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News Roundup: Galleon Under Sebi Scanner

21 October, 2009

Ex-Baring Partner To Raise $250M – N ‘Subbu’ Subramaniam, who recently quit as partner with Baring Private Equity Partners India, is looking at raising at least a $250 million private equity fund in India. Subramaniam was scouting for an anchor investor in the US and is understood to have zeroed in on two large funds to anchor. The fund raising process will be kickstarted early next year. The corpus of the fund may increase to $500 million. (Business Standard)

Asklepios To Launch $100-200M India Fund – Leading international clinic chain Asklepios International plans to launch a $100 to $200 million fund as part of its India foray. If this fund goes through, it would be the first German big-ticket investment in the $35-billion Indian healthcare segment. The Asklepios group has been scouting for anchor clients in India to firm up the venture, and has been in talks with a few healthcare players in India to partner as a strategic investor.  (Economic Times)

RPG To Merge Four Listed Arms – The diversified RPG Group has planned to merge four of its listed companies — Summit Securities, Brabourne Enterprises, Octav Investments and CHI Investments — with RPG Itochu, a 100% subsidiary of RPG Enterprises. The company believes the merger helps it achieve cost optimisation as well as better governance, besides consolidating assets. The four merging companies are together estimated worth Rs 1,000 crore. (DNA)

Galleon Under Sebi Scanner – New York-based hedge fund Galleon, whose Sri Lankan founder Raj Rajaratnam was arrested for alleged insider trading on Friday, is under Sebi scanner. Though there was no concrete evidence so far of any insider trading in the Indian market by the hedge fund, but the regulator would not leave anything to chance. Galleon has so far invested in only three listed companies in India – 7.04% in Edelweiss Capital, 4.61% in Shriram EPC and 0.22% in recently listed Pipavav Shipyard, and in unlisted firm Reliance Telecom Infrastructure. (BS)

Essar Drops $134M Bid For Aussie Miner – Essar Steel has withdrawn it from bidding Australian coalminer Rocklands Richfield, leaving compatriot Jindal Steel & Power (JSPL) in the fray as the sole suitor. However, the reason for the withdrawal is not known. Under the terms, Essar would have to pay A$1.5 million as breakaway fee to Rocklands Richfield. (DNA)

IFGL Refractories Eyes More Overseas Buys – IFGL Refractories Ltd, which made two overseas acquisitions in the past four years, one each in the UK (2005) and Germany (2008), is planning more such buys. The company says it has initiated discussion with some family-run businesses in South America, CIS countries and Europe and the deals are likely to materialise soon. The size of the companies being targeted is about $50 million each. (Hindu Business Line)

Analjit Singh To Sell Scorpio Beverages Stake – Analjit Singh, who is in talks with Oberois, promoters of East India Hotels (EIH) Ltd for raising his stake to 17%, is seeking to garner an estimated Rs 533 crore from 49% stake sale in Scorpio Beverages Ltd to Mauritius-based CGP India Investments, a part of Vodafone International. Scorpio Beverages is an investment company owned by him and his wife. This money would in turn likely be used to fund the stake enhancement proposed by Singh at EIH Ltd. He is also firming up alternate funding options to fund EIH buy. (Mydigitalfc.com)

SBI Raises $750M Via Mid-Term Notes – Leading public sector lender State Bank of India (SBI) has raised $750 million in the overseas market. The fund is raised through five-year bonds as part of its medium-term note programme. The bank believes the money will help its effort to boost overseas presence. It plans to set up 40 branches overseas, including four in the UK, where operations have grown 40% annually in the last two years. (BS)

 


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News Roundup: Galleon Under Sebi Scanner

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