Corp Sets Share Price At Rs185-212 For IPO - Leading media house DB Corp Ltd has set a price band of Rs185-212 per share for its initial public offering of 1.81 crore equity shares. The issue, which opens on December 11 and closes on 15, offers a discount of Rs 2 per share to retail investors. The proceeds of the IPO will be used to consolidate the company's position in existing markets by upgrading infrastructure. DB Corp publishes Hindi daily Dainik Bhaskar, Gujarati daily Divya Bhaskar, Hindi business daily Business Bhaskar and runs MyFM radio services.  (DNA)

Godrej Properties IPO Over-Subscribed 1.13 Times - Godrej Properties Ltd's public offer, through which the realty developer expects to raise up to Rs 500 crore, got over-subscribed 1.13 times on its first day of issue. The real estate developer has entered the capital market with a total issue size of 94.29 lakh equity shares, which includes anchor investor portion of 16.97 lakh shares. The IPO received bids for over 87.68 lakh shares of the company against the 77.32 lakh equities on offer for public. (Economic Times)

IHCL To Raise Up To Rs 700Cr - Indian Hotels Company, owner of Taj hotels, is raising between Rs 500 crore and Rs 700 crore through non-convertible debentures. The company is likely to use the proceeds to refinance a part of its existing debt as well as refinance a loan of its US arm. Some months ago, IHCL acquired a controlling interest in Mumbai's Sea Rock Hotel for Rs 680 crore. It plans to demolish the existing hotel property and undertake a new development that would be integrated with its adjacent property — Taj Lands End. (Times of India)

Bajaj Electricals To Raise Over Rs 160Cr Via QIP – Bajaj Electricals, a consumer electrical products manufacturing company in India, plans to raise over Rs 160 crore through qualified institutional placements (QIP). The company will issue 20,48,339 equity shares of Rs 785 each to raise the fund. (BSE)

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