News Roundup: BTI payments to sell 30% to ICICI Venture

11 October, 2013

Bangalore-based unlisted payments gateway service provider BTI Payments will sell around 30% stake to private equity fund ICICI Venture for Rs 120 crore to roll out its automated teller machine (ATM) network after it received licence from the Reserve Bank of India.  The stake sale values the company at Rs 400 crore. The Reserve Bank of India has allowed third-party companies and service providers to set up white-label ATMs across India to increase the penetration in non-banked areas. (Economic Times) 

JSW Steel may team-up with Noble Group for Stemcor deal: Sources with direct knowledge suggest that Sajjan Jindal’s JSW Steel may form an alliance with Hong Kong-based trading giant Noble Group to buy Stemcor’s assets. Singapore-listed, Noble Group with deep pockets could be a strong partner for JSW Steel in the race to buy Stemcor’s assets. Noble Group had also initiated talks to explore the possibility of buying out the UK-based Stemcor Holdings. Goldman Sachs is running the process to sell Stemcor’s assets in India. The non-binding bids had been submitted by JSW Steel and Noble Group separately. Currently, due diligence process is on and JSW Steel and Noble Group are looking at coming together to beat the rest for the final bids which have to be submitted by mid-November. (Economic Times) 

IL&FS Engineering gets board approval for rights issue: IL&FS Engineering and Construction Company Ltd’s board of directors has approved raising of up to Rs 300 crore ($50 million) through a rights issue. The issue would be priced at a 7.5 per cent discount to the closing price of the stock yesterday. Other issues like rights entitlement ratio, issue size, record date, timing of the issue etc. would be decided in consultation with the lead manager to the issue, the company statement said. (Business Line) 

Temasek-controlled Fullerton plans to list its shares next fiscal: Temasek-controlled finance company Fullerton India plans to list its shares in the next financial year as it needs fresh funds to implement its future plans. The company is looking to list in the next 18-24 months. Temasek would continue to have a controlling stake in the company.  (Economic Times)

Courtesy: VCCEdge


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News Roundup: BTI payments to sell 30% to ICICI Venture

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