ArcelorMittal Eyes Ispat Industries – ArcelorMittal, the world’s biggest steelmaker by capacity, last week met the top management of Ispat Industries and is exploring the option of picking up a stake in the debt-laden Indian company. Steel tycoon Lakshmi N Mittal, who controls ArcelorMittal, and the promoters of Ispat Industries, Pramod Mittal and Vinod Mittal, are brothers, but their companies are independent. Ispat Industries has a capacity of 4.6 mt. (Economic Times)
iGate In Talks With Deutsche, Apax For Patni Bid – Nasdaq-listed iGATE Corporation is discussing a $500-600 million line of credit with Deutsche Bank, along with a possible support of private equity giant Apax Partners, for mounting a bid to acquire its bigger rival Patni Computer Systems. Others in the fray are Carlyle Group and Advent International for a buyout deal topping $1 billion. (Times of India)
Dewan Housing To Buy Deutsche Postbank For $240M – Wadhawan family-controlled Dewan Housing Finance Corporation is the frontrunner to acquire Deutsche Postbank Home Finance in a deal estimated at $240 million. Deutsche Postbank AG had mandated Standard Chartered Bank to sell its Indian arm. The deal would be Dewan Housings second buyout after its 2004 purchase of Vysya Bank Housing Finance. (ET)
Three More Jhunjhunwala-backed Cos Plan IPOs – A number of unlisted companies backed by billionaire investor Rakesh Jhunjhunwala are planning initial public offerings (IPOs) in the next few months. Concord Biotech, Hungama Digital and Topsgrup are firming up plans for initial share sale offers. (Business Standard)
Videcon Plans Demerger – Videocon Industries is looking at a possible reorganisation of its businesses. Earlier this month, Videocon told stock exchanges that its board had approved the appointment of a reorganisation committee to look at options to “segregate various business segments with a view to ensure greater focus to the operation of each of these businesses providing enhanced value to shareholders and improvement in the business prospects of the firm”. The Rs 11,526-crore firm was looking to split its businesses into three parts: consumer durables, oil & gas and telecom. (BS)
Tilaknagar Raises Rs 135Cr From QIP – Tilaknagar Industries, a leading manufacturer of Indian Made Foreign Liquor (IMFL), has successfully completed the qualified institutional placement (QIP) of Rs 135-crore. It also announced the acquisition of a 100% stake in the Goa-based distillery, Kesarval Distillers. Major investors in the QIP include the US-based Smallcap World Fund Inc, DSP Blackrock, Sundaram BNP and ICICI Prudential. (ET)
Ceat Buys Global Rights From Pirelli – RPG group-owned Ceat has acquired the global rights of brand Ceat from Italian tyre maker Pirelli for Rs 55 crore. The acquisition will help Ceat enter new markets such as Latin America, Europe and the US in the radial tyre segment. The tyre manufacturer expects to double its revenue from exports to Rs 1,000 crore in the next 3 years. (ToI)
Cairn Deal Approval By Feb – The Petroleum Ministry will take a decision by February on Cairn Energy Plc’s application to sell part of its stake in Cairn India to Vedanta Resources. On November 25, Cairn had sought the Ministry’s approval to transfer its stake in the three oil and gas producing assets to Vedanta Resources, falling in line with the Government. (BusinessLine)
Sona Koyo Sells JV Stake – Sona Koyo Steering Systems Ltd said on Monday that it has sold its stake in AAM Sona Axle Ltd for Rs 9.12 crore to the other partner in the joint venture, US-based AAM International Holdings. The shares were sold for a total consideration of Rs 9.12 crore to AAM International Holdings. (BusinessLine)
Mahindra Financial Services To Raise Rs 570Cr From QIP – Mahindra & Mahindra Financial Services Ltd has approved raising funds by issue of equity shares for an aggregate amount not exceeding Rs 570 crore by way of Qualified Institutional Placement. (BusinessLine)
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