DLF Looking to Raise Rs 10,000 Crore Via Asset Sale - DLF, India’s largest real estate company, is looking to raise Rs 10,000 crore in the next 2-3 years through sale of its treasury investments, land parcels and real estate projects.Mr Singh’s family, promoters of the cash-strapped DLF, had sold a 9.9% stake in the company on Wednesday for Rs 3,860 crore in open market transactions. DLF is currently in negotiations with buyers. The company will also sell some of its hotel projects and certain businesses such as wind power to raise the amount. (The Economic Times)

Kiran Karnik, Nachiket Mor Appointed to Intuit Inc Board - Kiran Karnik, former Nasscom president, and financial services expert Nachiket Mor have been appointed to the newly established India Advisory Board of Intuit Inc. The advisory board has been formed to provide these underserved markets with a suite of connected services. Mor was the head of the ICICI Foundation for Inclusive Growth and a former deputy managing director of ICICI Bank. He was involved in India's rural and micro banking initiatives and has in-depth knowledge on banking and financial management in the country. (Business Standard)

NHAI Launches Tax-Free Bonds to Raise Up To Rs 4,000 Crore - The National Highways Authority (NHAI) of India has launched tax-free bonds to raise up to Rs 4,000 crore in the current fiscal to fund its road projects. The government has allowed National Highways Authority of India (NHAI) to raise up to Rs 4,000 crore through tax-free bonds in the current fiscal. The three-year bonds, priced at Rs 10,000 each, carries a coupon rate of 6.25 per cent per annum and will qualify for income tax exemption under section 54 EC of the Income-Tax Act, 1961. The subscription for bonds, which opened on May 11, would be closed on March 31, 2010. The minimum application size for the non-transferable bonds has been fixed at five bonds (Rs 50,000) and maximum at five hundred (Rs 50 lakhs). (Business Standard)

Actis May Not Subscribe to Swaraj Mazda’s Rights Issue - Private equity fund Actis, one of the key shareholders with an 18% stake in light commercial vehicle major Swaraj Mazda (SML), is understood to have taken a decision to refrain from participating in the company’s forthcoming rights issue, a decision which will result in Japanese trading giant Sumitomo becoming a dominant shareholder in the company post the issue. Sumitomo currently has just under 54% in the company. Actis is understood to have taken the decision on the premise that the value of its holding in SML may not appreciate significantly in a volatile stock market. (The Economic Times)

RoC Seeks Clarification on RIL-RPL Merger - The country’s largest company by market value, Reliance Industries Ltd (RIL), has been asked by the registrar of companies (RoC) to provide a clarification on some shareholder complaints against its proposed merger with with Reliance Petroleum Ltd (RPL). A copy of the letter written by RoC to the company was reviewed by CNBC-TV18. The RoC, in the letter written on 28 April, sought an “exhaustive” reply from the company within 10 days. The RoC letter also indicated that a first reading of the complaint received by it indicated a “possible violation of the Companies Act”. (

DLF Promoters Plan DAL Listing in 18-24 Months - After infusing Rs 3,860 crore into DLF Assets Ltd (DAL) by selling a 9.9% stake in realty major DLF to institutional investors, promoters K P Singh and family plan to list the real estate investment trust in the next 18 to 24 months. DAL is a real estate investment trust wholly owned by the promoters floated to acquire DLF's commercial properties. DAL had planned to list in Singapore but had to shelve the proposal after the global meltdown. (Business Standard)

Lupin to Raise Stake in Australian Firm to Increase Market Presence - Drug major Lupin will soon increase its stake in Generic Health Pty Ltd, a major generics drug supplier in Australia, to over 50 per cent in order to corner a major share of the growing Australian market. Lupin is currently following a low-cost acquisition strategy and investment in Generic Health might not be significantly large. Generic Health, a predominantly marketing company, maintains a partnership model with global generic drug makers and has a marketing tie-up with Lupin. The company sells drugs worth approximately $500 million or Rs 2,150 crore in Australia, according to sources. (Business Standard)

NSE Buys Kurla Property for Rs 120 Crore - National Stock Exchange (NSE) has bought 80,000 square feet office space from Unmesh Joshi-led Kohinoor City in Kurla, one of the central suburbs of Mumbai, for Rs 120 crore, making it one of the biggest property deals in Mumbai this year. Joshi is son of former Lok Sabha Speaker Manohar Joshi.NSE, headquartered in the nearby Bandra Kurla Complex (BKC), paid Rs 15,000 per sq ft, which according to property consultants is a decent price given the current market conditions. Office properties in Kurla command a price of Rs 12,000-15,000 a sq ft. (Business Standard)

DLF Exits Dankuni Township Project - Real estate major DLF has finally exited the troubled Rs 33,000 crore public-private partnership (PPP) township project at Dankuni in Hooghly district of West Bengal. The state government has paid back about Rs 266 crore to the developer after deducting Rs 5 crore as fee for work done on behalf of DLF. Spread over 4,840 acres, the Dankuni township was hailed as one of the biggest PPP projects in the country. DLF paid Rs 271 crore to the state government in 2007 after it emerged as the highest bidder, leaving developers like Emaar-MGF, Suncity and Bengal Ambuja behind. (Business Standard)

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