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News Roundup: Emaar MGF Raises Rs 250Cr From Kotak Realty Fund

09 September, 2010

Emaar MGF Raises Rs 250Cr From Kotak Realty Fund – Delhi-based Emaar MGF Land Ltd has raised Rs 250 crore in funding from Kotak Realty Fund for two of its residential projects coming up in Gurgaon. The funding comes as the plans for an IPO remain on hold. Emaar plans to use the funds for development of projects and general corporate purpose.

Royal Orchid Acquires Amartara – Bangalore-based Royal Orchid Hotels Ltd is entering the Mumbai hospitality market with acquisition of a majority stake in Powai-based Amartara Hospitality Pvt Ltd with plans to set up a four-star business hotel. Royal Orchid acquired 74% in the firm which holds a 50,000 square feet land parcel at Rs34 crore. (DNA)

Indosolar To Raose Rs 357Cr From Issue – Solar photo-voltaic cells manufacturer, Indosolar Limited, plans to raise up to Rs 357-crore through an IPO scheduled to open on September 13. The proceeds will be used to expand its third manufacturing line of solar cells of 100 MW. The company has fixed the price-band of its issue at between Rs 29 and Rs 32 per equity share. (Economic Times)

Russian Govt To Acquire 20% In Sistema Shyam – The Russian government is buying a minority stake in telecom services provider Sistema Shyam for $600 million in a deal that values the company at $3 billion.  Russian government’s stake in the company, which offers CDMA-based mobile services in India under the MTS brand, will be around 20%. (ET)

Tata Power In Talks For Overseas Buys – Tata Power Company is in talks to acquire a majority stake in the UK-based power generator InterGen NV from GMR Infrastructure to scale up its global presence. It is also in talks with several other companies. (ET)

R-Infratel In Talks With PE Consortium – Reliance Communications has started talks with a consortium of two to three private equity (PE) funds who may pick up a 51% stake in Reliance Infratel. The PE players could also bring in in a tower company as a partner in the consortium. Reliance Infratel has also sounded out two other operating tower companies in India. (Business Standard)

AMP Capital Raising Mezz-focused Infra Fund – AMP Capital Investors is marketing a new global infrastructure debt fund to international prospects. The firm hopes to make its first close on the fund by the end of the year, with a target of €500 million ($645 million). AMP invests in Asia and Europe. (Asian Investor)

NMDC In Talks For Minority In Riversdale – National Mineral Development Corp, India’s largest iron ore miner, is in talks to buy a minority stake in Riversdale Mining, the Australian company that owns large coking coal assets in Mozambique.NMDC is also doing a due diligence for the Kolmar coal mines in Russia. (ET)

ONGC Plans FPO – Oil & Natural Gas Corporation Ltd. (ONGC) is planning to raise $3.1 million through follow on public offering (FPO). The government would dilute 5% stake in the company. (Financial Express)

Megasoft To Sell Realty Assets – Megasoft Ltd. is planning to raise approximately $15 million through sale of its real estate assets. The company is looking to sell its property in Hyderabad and Vizag. The funds would be used for the repayment of outstanding debt of $19.3 million. (ET)


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News Roundup: Emaar MGF Raises Rs 250Cr From Kotak Realty Fund

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