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News Roundup: FIPB Says No To Jaipur IPL's Foreign Fund Raising Plan

11 May, 2010

FIPB Says No To Jaipur IPL’s Foreign Fund Raising Plan – The Foreign Investment Promotion Board (FIPB), a nodal agency dealing with the matters relating to foreign direct investment (FDI) in India, has rejected Jaipur IPL’s proposal to induct foreign equity into the company. The board has reportedly rejected the proposal on the ground that the company cannot issue equity in lieu of money that did not come to its books. Jaipur IPL Cricket had approached the board for permission to issue equity to the Manoj Badale-promoted Emerging Media IPL in lieu of $5.05 million in earnest money paid by it to the Board of Control for Cricket in India (BCCI) on its behalf. It also plans to issue some more shares to EM Sports Holding, Mauritius to pay franchisee fee to the BCCI. (ET)

Cognizant Buys London-based PIPC Group – Cognizant Technology Solutions, a Nasdaq-listed IT and BPO services provider, is acquiring PIPC Group, a London-based global programme management consulting firm. PIPC provides programme management services, methods and tools to companies for business transformation, and currently has 200 professionals worldwide, primarily in the UK, Australia, New Zealand, and the US.  The terms of the transaction were not disclosed. (BS)

Axis Bank Buys 1.2% Stake In Karnataka Bank – Axis Bank, the country’s third-largest private sector lender, has acquired 1.2% stake in the Mangalore-headquartered Karnataka Bank. The deal is happened through an open market transaction, while the financial details of the transaction are not known. Recently, it was reported that Axix bank was in talks with the promoters of Bank of Rajasthan (BoR) for acquiring some stake in the bank, though the BoR promoters later said they were not interested to dilute their stake at this stage. (ToI)

CSIR To Take Equity Stakes In Companies – Council of Scientific and Industrial Research (CSIR), the industrial research and development organisation under the central government, is planning to take equity stakes in some companies to whom it is lending technological innovations. It has already received government approval for the same, and would take stakes in smaller companies. The company is reportedly in talks with many such firms in the life sciences and energy sectors, and quite a few deals are in the pipeline. (DNA)

Indosolar To Raise Rs 400-Cr In IPO – Indosolar Ltd, a New-Delhi-based manufacturer of solar photo-voltaic cells, is planning to raise Rs 400 crore through initial share sale in July this year. The company plans to utilise the fund to ramp up capacity to capture the growing Indian market for solar cells. Indosolar currently has capacity to make solar photovoltaic cells that can produce 160 megawatts of electricity. It aims to increase annual manufacturing capacity to 260 MW by 2011 at an investment of Rs 360 crore. (Dow Jones) 

Radico To Cut Stake In JV – Radico Khaitan Ltd, a manufacturer and distributor of liquor products in India and internationally, is planning to reduce its stake in Diageo Radico Distilleries Pvt Ltd, a joint venture company with UK’s Diageo Plc. Redico and Diageo were in an equal JV to make and sell liquor products in India. Radico has initiated talks with its JV partner Diageo to reduce its stake in the company. Diageo had already received approval from India’s Foreign Investment Promotion Board (FIPB) to raise its stake in the joint venture to 100%. (Moneycontrol.com)

British Telecom To Sell Stake In Tech Mahindra – BT Group plc (formerly British Telecommunications plc), the UK-based firm, is in talks with prospective buyers to dilute 7% stake in Tech Mahindra, a provider of end-to-end IT services and solutions to the telecom industry. BT currently holds 30.83% in Tech Mahindra and the stake is valued at Rs 617.76 crore at the current market price. Reportedly, private equity players and mutual fund houses have expressed interest in acquiring this stake. (Moneycontrol.com)

elLoka Tech To Raise $10 Million – elLoka Techsolutions Pvt Ltd, a Chennai-based product design and manufacturing company, is planning to raise $10-million (around Rs 46 crore) equity investment to meet its working capital requirements and to scale up its manufacturing capabilities. The company is expecting to complete the fund raising by the end of August this year. elLoka has recently launched a computing device called Home Computer (HC), which it claims to be the first such product to be completely designed and manufactured in India. (BS)

ABG Shipyard Dilutes 2.15% Stake In Great Offshore – ABG Shipyard Ltd, a leading ship manufacturing and repairing company in India, has sold 0.8 million shares comprising 2.15% equity of the company in Great Offshore for Rs 36.94 crore, it informed the BSE. Post this transaction, ABG’s stake in Great Offshore has come down to 7.35% from 9.50% earlier. (Team VCC)

Rainbow Papers To Invest Rs 327Cr In Expansion – Rainbow Papers Ltd, a Gujarat-based manufacturer of paper and paper products, is planning to pump in about Rs 327 crore for its expansion programme. The company has recently raised Rs 121 crore through GDR, and has already tied up with financial institutions for another Rs 200 crore. The remaining amount will come from internal accruals. (ToI)

LS Industries To Buy Ezy Infosoft – LS Industries Ltd, a Ahmedabad-based manufacturer of metal cleaning equipment and integrated systems, is acquiring Ezy Infosoft Pvt Ltd, a company in Chandigarh. The board of directors of the company has approved the acquisition, it informed the Bombay Stock Exchange. The financial terms of the transaction were not disclosed. LS Industries product line includes pressure washers, spray systems, flow-through washers and integrated blast systems for cylinders, among others. (Team VCC)

IFC Invests Rs 100.23Cr In Cholamandalam DBS – International Finance Corporation (IFC), the private investment arm of the World Bank, has invested Rs 100.23 crore in Cholamandalam DBS Finance Ltd, the latter informed the Bombay Stock Exchange. IFC has bought over 10.89 million equity shares of Cholamandalam on a preferential basis in this transaction. (Team VCC) 


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News Roundup: FIPB Says No To Jaipur IPL's Foreign Fund Raising Plan

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