Essel Group Becomes Largest Shareholder Of IVRCL: The Essel Group has dangled an offer to buy out the founder of IVRCL as it presses ahead with a plan to smoothly gain control of the company, a person close to the development said. The Subhash Chandra-controlled Essel, which is now the largest shareholder in IVRCL, is keen to avoid a costly takeover battle and has offered to buy out promoter Sudhir Reddy's stake at Rs 90 per share, valuing the company at Rs 2,400 crore, the source said. The offer is a 33% increase over IVRCL's share price on March 27, when Essel announced that it bought a 10.2% stake in the company. On Wednesday, it bought 2.08% more, surpassing IVRCL promoters Sudhir Reddy and his associates who own just 11.2%. Reddy said he has not been approached with a 'formal offer'. Economic Times

HUL Sells Gulita To Piramal Realty For $90M: Hindustan Unilever Ltd has signed a deal with Piramal Realty to sell Gulita, a sea-facing property in south Mumbai, for Rs 452.5 crore ($90 million). The prime property located at Worli Sea Face, used for training and as accommodation for senior brass of the consumer goods company will be converted into luxury residential complex. The deal value includes both fixed and variable components as per a company disclosure. BSE

RBI Ask Kotak Mahindra Bank Promoters To Cut Holding To 10%: The Reserve Bank of India has asked the promoters of Kotak Mahindra Bank to cut their stake in the bank to 10 per cent from 45 per cent by 2016. This regulatory directive is in keeping with the guidelines for entry of new private sector banks. The guidelines require promoters to gradually bring down their stake to 10 per cent. Promoter holding in Kotak Mahindra Bank was at 45.40 per cent as on December-end 2011 against 63 per cent in 2003, when it became a bank. Business Line

New Silk Route Sets Aside $100M For Platform Deals In F&B Space: New Silk Route has set aside $100 million (Rs 500 crore) to invest in a portfolio of four food and beverage firms by crafting a model that has never before been implemented in India. The investments will be channeled through a holding firm that will take a controlling stake of 51% in mid-sized promoter-led firms in an initiative that has been informally termed 'Project Gastronomy'. Promoters will be asked to cede control of accounting, human resource management and project management in return for fresh capital and handholding to expand their firms both in India and overseas. Economic Times

Usha International’s Stake In Hondal Siel Cars May Be Valued At Rs 126Cr: Usha International Ltd (UIL), the Siddharth Shriram Group company and a minority shareholder in Honda Siel Cars India (HSCI), is likely to rake in a maximum of only about Rs 126 crore on exiting the joint venture. This is based on a Rs 4,000-crore valuation of HSCI used by independent market analysts. This is lower than the valuation worked out by HSCl's Japanese parent, Honda Motor, based on the premium it paid to infuse an additional Rs 1,200 crore through a rights issue into the company recently. Business Line 

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