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News Roundup: Carlyle-backed Infotech is in talks to buy US firm

26 September, 2013

Infotech Enterprises Ltd, an Indian software services provider to aerospace and automotive industries, plans to acquire at least one company in the US this year to expand in its biggest market. The firm, backed by Carlyle Group LP, will use part of its Rs 600 crore ($96 million) cash for the purchase. The Hyderabad, India-based company has acquired nine rivals in the US and Europe since 1997. The company might spend about $25 million on the acquisition. (Business Standard)

Promoter group, members to offload 8.79% in Omaxe Ltd: Constellation Capital Ltd, Kautilya Monetary Services Private Ltd and SA Finvest Ltd., promoters and members of the promoter group of Omaxe Ltd. are planning to sell 8.79% stake in the company through an offer-for-sale (OFS). The floor price has been fixed at Rs 158 a share. Currently, the promoterts holds 83.79% stake in the company. The OFS, which will be transacted through a separate window of the stock exchange, will be held on September 27. (Business Line) 

ONGC Videsh to borrow record $4 bn for Mozambique stake: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), plans to borrow a record $4 billion (Rs 24,947 crore) to fund its back-to-back acquisitions of stakes in a giant Mozambique gas field. OVL and Oil India Ltd (OIL) are jointly buying a 10% stake in Mozambique’s offshore Rovuma Area 1 from Videocon for $2.475 billion. OVL followed this deal with the acquisition of another 10% stake in the same field from US energy firm Anadarko Petroleum for $2.64 billion. OVL and OIL’s purchase of Videocon’s stake is in a 60:40 ratio, with OVL’s share at $1.485 billion. To fund this, the company will raise $1.5 billion overseas next week. (Economic Times) 

ONGC Videsh in talks to buy oil, gas blocks in Kazakhstan: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is in talks to acquire more oil and gas blocks in Kazakhstan after losing a giant Caspian sea oil field deal to China National Petroleum Corp. Kazakhstan had recently blocked OVL’s USD 5 billion deal to buy a 8.4 per cent stake in its giant Kashagan oil field and instead transferred the interest to CNPC. The company is in the process of identification of more blocks at exploration and development stage (for acquisition). Also, OVL is actively pursuing exploration bid rounds in Australia, Bangladesh, Myanmar and Lebanon. (Economic Times) 

LIC Housing Finance plans to raise Rs 150 crore via bonds: Mortgage lender LIC Housing Finance Ltd. plans to raise at least Rs 150 crore ($24 million) via one-year two-day bonds at 9.96%, a source with direct knowledge of the deal said. Axis Bank is the sole arranger to the bond sale. () 

OVL in talks with Vietnam firm for tie-up: ONGC Videsh Ltd (OVL), the foreign arm of India’s state-run Oil and Natural Gas Corp, is in talks with PetroVietnam to rope in the Vietnamese oil and gas company as a strategic partner in a block it owns in the Southeast Asian nation. This comes at a time when the company is looking to raise $4 billion (Rs 24,950 crore) through bonds and loans in the international market to fund its recent acquisitions in Mozambique. In Vietnam, The company has one producing block and one exploration block. For the exploration one, Block 128, the firm is in talks with PetroVietnam and would farm out 40-50% of the block to them for development to reduce the risk and over-exposure. OVL has so far invested about $49 million in the block. Last year, the company was planning to terminate operations in the block as it could not begin oil exploration due to hard sea bed. (Business Standard) 

Saroj Poddar plans to sell MCF stake to highest bidder: A day after Vijay Mallya ruled out selling his controlling stake in Mangalore Chemicals and Fertilizers (MCF) to Deepak Fertilisers or Zuari, the latter’s promoter, Saroj Poddar, said he’d sell his 16% stake to the highest bidder. Poddar might sell his stake to Pune’s Deepak Fertilisers, as the latter has a little over 24 per cent share in MCF, just a notch below 25%. Mallya’s change of mind over giving away control in MCF appears to have disappointed Poddar, who said there was no point in staying invested. Zuari has invested close to Rs 90 crore in buying a little over 16% in MCF. Deepak and Zuari have been repeatedly purchasing shares of MCF in the open market. (Business Standard)

Courtesy: VCCEdge


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News Roundup: Carlyle-backed Infotech is in talks to buy US firm

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