Elbit Imaging To Invest $500M In Indian Realty – Israeli conglomerate Elbit Imaging Ltd and its subsidiary Plaza Centers NV are making fresh investments of at least $500 million (Rs.2,235 crore) to develop real estate projects in India. It is looking to build a diversified real estate portfolio, including residential and office spaces besides shopping malls. Elbit entered India in 2006. It has since invested about $400 million to buy land in central and southern Indian states.
RCom Converts FCCBs Worth $500M – Reliance Communications edeemed all its outstanding foreign currency convertible bonds (FCCBs) worth Rs 2,250 crore ($500 million), which are due for conversion this month. These FCCBs, which were issued in May 2006, were redeemed at a premium of 25.84%, and the payments were made on May 9, the due date. After this redemption, Reliance can avoid allotting equity shares, which would arise out of their potential conversion. (Business Standard)
SKS Microfinance To Raise Rs 5,000Cr – SKS Microfinance, whose shares have slumped 42% in the last three weeks on losses and low recovery in Andhra Pradesh, its largest market, plans to revamp its business model. SKS would raise Rs 4,000-5,000 crore in 2011-12. It will focus on gold loans and enter other non-core streams, even if it it means setting up a subsidiary. Microfinance loans account for 73% of SKS’ total portfolio. (Business Standard)
Ruia Group Buys Turkish Firm – The Ruia group has finalised acquisition of Turkey-based automotive sealing manufacturing firm Standard Profil AS at an undisclosed price with Turkey based Bancroft PE. The €180-million (approximately Rs 1,100 crore) company has production facilities in Turkey, Bulgaria, South Africa and China. This is Ruias’ third overseas acquisition of sealing makers after Schlegel in the UK in 2008 and Grefrath (Germany)-based GDX Automotive (now Draftex) in December 2009. (Business Line)
Galaxy Surfactants’ Rs 193Cr IPO Opens On May 13 – Galaxy Surfactants Ltd has come out with its initial public offering constituting 25.07% of fully diluted post issue paid-up capital. The company is in the business of manufacturing and marketing surfactants (surface active agent) and speciality chemicals for the home and personal care industry in India and abroad. The issue price has been fixed between Rs 325 and Rs 340 a share. This translates into an issue size of Rs 192.72 crore at the lower end of the price band, and Rs 201.62 crore at the upper end. (Business Line)
Marico Ends Talks With Unibic – Homegrown edible oil and personal care firm Marico Industries has ended talks to take a majority stake in Australian cookie maker Unibic Biscuits’ India arm, shelving its plans to enter the Rs 11,000-crore biscuits market. The maker of Parachute hair oil and Saffola cooking oil had been negotiating with Unibic since late last year and was close to a deal to buy a 51% stake for an estimated at Rs 130 crore. (Economic Times)
Gokul Refoils To Raise Rs 400Cr – Gokul Refoils & Solvent is planning to raise funding through JV or private equity for its upcoming capex of Rs 400 crore for two big refineries in Maharashtra and south India. The company expects for the next year the top line of approx Rs 5500 crore with the bottom line of Rs 110 crore. The firm is also in talks with two South Asian companies and the one from the US for investment. (Economic Times)