Jhunjhunwala, Others To Buy 11% In Delta Corp – A clutch of investors, including billionaire investor Rakesh Jhunjhunwala and D-Mart retail chain promoter Radhakrishna Damani, has agreed to pick up an 11% stake in Mumbai-based real estate and hospitality firm Delta Corp. Ltd for Rs 200 crore. The investors will purchase the stake for Rs 120 crore and subscribe to Rs 80 crore of warrants that can be later converted into stock.
ITC Unlikely To Participate In EIH Rights Issue – Cigarette and consumer goods maker ITC Ltd is unlikely to subscribe to the rights issue of EIH Ltd, which runs the country’s second largest hotel chain. EIH said that its board would consider a rights issue. This comes after the promoter group sold a 14.12% stake to Reliance Industries Ltd (RIL) in a move widely seen as aimed at warding off a potential takeover bid by ITC, which currently owns a 14.98% stake. (Mint)
Sujana Universal To Buy EBC Bearings – Sujana Universal Industries has completed due diligence to acquire EBC Bearings Ltd (EBC), promoted by a Singapore-based entity. The plant is due for commissioning. The Hyderabad-based diversified Sujana Universal, which is into appliances, ingot making and manufacture of bearings for automotive and other applications. (HinduBusinessLine)
CSS Corp Plans Public Issue – CSS Corp, the US-based IT company, will consider coming out with an initial public offer (IPO) in India. CSS is backed by financial institutions including SAIF Partners, Goldman Sachs and Sierra Ventures, CSS Corp has revenue of around $135 million. Financial investors together hold over 50% stake in the company. (HBL)
Venture With Honda Not Ending – The Munjal family maintains that Hero Group’s two-wheeler joint venture with Honda Motor Co of Japan is not ending as of now. The Munjal family members denied reports of the joint venture breaking off, saying all such reports “are baseless”. (DNA)
Broccoli Family Joins Sahara Bid – Indian conglomerate Sahara India Pariwar is being backed by James Bond producers in a bid estimated at $2 billion to rescue the beleaguered Hollywood studio Metro-Goldwyn-Mayer Inc. The Broccoli Family, which runs EON Productions, has combined with Sahara to salvage the debt-laden studio. Barbara Broccoli and her stepbrother Michael G Wilson will share an equity stake in MGM if the Sahara bid sails through. (Indiantelevison)
SEA TV Gets SEBI Nod For Rs 50Cr IPO – Cable services provider Sea TV Network today said it has got the approval from the market regulator Sebi for its Rs 50 crore IPO, which is likely to hit the capital market on September 27. IPO would close on September 29. The company provides services to various local cable TV operators of Agra city. (Business Standard)