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News Roundup: Edelweiss Eyes Anagram Capital

12 November, 2009

DLF Owners To Buy Out DE Shaw In Arm – The founding family of India’s real estate major DLF has reached a deal with DE Shaw, global investment and technology development firm, to buy out the hedge fund’s stake in DLF Asset (DAL). In this transaction, DE Shaw will get a little less than $500 million from KP Singh and his family, and privately-held DAL will most likely become a majority-owned subsidiary of listed property developer DLF. The move could lead to a Singapore listing for the DLF affiliate in the first quarter of 2010. (ET)

Essar Buys Rs 1,200-Cr Shree Precoated Assets – Essar Steel (ESL) has acquired steel assets of Shree Precoated Steels (SPSL) at Rs 1,200 crore. This is part of company’s plan to enhance Essar Steel’s portfolio with integrated facilities from heavy plates, hot rolling, cold rolling, galvanising and colour coating, besides the full distribution business with the service centre and its own hypermarts. The plant is located at Sanaswadi near Pune in Maharashtra. It has funded the acquisition through debt and equity. (Business Standard)

Birla Group May Hike Stake In Grasim – Diversified business conglomerate Aditya Birla Group may scale up its equity stake in Grasim Industries next financial year to ring-fence the viscose staple fibre maker and the holding company of the group’s cement entity UltraTech Cement from any hostile take-over attempt. The company is restructuring its business by divesting the cement operations of Grasim into an intermediate firm, Samruddhi Cement, which will eventually be merged with UltraTech Cement. Birla group currently holds a 25% stake in Grasim. (ET)

Edelweiss Eyes Anagram Capital – Edelweiss Capital, a Mumbai-based institutional brokerage firm is understood to be conducting due-diligence of the books of Anagram Capital for acquisition. If all goes well, a buyout deal is likely to be announced in the next two weeks. Edelweiss has been looking for a larger footprint in retail broking, which is the forte of Anagram. Anagram has posted a net profit of Rs 3.5 crore in financial year 2008-09, as compared with Rs 18 crore a year ago. (DNA)

Reliance May Sell Stake In Foreign Blocks – Mukesh Ambani-led Reliance Industries Ltd plans to sell stake in foreign blocks. The company says this is part of their ongoing strategy and is taking the issue seriously. (Reuters)

DoT May Reconsider Etisalat DB-Allianz Merger – The Department of Telecommunications (DoT) may relook at UAE-based mobile operator Etisalat DB’s proposal of merging new player Allianz Infratech with itself, as it now feels the deal does not involve sale of equity. Earlier in October this year, DoT has rejected a proposal from Etisalat DB Telecom to merge Allianz Infratech on the grounds that there is a three-year lock-in on sale of equity by new operators. (BS)

NMDC To Form SPV Iron-ore Mining Venture – NMDC Ltd, the public sector mining company, is in the process of forming a special purpose vehicle (SPV) with the Andhra Pradesh Mineral Development Corporation (APMDC) to explore the iron ore potential in the state. The company is expecting a final term sheet by the end of this month. Currently, the government is in a fix over a lease granted to Obulapuram Mining Company (OMC) of Karnataka’s BJP leader Gali Janardhan Reddy. (DNA)

Air India Posts Net Loss Of Rs 5,548Cr – Despite taking some serious measures in the past one year to enhance revenue and reduce costs, India’s largest carrier Air India has reported a net loss of Rs 5,548.26 crore in FY 2008-09. It came down from the Rs 7,200 crore a year ago.The company has withdrawn operation in certain loss-making routes, returned the leased aircraft, rationalised wage structure, improved sales and marketing initiatives to reduce costs in the last fiscal. (BS)

 


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News Roundup: Edelweiss Eyes Anagram Capital

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