| Log in

News Roundup: Bhushan Steel Looks To Offload 5% Stake

20 November, 2009

Zee Seeks More Time For Ten Sports Buyout – Zee Entertainment has asked Dubai-based Taj TV for a one-month extension of a deadline to acquire a higher stake in Ten Sports till November end. Zee had the option of increasing its stake by October 31, at the 2006 valuation. Zee, which holds half the company’s shareholding, might raise its stake to either 90% or buy out Taj TV’s 50% stake. Zee bought its stake in Ten Sports three years ago, based on the company’s valuation of over Rs 500 crore. (BS)

Infosys Consulting Eyes US Buy – Infosys Consulting Inc, the strategic consulting arm of IT services giant Infosys Technologies, is planning to acquire a small consulting company with revenues in the $100-140 million range, as part of its inorganic growth initiatives in the US. The company had been looking at a suitable acquisition target in the US with consulting expertise in verticals like aerospace, retail, healthcare and financial services, and targeting deals worth $20 million and above. (BS)

ICICI To Raise Funds For Overseas Biz – India’s largest private sector lender, ICICI Bank, is planning to raise funds for its overseas branches through five-year dollar-denominated senior unsecured notes issued through its Bahrain branch. The lender has set a price guidance of about 350 basis points over US treasuries for the bonds due to mature in March 2015. The funds will be used in meeting business requirements of its overseas branches, including financing of existing loan book and meeting growth opportunities. (BS)

IFCI Plans To Offload Stake In 16 Firms – IFCI, the Delhi-based non-banking finance company, plans to sale stake in 16 companies across the sectors, including, iron and steel, granite, hotels, food and electronics. It will sale stake in three hospitality companies, including Hotel Paraag in Bangalore (8.48%) and Mela Hotels in Ghaziabad (4.05%). It plans to exit from Sun Granites Exports where it has 16.37% stake. (BS)

Bhushan Steel Looks To Offload 5% Stake – The Delhi-based Bhushan Steel is looking to sell a 5% stake to strategic investors for close to Rs 400 crore. The company will use the proceeds to finance its ongoing capacity expansion plans. The proposed transaction could value the mid-sized firm engaged in cold-rolled or secondary steel making at Rs 8,000 crore. The company will initiate talks with a host of Indian and overseas firms shortly to execute its equity dilution plan. Japan’s steel firm Sumitomo Metal Industries that already has a technical tie-up for the upcoming Orissa steel project of Bhushan Steel will be a possible bidder.  (ET)

DCB Raises Rs 81Cr Through QIP Issue – Development Credit Bank (DCB) has raised Rs 81 crore by private placement of shares with qualified buyers. Following the placement, the promoter group’s — Aga Khan Fund of Economic Development (AKFED) — holding in DCB came down to 23.11% from 26.22% earlier. The company believes the fund will help facility growth, apart from strengthening its balance sheet. (BS)

BeyondBasiks To Raise Rs 100Cr VC Fund – BeyondBasiks Infotech Pvt Ltd, a Hyderabad-based company that provides IT solutions that enables cinema theatres to sell tickets online, is planning to raise a Rs 100-crore venture capital fund to fuel its expansion. The fund will be used in installing the technology at 1,000 theatres across 200 cities and linking that to V-Sat with an investment of Rs 400 crore over the next two years. It is also planning to launch an SMS solution and has already roped in three telecom operators. The service is likely to be launched in the next two weeks. (BS)

Canara Bank Starts Hunt For Acquisition – Public sector lender Canara Bank has indicated that it would opt for acquisition to strengthen its presence in Gujarat, Haryana and Maharashtra. The bank will start due diligence of some of its targets through internal team and later appoint consultants from outside to take the process forward. (BS)

Pantaloon QIP To Start Today – Pantaloon Retail, the country’s largest listed retailer, was likely to open its qualified institutional placement (QIP) issue from Friday. The company plans to raise anywhere between Rs 300 crore to Rs 400 crore from the issue. Pantaloon is planning to use the QIP proceeds to repay its debt and fund new store openings. (BS)

Sahara To Raise $214M From PE – Sahara Prime City Ltd, an Indian property company planning an initial share sale, and is in talks to raise as much as Rs 1000 from private equity investors. The company plans to sell shares in the first quarter of next year. ()

Welspun Gujarat To Raise $100M Via QIP – Pipe maker Welspun Gujarat Stahl Rohren Ltd has received a board approval to raise $100 million via qualified institutional placement. (Reuters)

 


Leave Your Comment
Zee Entertainment To Hike Stake In Ten Sports

Zee Entertainment To Hike Stake In Ten Sports

Zee Entertainment Enterprises Ltd (ZEEL), a television network in India, is...
Zee Entertainment in talks to sell sports broadcasting business

Zee Entertainment in talks to sell sports broadcasting business

Disha Sharma 1 year ago
Media baron Subhash Chandra-led Zee Entertainment Enterprises Ltd said on Monday...
Zee buying partner’s stake in India.com, BGR.in parent for $30 mn

Zee buying partner’s stake in India.com, BGR.in parent for $30 mn

Disha Sharma 6 months ago
Media baron Subhash Chandra-led Zee Entertainment Enterprises Ltd will acquire...
No Comments

News Roundup: Bhushan Steel Looks To Offload 5% Stake

Powered by WordPress.com VIP