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News Roundup: Crompton Greaves Makes $400M Bid For Emerson Biz

02 August, 2010

Birla Shloka Plans Rs 500Cr Pe Fundraise – Birla Shloka Edutech and Birla Edutech plans to raise private equity capital of Rs 500 crore to expand the network of pre-schools and kindergarten to Class XII (K-12) schools. The Yash Birla co will set up 200 new schools under the Birla Edutech brand in Patna, Hyderabad, Nashik and south Mumbai. (Economic Times)

Crompton Greaves Makes $400M Bid For Emerson Biz – Power equipment maker Crompton Greaves has offered $400 million (Rs 1,860 crore) for the transformer division of the US-based Emerson Electric Company. The Missouri-based Emerson is a diversified global technology company with a $37.3 billion market capitalisation. Crompton is one of the companies that have made a bid. (Business Standard)

Blackstone’s CMS Eyes Acquisitions – IT solutions provider CMS Info Systems is planning acquisitions to enter areas like IT applications and payment management. The Blackstone controlled firm is also planning an overseas foray with areas like remote infrastructure management. (Economic Times)

Future Capital Plans Stake Sale, Hires ICICI Hand – Kishore Biyani is restructuring the financial services business of the Future Group, a move that could see retailer Pantaloon sell its stakes in two insurers and a non-banking financial company. The group has also hired ICICI veteran V Vaidyanathan to head the financial services business. (ET)

HCC’s Lavasa Plans Rs 2,000Cr IPO – Lavasa Corporation, a subsidiary of Hindustan Construction Company, has received board approval for an initial public offer (IPO) of upto Rs 2,000 crore of fresh equity shares. HCC holds 65% stake in Lavasa. Lavasa is expected to be substantially functional by December 2011 and reported revenues at Rs 181 crore for the quarter ended June 2010 and net profit at Rs 49 crore. (MoneyControl)

Eveready To Divest Repellent Biz – Eveready Industries India is looking at new FMCG products and might exit the insect repellent business.  The company is  scouting at new products in the FMCG segment and primary level talks have been carried out for brands in the UK. The company produces packet tea, general lighting, insect repellents beside batteries and flashlights. (BS)

Emaar Plans Rs 1,500Cr Issue – Realty firm Emaar MGF is preparing a prospectus with plans to sell 10% of the company for Rs 1,500 crore from the Rs 7,000 crore it aimed for in 2008. It may seek regulatory approval by the month-end. (ET)

Religare Plans $431M Fundraise – The board of financial services group Religare Enterprises has approved raising additional capital worth Rs 2,000 crore ($431 million). Religare has posted a consolidated net loss of $10.6 million during the April-June quarter, compared to a profit of $2.9 million year ago. The firm is currently valued by the market at $1.15 billion. (DNA)


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News Roundup: Crompton Greaves Makes $400M Bid For Emerson Biz

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