French Firm Roquette Eyes Majority In Riddhi Siddhi – Roquette Freres, a French major in starch and starch derivatives businesses, is likely to buy Riddhi Siddhi Gluco Biols Ltd, a Gujarat-based listed company in this space. The French firm is reportedly in advanced talks to hike its stake to 51% in Riddhi, from 14.93% now. Both the parties have already signed a non-disclosure agreement and are in the process of giving a final shape to the deal. Riddhi claims 25% market share in the country’s starch and starch derivatives business. (ET)
Smile Microfinance Raises $10M Equity Funding – Smile Microfinance Ltd, a Chennai-based microfinance company, has raised around $10 million (around Rs 50 crore) from equity funds managed by Developing World Markets (DWM), a US-based social investment fund manager. The company believes the proposed equity would help it to reach its target of Rs 1,500 crore and 1 million members over the next three years. It currently has clientele of three lakh households. Grameen Capital India was the sole advisor to this transaction for Smile. (BS)
KKR Close To Invest $50M In Emcure Pharma – Kohlberg Kravis Roberts & Co (KKR), a global private equity fund, is close to investing nearly $50 million (around Rs 225 crore) in Pune-based Emcure Pharmaceuticals Ltd. If the deal materialises, it would be the second largest private equity investment in life sciences space in the last 12 months. KKR and Blackstone were reportedly in talks with Emcure for some time now, but KKR has emerged as front-runner for the deal. Emcure is into manufacturing and marketing of formulations, active pharmaceutical ingredients and contract research and manufacturing services (CRAMS). (FE)
SEBI Delays IPO Plan Of Madhucon SPVs– Madhucon Projects Ltd (MPL), a Hyderabad-based company engaged in the execution of infrastructure projects, has hit road block in listing all its projects under development. The market regulator Securities and Exchange Board of India did not clear the the projects IPO concerning re-pledging of shares. Madhucon, which was planning to file the draft red herring prospectus in this month, will have to wait till next June for the same. The company planned to bring six of its special purpose vehicles (SPVs), including four roads, one power project and one coal project, under Madhucon Infra, for the IPO to raise Rs 500-600 crore. (DNA)
L&T To Launch $250M Infra Fund – Larsen & Toubro Ltd (L&T), an infrastructure major in India, is planning to launch $250 million private equity fund to invest in infrastructure projects in the country. The company is expecting to float the fund within two months, and is looking for two-three anchor investors for the same. (Nasdaq)
Jay Shree Tea Eyes More Buys In Africa – Jay Shree Tea & Industries (JTIL), a Kolkata-based tea manufacturer and part of B K Birla group company, is looking for more buys in Africa to strengthen its presence in the black tea market. JTIL has recently acquired three tea gardens in East Africa, two in Rwanda and one in Uganda. The company is now scouting for more gardens and estates in the region. (ET)
Aegis Likely To Buy Majority In Avaya GlobalConnect – Aegis, the business process outsourcing arm of the Essar Group, is in advanced talks to acquire India-listed Avaya GlobalConnect (AGC) Networks. Aegis is reportedly planning to acquire 59.13% promoter’s stake in the company. Avaya Inc, the US-based business communication systems provider, owns this stake in Avaya GlobalConnect through Avaya Mauritius and Avaya International Llc. (BS)
MCX Receives FMC Nod For IPO – Multi Commodity Exchange (MCX), one of India’s leading commodities futures trading platform, has received mandatory approval for its proposed initial public offer (IPO) from the market regulator, Forward Markets Commission (FMC). Financial Technologies (FTIL), which currently holds 31% stake in MCX, had postponed its plan to enter into the capital market twice earlier due to poor investors’ sentiment. (BS)
Aditya Birla Minacs Looks At More Buys – Aditya Birla Minacs, the business process outsourcing (BPO) subsidiary of Aditya Birla Group, is looking for strategic acquisitions to achieve 20% topline growth rate this fiscal. While for the domestic market the company has chalked out organic expansion, the firm is scouting for strategic acquisitions overseas. In March, it has acquired UK-based Compass BPO, which focuses on finance and accounting services. (ET)
Coal India To Spend Rs 6,000Cr In Foreign Buys – Coal India Ltd (CIL), world’s largest coal miner, has planned to keep Rs 6,000 crore for foreign buys. The company, which is close to hit the public market with its initial public offer (IPO), has lined up this spend for acquisitions in 2010-11. CIL plans to fund the proposed acquisitions through internal accruals. (DNA)
US To Hire Adviser For General Motors IPO – The US treasury department is interviewing Wall Street bankers to advise the government on an initial public offering of General Motors Co. Reportedly, Greenhill & Co, Lazard Ltd and Perella Weinberg Partners are competing for the advisory role. GM, the US auto major, emerged from a government-sponsored bankruptcy last July. It has received a $50 billion government bailout that gave the US treasury nearly 61% ownership of the company. (DNA)
Aksh Optifibre To Raise Rs 250Cr Through Various Instruments – Aksh Optifibre Ltd, a manufacturer & exporter of optical fibre cables, is planning to raise up to Rs 250 crore through the issue of FCCBs, ADRs, GDRS, QIP, and preferential allotment of shares. The funds will be raised from both domestic and international markets, and will be used in expanding company’s IPTV business, and other requirements, it informed the stock exchange. (Team VCC)
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