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News Roundup: BILT Appoints Bankers For Dutch Arm’s Float

02 July, 2010

BILT Appoints Bankers For Dutch Arm’s Float – Avantha group flagship Ballarpur Industries (BILT) has appointed JPMorgan and Citigroup to handle the planned flotation of its Dutch unit Ballarpur International Graphic Paper Holdings BV (BIGPH). The Gautam Thapar-led group is exploring a Singapore or London listing for the company and is targeting a valuation of more than $1 billion. JP Morgan and GIC own 7.6% and 12.9% of the company respectively, after they collectively invested $175 million in 2008. (Economic Times)

Tata Capital Partners With HBM For Healthcare Fund – Tata Capital, the financial services arm of the Tata group, is looking at over Rs 600 crore investments for its standalone healthcare fund. The fund will be spearheaded by Visalakshi Chandramouli, who was with Merrill Lynch and Cipla Pharmaceuticals earlier. While the domestic component of the fund is up to Rs 200 crore, the  $70-100 million offshore component will be co-partnered with HBM Partners, a Switzerland-based global investor in early-stage life sciences and healthcare companies. (Business Standard)

L&T To Raise Astra Microwave Stake  – Larsen & Toubro (L&T) is in talks with Strategic Ventuers Fund (Mauritius) to buy stake in Astra Microwave. Shares of Astra Microwave rose over 5% on Thursday on expectation L&T will raise its stake in the defence product engineering company to 15% from 9.79% now and make an open offer to acquire management control. L&T is ready to offer 100% premium to market price to PE firm Frontline Strategy-managed Strategic Ventures Fund, which holds 15.5% stake in Astra. (Financial Express)

EDS In Talks To Buy Baring Stake in MphasiS – MphasiS promoter EDS is likely to hike its stake in the company and is in talks to buy a further 4.35% from Baring India Private Equity. Baring has been cutting its stake in MphasiS, which is likely to come down from 8.62% to 4.27%. The MphasiS deal is likely to be closed at the current market price by September 2010. Standard Chartered is the likely banker for the MphasiS deal. (Moneycontrol)

ING To Infuse $51M In Insurance Ops – The Indian insurance unit of Dutch financial services firm ING plans to invest Rs 2.4 billion ($51 million) in 2010-11 to fund expansion in the country. Last week, ING sold all its 3.1% stake in India’s Kotak Mahindra Bank for $175 million as part of the Dutch firm’s ”back to basics” programme announced in April 2009. (DNA)

HT Media To Dilute 23% Stake – HT Media Limited will be diluting up to 23% of its holding in its subsidiary Hindustan Media Ventures (HMVL) through an IPO scheduled to hit the capital market on July 5. HMVL has fixed the price-band for its IPO at between Rs 162-175 per share and plans to raise Rs 270-crore through the issue. HMVL publishes the Hindi-language Hindustan newspaper. (ET)

Minority Owners Restrain MSM From Raising Paid Up Capital – The Company Law Board has issued an interim order restraining  Multi Screen Media from raising the paid-up capital of the company following a petition by the minority shareholders. The minority shareholders of the company, who together hold 32%, have approached the Company Law Board, charging the majority-owning partner, US-based Sony Pictures Entertainment (SPE), of mismanagement and oppression of minority shareholders. Global investment firm Capital International holds 8% in the company. (ET)

Promoters Shed 14% In Redington India – The Singapore-based promoters of Redington (India) have sold close to 14% in the company to a clutch of foreign funds, including Goldman Sachs, Morgan Stanley and Blackstone, in a Rs 391-crore deal. Apart from the three large foreign investors, the list of buyers also includes IDFC, Universities Superannuation Scheme and Payash Securities. (ET)

Quippo-WTTIL Eyes Acquisitions – Telecom tower infrastructure company Quippo-WTTIL is open to acquiring other tower companies in a bid to reach a target of 60,000 towers over the next two years. The company, which currently has 39,000 towers, is also looking to get a tenancy ratio of 2.3x by the end of the current fiscal and is looking to add 25-30,000 towers in the next two years. (HinduBusinessLine)

Nestle Eyes India Acquisitions – Food-maker Nestle is mulling acquisitions in India with a view to expand its product-line and plans to launch more products in the coming days. Nestle India plans to launch new products including breakfast cereals in the coming days in India. (ET)


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News Roundup: BILT Appoints Bankers For Dutch Arm’s Float

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