Crisil Sells 5% In NCDEX To JM Financial Trust – Rating agency Crisil, which holds a 12% stake in commodity exchange NCDEX, is planning to sell 5% in the bourse to JM Financial Trustee Company, trustee to a private equity fund sponsored by JM Financial. The trustee company has made an application to Foreign Investment Promotion Board (FIPB) for acquiring up to 5% stake. (Economic Times)
Godrej Properties To Raise Rs 1,000Cr – Godrej Properties is preparing for a qualified institutional placement (QIP) of shares to help fund expansion. It is looking to raise Rs 500-1,000 crore through the QIP over the next 18-24 months.Godrej sees property development becoming a key growth contributor in the years to come and at some point even surpassing revenue from all its other business streams. (DNA Money)
Tata Power In Talks To Buy InterGen Stake – Tata Power has joined the race to acquire GMR group’s 50% stake in global power generation firm Intergen NV which may involve 3-4 bidders including Chinese major Huaneng. The other 50% stake in Intergen is held by the Ontario Teacher’s Pension Plan. Tata Power has a total generation capacity of about 3,000 mw and also has significant presence in Saudi Arabia, Bangladesh, Kuwait, Algeria, Myanmar and Thailand. GMR invested close to $1.2 billion to buy the stake in Intergen, which controls 12 power plants in the UK, the Netherlands, Mexico, Australia and the Philippines. (DNA)
Mumbai Firm Forms Gas Logistics JV – Mumbai-based Oil Field Warehouse & Services (OWS) and European company Aberdeen Supply Company (Asco) are forming an equal joint venture (JV) to set up an oil and gas logistics company. The new venture, Owasco Offshore, will provide services in logistics, shore base and other support services in the oil and gas domain in the country. (Business Standard)
Sanjeev Bajaj Joins Credit Suisse – Sanjeev Bajaj is rejoining Credit Suisse Group AG from JM Financial as head of fixed income in India. Bajaj would be responsible for expanding the fixed income business across trading, sales, structuring and research, the memo said. He joined this week and would be based out of Mumbai. (BS)
Oberoi Realty’s Rs 1,500Cr IPO In A Month – Mumbai-based Oberoi Realty appears set to take the plunge to tap the capital market for Rs 1,500 crore in a month’s time, ahead of the list of 10-15 realty companies that are waiting for an “improved market sentiment” to garner better valuations. (Hindu Business Line)
IRDA May Ease PE Investment Norms – The regulator may allow insurance companies to invest in private equity funds across sectors. Insurance companies have sought a relaxation in rules governing their investments in private or venture funds, which now permits them to invest only in the infrastructure sector. IRDA is now vetting the proposal. (ET)
L Capital Asia Eyes India Deals – L Capital Asia, a $500m private equity fund backed by luxury major LVMH, is looking for deals in China, India and other emerging economies of the region. The firm recently made its third strategic investment in Asia. (Financial Times)
Jet Airways Open To Diluting 20% – Jet Airways is open to diluting up to 20 per cent of his holding even as it waits final clearance from the Government for its $400-million fund raising.
Promoter Goyal holds nearly 80% in Jet Airways through Tail Winds Ltd. The company had sought FIPB (Foreign Investment Promotion Board) approval to raise $400 million through QIP (Qualified Institutional Placement) in October 2009. (HBL)
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