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News Roundup: Baring To Invest $150M In Pharma Cos

14 January, 2010

Baring To Invest $150M In Pharma Cos – Baring Private Equity Partners is in discussions with a few mid-sized privately held pharma companies which could see the PE firm investing up to $150 million (over Rs 675 crore) in the next few months. The firm is in advanced talks with 3-4 drug contract manufacturing companies and the deal size of each investment could be $35-50 million. It plans the transactions to be closed over the next 3-4 months. (ET)

Wipro Stock Surged Over 5% On Share Sale Report – The shares of software major Wipro Ltd surged more than 5% on Thursday after a news report said that the firm was likely to launch sponsored $1 billion ADR issue. At 02:40 pm, shares in Wipro were up 3.1% at 737.35 rupees, after having risen as much as 5.1% to their highest since April 2000. Reportedly, Wipro will not receive any proceeds of this offering, which would be distributed to participating Indian shareholders. (Reuters)

Electrosteel Integrated To Raise Rs 350Cr Via IPO – Electrosteel Integrated Ltd, a subsidiary of Kolkata-based Electrosteel Castings Ltd, is planning to raise Rs 350 crore via initial public offer (IPO) to fund a new steel plant to be located at Jharkhand. The company is currently in the process of finalising details and will file the draft red herring prospectus (DRHP) by January end. It is planning to set up a 2.2 million tonne per annum (mtpa) integrated plant to produce 1.2 mtpa long product of steel, 0.27 mtpa billet, 0.4 mtpa pig iron and 0.33 mtpa ductile iron pipe from the plant. (DNA)

JP Power To Raise Rs 1,500Cr – Jaiprakash Power Venture (JPVL), that houses the power generation business of diversified $7-billion Jaiprakash Associates, is raising Rs 

1,500 crore through a qualified institutional placement (QIP). The company is likely to dilute around 10% stake by the end of this fiscal to raise the fund. JPVL has been merged into another listed firm of the group, Jaiprakash Hydro Power, earlier this month. (ET)

GSPC Valued At Rs 20K Cr Post Stake Sale – Gujarat State Petroleum Corporation (GSPC), one of India’s emerging energy major, is valued at close to Rs 20,000 crore. The valuation became evident when the state venture completed private placements with seven state PSUs and two financial institutions (FIs) who together have put in Rs 690 crore at Rs 800 per equity share having face value of Rs 10 each. GSPC has divested 5% stake to 10 entities — seven PSUs, two FIs, and SBI Capital Markets. (ET)

Ansal API To Spin Off Its Education Biz Arm – Ansal API, one of country’s leading real estate developers, is spinning off Knowledge Tree Infrastructure Ltd (KTIL) that runs the group’s education business, into a separate entity. The board of directors of the company has given its approval for the de-merger of KTIL from the company, that was earlier a wholly owned subsidiary of the company. KTIL, which currently runs two institutions for higher education, Ansal Institute of Technology and Sushant School of Art and Architecture, is also restructuring its set up by creating three business verticals-one each for higher education, vocational training and school education. (FE)

Union Bank In Talks To Buy Indonesian Banks – Government-owned Union Bank of India has initiated preliminary discussions with three-four small-sized Indonesian banks for a possible acquisition. The company is in talks with three-four small banks in Indonesia for potential acquisitions, though thalks are at a very preliminary level and nothing has been finalised yet. Union Bank’s board has already approved a strategy for its overseas expansion, which includes acquisitions in geographies like Indonesia, Africa, Europe and UK. (BS)

Automed Systems To Raise Rs 40Cr – Automed Systems, a Bangalore-based life science services company, aims to raise Rs 40-50 crore funds to scale up the business. The company has so far invested Rs 8 crore to set up its Probiosys Center for Excellence (CoE). It has received the funding earlier from SBI and is evaluating the next round of funding now. It is studying the feasibility of funding and syndicating the next round of funding requirement of the CoE. (BS)

McNally Bharat To Acquire Niche Construction Firm – Kolkata-headquartered McNally Bharat Engineering Company is set to acquire a Bangalore-based construction company specialising in building and erection of chimneys and silos for cement and power plants. It plans to start the due diligence process soon. The target is a private limited company with an annual turnover of less than Rs 45 crore but profitable (net profit in 2007-08 was Rs 7 crore) and debt-free. The company will invest from its domestic investment subsidiary, McNally Infrastructure Ltd, and the deal size could be around Rs 35 crore. (Business Line)

ITC Open To Overseas Buys – Tobacco-to-hospitality company ITC Ltd is open to overseas acquisitions and is looking for lucrative opportunity in the hospitality sector. ITC has also been in the spotlight over the possibility of increasing its stake in EIH, owners of the Oberoi Group of Hotels and Resorts. Currently the company holds 14.98% stake in EIH, which may go up to not more than 25%. (Business Line)

Infinite Computer IPO Subscribed 43 Times – The IPO of IT services provider Infinite Computer Solutions was subscribed 43.22 times on the last day of its initial public offering. The issue received bids for 41.81 crore shares against the 97.7 lakh shares on offer. The company had got a commitment of Rs 28.46 crore from nine anchor investors including T Rowe Price International, Credit Suisse Singapore, Reliance Capital Trustee, Citigroup Global Markets Mauritius, Carlson Fund India, Lloyd George Investment Management Bermuda, Alden Global Mauritius, and BATSPL. It had planned to raise Rs 189.8 crore through the issue. (Business Line

HCL Tech May Buy Out Australian Firm OLR – HCL Technologies is in talks with Australian firm OLR for a possible acquisition. OLR is a speciality system integrator that helps retailers such as Nordstrom, Giorgio Armani and Espirit adopt technology to transform their merchandising, supply chain and planning process. HCL Technologies expects to finalise the deal in the current quarter. (Business Line)

Griffin Coal May Attract Chinese, India Buyer – Griffin Coal Mining Co, a failed Australian coal mining company with debts of at least A$700 million ($646 million), may be sold to a Chinese or Indian buyer. The firm has seen a number of expressions of interest so far from overseas and domestic companies. It is said that Chinese and Indian participants have shown interest in the energy sector broadly and the coal sector more specifically, and finance entities. (BS)

 


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News Roundup: Baring To Invest $150M In Pharma Cos

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