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News Roundup: Dr Reddy Up On Glaxo Stake Buy Rumors

11 September, 2009

ICICI Venture To Raise New Fund – ICICI Venture is floating a new fund of $500 million (Rs2,420 crore) fund which can go up by another $300 million. ICICI Bank is sponsoring the fund with 10% contribution and the fund has managed to raise Rs 1,000 crore in commitments already. On the other hand, ICICI Venture has capped the India Advantage Fund Series 2 at $583 million, whose original size was $810 million. The PE firm is also planning to raise an infrastructure fund. (Mint)

Dr Reddy Up On Glaxo Stake Buy Rumors – Shares of Dr Reddy’s Laboratories were up by 3.65% yesterday on the rumors of GlaxoSmithKline (GSK) buying a stake in the company. In the derivatives segment, open interest surged a whopping 36.5% to 651,200 shares, suggesting more action. A deal is expected at a stock price of Rs 950 per share. (DNA)

Murugappa Group To Exit From Chola DBS JV – Chennai based diversified business group Murugappa Group, one of the promoters of Cholamandalam DBS Finance Ltd, plans to sell its equity stake in the company. Murugappa will sell its stake to its partner, DBS — the leading bank in Singapore. Currently, both Murugappa and DBS hold equal share in Chola DBS with 37.5% stake each, while the balance 25% equity is with the public. (Economic Times) 

FDI Inflow Crosses $3 Bn In July – The foreign direct investment (FDI) to India increased by an impressive 56% in July 2009 to $3.5 billion as against $2.6 billion in the same month last year. Mauritius, the US, Japan and Singapore are the major investing countries during the first four months of 2009-10. The total FDI inflow during the April-July period dipped by about 15% to $10.5 billion from 12.3 billion in the same period of 2008-09. (Times of India) 

Govt. To Sell Up To 5% NTPC Stake By March – The government of India plans to sell up to 5% of its equity in country’s leading power generating company the company National thermal Power Corporation (NTPC) before March. This is part of UPA government’s disinvestment programme under which it intends to sell minority stake in select public sector undertakings. NTPC Chairman R S Sharma informed that the company is waiting for a formal approval in this regard. (ET)

General Atlantic Eyes Banking, Healthcare – General Atlantic LLC is looking to invest in sectors like banks and healthcare in India. The firm is planning to raise funds in Asia though it does not have plans for an India-dedicated fund right now. General Atlantic has invested $1 billion across 10 companies in India. (WSJ)

United Spirits To Reduce Debt By Oct End –  United Spirits, part of Vijay Mallya-promoted UB Group, is looking at options including the sale of treasury stock and placements to institutional investors or private equity funds to reduce debt by the end of October this year. Out of its expected about $300 million fund to be raised for the purpose by October this year, it has already raised about $185 million in June by selling stock of the company it had on its balance sheet. (Reuters)

Ranbaxy Appoints Yugal Sikri As New CEO – Pharmaceutical company Ranbaxy Laboratories has appointed Yugal Sikri as the new CEO of the company.  Sikri was earlier senior Vice President at Novertis. His appointment is Daiichi’s first important hiring after the company bought Ranbaxy for around $4 billion in June 2008. The post was vacant after former owner Malvinder Singh stepped down from Ranbaxy as MD & CEO in May this year. (ET) 

 

 


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News Roundup: Dr Reddy Up On Glaxo Stake Buy Rumors

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