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News Roundup: GAIL to sell part stake in China Gas Holdings

17 April, 2013

State-owned gas utility GAIL India Ltd plans to sell part of its 4.6% stake in Hong Kong-listed, city gas distribution firm, China Gas Holdings. GAIL, which had in 2005 made a strategic investment of INR 137 crore ($31.35 million) by acquiring 210 million shares of China Gas, will sell part of its holding this month. The GAIL Board has accorded approval to partially divest the firm’s equity stake in China Gas. (Business Line)

Cafe Noir Restaurants plans to sell stake: Leading domestic F&B entrepreneurs Anjan Chatterjee of Specialty Restaurants is planning for acquisitions. The company is in talks to acquire Cafe Noir Restaurants, which offers customers a more luxury, French cafe experience. (The Times Of India)

Jubilant Foodworks plans for acquisition: Bhartias of Jubilant Foodworks are eyeing tuck-in acquisitions to enter new segments like cafes and confectionery to diversify. The promoters of well known Bangalore-bred food and beverage brand, Sweet Chariot, are in talks to be part of the consolidation moves playing out in the sector. Sweet Chariot, has held early stage discussions with multiple F&B chains including Jubilant Foodworks, the master franchisee of Dominos International in India. (The Times Of India)

Wonderla Holidays files Draft Red Herring Prospectus with SEBI for IPO: Wonderla Holidays Ltd. is looking to raise funds through an initial public offering. The company has already filed draft red herring prospectus with market regulator SEBI for the proposed offering. The issue would constitute 25.66% of the fully diluted post issue paid up equity share capital of the company. Edelweiss Financial Services and ICICI Securities are appointed as the lead managers to the issue. The equity shares offered in the issue are proposed to be listed on BSE and NSE. (The Economic Times)

New fund aims at early stage tech start-ups: Ranjan Pai and former Infosys director Mohandas Pai are investing in an accelerator fund for early-stage social media, mobile and cloud computing start-ups. The Habit Fund will be managed by Sunil Bhargava of mobile start-up incubator Tandem Capital and Rohit Bhagat, former Asia Pacific chairman of BlackRock Inc., and aims to raise $75-100 million. Each start-up would receive anywhere between $150,000-300,000 in funding, depending on requirements. The fund would invest in the intersection of mobile and consumer. So far, about $25 million has been committed towards the fund, which has started processing applications. At least four start-ups have been shortlisted and are close to securing funding. (Live Mint)

Inter-connected Stock Exchange board to short-list bidders: The Inter-connected Stock Exchange of India (ISE), an exchange promoted by a dozen regional exchanges, will have a board meeting on Tuesday to decide on the sale of its broking subsidiary. Around 12 entities have expressed interest in picking up the broking company. The entities who have bid include financial institutions as well as broking companies. The sale of the subsidiary was a precondition from the stock market regulator before the exchange could start operations. ISE Securities & Services Ltd is spread across 80 locations. (Business Standard)

Courtesy: VCCEdge


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News Roundup: GAIL to sell part stake in China Gas Holdings

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