News Roundup: Dr Reddy Joins Race To Buy Doktor Mom

30 March, 2016

Dr Reddy Joins Race To Buy Doktor Mom – Dr Reddy’s Labs (DRL) has entered the fray to buy Doktor Mom, one of the largest-selling over-the-counter (OTC) range of drugs in Russia & the Commonwealth of Independent States (CIS).Johnson & Johnson (J&J) is also in talks to buy Doktor Mom, a range of cough and cold products owned by Mumbai-based JB Chemicals & Pharmaceuticals with annual sales of Rs 200 crore. The deal could be in the range of $250-300 million. (Business Standard)

PLG Power files For $100M IPO On AIM – PLG Power Ltd has filed for $100 million initial public offering (IPO) on London’s Alternate Investment Market (AIM) to fund the expansion of its solar power manufacturing facilities. The firm has mandated Peel Hunt to arrange the issue and aims to get listed on AIM by September. PLG also plans to raise a further $100 million through a follow-on offering. The company is in talks with private equity firm CVC Capital to sell a quarter of its stake, but is yet to reach a final deal price.

Oracle May Exit Services Business – Oracle Corp , the world’s second-biggest software maker, is in early-stage discussions with potential bidders and investors about a possible sale of its software services unit. Oracle Financial Services Software, known as i-flex Solutions before Oracle acquired it in 2005, gets over half of its revenues by selling a banking software product called Flexcube. The services division, called Prime Sourcing, is now seen by the company as a non-core business. A potential deal size could be in the range of $400-500 million for the sale of IT services business. (Economic Times)

Jay Shree Tea Close To Raising Rs 100Cr – Jay Shree Tea and Industries is in the final stages of talks with a clutch of overseas fund houses, mostly based out of Singapore and also with multilateral funding agency, International Finance Corporation, to raise equity of up to Rs 100 crore to finance tea garden buy in Africa. The B K Birla Group company is hopeful of concluding the ongoing talks to acquire gardens in Africa within the next three months. (DNA)

Tamilnad Mercantile Bank May Got For IPO – Tuticorin-headquartered Tamilnad Mercantile Bank is looking to list its shares, possibly after resolving some of the issues around shareholding and ownership. The Reserve Bank wants the bank to list shares. The bank’s plans include achieving the business volume target of Rs 31,650 crore, expanding network from 234 to 300 branches, entering bancassurance business for life (insurance products), retailing gold coins through tie-up and introducing mobile banking services during this fiscal. (Business Line)

Infosys Eyes Consulting Buys In Europe, Japan – Infosys Technologies Ltd is looking to buy a consulting company that has deep penetration into Europe or Japan. The IT bellwether is in talks with a few companies in Europe for acquisition. (Business Line)

Piramal To Buy Rs 600Cr Property From Mafatlal – Mafatlal Industries has approved a plan to sell its land in Mazgaon to Gilders Buildcon, an Ajay Piramal group company, for over Rs 600 crore. The size of the land is about 30,910 sq.m. Gilders Buildcon, will construct a spinning unit and give it to Mafatlal Industries for recommencing spinning activity with a capacity of 10,000 spindles. (Business Line)

Temasek Drops Shriram Transport Stake Buy Plans – Singapore state investment fund Temasek Holdings has decided to drop its plans to buy private equity major TPG Capital’s stake in India’s largest commercial vehicle financing company Shriram Transport Finance. Temasek’s decision comes in the wake of the Reserve Bank of India’s move to take away priority sector lending status for nonbanking finance companies. TPG, which holds 20% stake valued at Rs 3,000 crore in Shriram Transport, was in talks with Temasek to offload part of its holding. (Economic Times)

Naaptol May Raise $25M For TV Foray – E-commerce portal Naaptol.com is looking at a foray into television with an investment of Rs 60 crore. The company has partnerships with multiple channels on hourly slots and is looking at launching a 24-hour channel. The company was looking at raising $25 million from venture capital funds over the year for the venture. Additional funding would be required for production, studio and distribution capacity. (Business Standard)

Karur Vysya Bank Appoints New CEO – Karur Vysya Bank Ltd has appointed K Venkataraman as the Managing Director & Chief Executive Officer of the Bank for a period of three years with effect from June 01, 2011. He is currently the MD & CEO of the SBI Global Factors Ltd.  P T Kuppuswamy, the incumbent MD & CEO, will be demitting office on the expiry of his current tenure on May 31, 2011. (Moneycontrol)

 


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News Roundup: Dr Reddy Joins Race To Buy Doktor Mom

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