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News Roundup: Bank of Baroda Plans PE Foray

31 July, 2009

Bank of Baroda Plans PE Foray – The public sector bank is planning an entry into the private equity space. Bank of Baroda has already been investing in PE funds and also investing from the proprietary book in unlisted entities that were its customers, which were mainly pre-IPO placements. (BS)

Tata Group Forms JV – Tata Group has tied up with Israel Aerospace Industry (IAI) to set up and develop advanced technology systems for the defence sector. The JV will be called Nova Integrated Systems and have an initial FDI of about $50 million. The group has been allotted 30 acres at the aerospace special economic zone (SEZ) being developed by the Andhra Pradesh Industrial Infrastructure Corp (APIIC) at Adibatla near Hyderabad. (DNA)

Patni Scouts For Acquisitions – Software firm Patni Computer is scouting for acquisitions in Europe and Asia-Pacific to help lower its dependance on the US. The firm, in which private equity player General Atlantic is a significant shareholder, will look at targets in the range of $50 million-$200 million. (Reuters)

Zylog To Acquire Two Companies – Chennai’s Zylog Systems Ltd has recieved board approval to acquire two ‘target’ companies. One is a US-based company specialising in the development of advanced technology products and solutions to the US Federal, State and local governments. The other is in the Asia-Pacific region focusing on e-governance, healthcare solutions and hospitals management systems. (HBL)

StanChart Ready To Seal RBS Deal – Standard Chartered is set to finalise a deal to buy Royal Bank of Scotland’s retail and small and medium enterprises (SME) operations in India, China and Malaysia. The deal size may be around $250 million and could be announced in a fortnight. (Economic Times)

SAIL Plans Public Offer This Year To Fund Expansion – Steel maker SAIL plans another round of public offering this year to raise funds for its ongoing expansion programme. The authority will offload equity to retail investors for the first time after the company offloaded about 14% stakes via institutional placements, GDR issues between 1992 and 1996. The company has to dilute about 10% stake through the proposed public offer. The government currently holds close to 86% stake in the company and it is under control of steel ministry. (Economic Times)

Lanco Infra To Raise Rs750 Cr Via QIP – Infrastructure major Lanco Infratech is also planning to raise funds of Rs 750 crore through QIP route, while the issue is expected to be priced at around Rs395 per share. The issue, which was opened on Thursday afternoon, remained open till midnight as the company was eyeing overseas investors as well, especially from the US. (ET)

 


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News Roundup: Bank of Baroda Plans PE Foray

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