Elephant Capital To Double Ratnakar Bank Stake – Private equity firm Elephant Capital will double its holding in Ratnakar Bank as it offers minority stakes to a slew of investors. Elephant had picked up a 2.5% stake in the Kolhapur-headquartered bank in April. Ratnakar Bank is also in talks with other private equity (PE) investors, and financial services conglomerate HDFC group. (Economic Times)
Tata Buys Stake Hyderabad Defence Co – Tata Group has made its first acquisition in the defence business by picking up a 74% stake in Hyderabad-based HBL Elta Avionics for an undisclosed amount. The deal was done through its arm Tata Advanced Systems (TAS). The remaining 26% continues to be held by its foreign partner ELTA Systems, a unit of Israel Aerospace Industries (IAI). (Times of India)
Core Projects To Invest Rs 450Cr – Core Projects & Technologies is planning to open 30 schools with an investment of Rs 450 crore, which will require an equity infusion of Rs 150 crore over the next three years. The funds will be raised via debt and internal accruals. (Moneycontrol)
Mexico’s Cemex Eyes Murli Industries – Mexico’s Cemex is in talks to buy a controlling stake in Murli Industries, a small cement company to enter the Indian market. The deal should be completed by the end of this year and is expected to be worth about $600 million. (Financial Times)
MOIL IPO Price Band At Rs 340-375 – The government has fixed a price band of Rs 340-375 a share for raising up to Rs 1,238 crore through initial sale of shares in MOIL Ltd. The central govt will dilute 10% stake in the country’s largest manganese manufacturer, while the Madhya Pradesh and Maharashtra governments will shed 5% each. (Business Standard)
IL&FS Financial Services To Raise Rs 70K Cr – Non-banking finance company IL&FS Financial Services (IFIN) plans to fund Rs 70,000-crore aggregate of projects this financial year, and raise Rs 34,300 crore in the immediate-term. The company has tied-up with five public sector banks — Bank of India, Punjab National Bank, Union Bank, Bank of Baroda and Canara Bank — besides Infrastructure Leasing and Financial Services (IL&FS), to form a joint syndication and underwriting platform for infrastructure projects. (BS)
Kingfisher To Raise $300M From GDRs – Kingfisher Airlines will raise $250-300 million through global depository receipts (GDR) by January next year. The lenders will convert a part of their loans into preferential shares in accordance with the debt recast plan worked out by SBI Capital. Kingfisher’s debt was estimated at around Rs 6,000 crore excluding working capital. (ToI)
Pepe In Talks For Stake In India JV – Spanish entrepreneur Carlos Ortega along with financial investors is in advanced talks to take direct control of Pepe Jeans in India through a joint venture deal with Chetan Shah which will help the Madrid-based parent to gain an economic interest in one of the strongest emerging markets for the brand. Ortega and investors will buy up to 65% stake in a JV company while Shah will hold the rest. The transaction could value the JV at Rs 250-300 crore. (Times of India)
Coal India Eyes Massey Energy – After expressing interest in picking up some mines of Massey Energy, state-run Coal India (CIL) today said it was open to acquiring the US-based company in its entirety. Massey Energy is the fourth-largest coal company in the United States, with reserves of about 2.3 billion tonnes, while CIL is the world’s largest coal miner. (BS)
Kotak Mahindra Eyes Acquisitions – Uday Kotak-led Kotak Mahindra Bank is eying acquisitions of a bank that will multiply its growth potential. Kotak Mahindra Bank is looking at targets with with a big branch network and is willing to be bold. Kotak Mahindra has 267 full-fledged branches as on September 30, 2010. (ET)
LIC Mauritius Eyes Local Targets – LIC Mauritius, a fully-owned branch of Life Insurance Corporation of India (LIC), is looking at acquiring a local life insurance company. The possible acquisition will help consolidate the company in the country. With total assets of 2.6 billion Mauritian rupees and 52,000 policy holders, LIC has registered an average growth of 40% for the last three years.
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