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News Roundup: Govt. Mulls Stake sale in BHEL

20 June, 2009

Govt. Mulls Stake sale in BHEL – The United Progressive Alliance (UPA) government is considering a proposal to sell part of its stake in one of its most valuable companies, Bharat Heavy Electricals Ltd (Bhel), Minister for Heavy Industries and Public Enterprises. The UPA government had planned a stake sale in Bhel, the country’s largest power equipment manufacturer, in 2005 but withdrew following opposition from the four Left parties on which it depended for support in the Lok Sabha. (Business Standard)

MHRIL to Use IPO Funds for Adding More Resorts – Mahindra Holidays & Resorts India (MHRIL), the Mahindra & Mahindra Group’s leisure and hospitality company, today said it will add new properties and expand some of its existing resorts with the proceeds raised through its initial public offering (IPO), which will hit the market on Tuesday. The company has fixed the IPO’s price band between Rs 275 and Rs 325 per equity share for 9,265,275 shares of Rs 10 each. The issue opens on June 23 and closes on June 26. The minimum bid lot size is 20. The IPO has been assigned an IPO grading of 4 out of 5 by Fitch Ratings. (Business Standard)

Emami Merges Zandu Pharma’s FMCG Business – Kolkata-based Emami Ltd, which acquired Zandu Pharmaceuticals in October 2008 for Rs 750 crore, has decided to merge the fast moving consumer goods (FMCG) business of Zandu Pharmaceuticals with its counterpart in Emami. Simultaneously, the real estate undertaking of Emami, that includes Emami Realty Ltd and Emami’s interests in Zandu’s non-core business, including real estate, will be merged into a separate company, Slick Properties Pvt Ltd (SPL), to be then renamed Emami Infrastructure Ltd. (Business Standard)

SBI to merge State Bank of Indore – Buoyed by the success of the merger of State Bank of Saurashtra with itself, State Bank of India (SBI), the country’s largest bank, on Friday said that it would acquire another subsidiary, State Bank of Indore. The proposal was approved by the SBI board on Friday, the bank said in a filing with stock exchanges. SBI holds a 98.05% stake in State Bank of Indore, the smallest among its six associate banks. (Business Standard)

Ess Dee to Invest Rs 200 Crore in India Foils’ Hoera Unit – Ess Dee aluminium, which recently acquired India Foils Ltd (IFL), has firmed up plans to pump in RS 200 crore to add fresh capacity at the laters Hoers unit. As [part of the plan, Ess Dee has decided to add nearly 60,000 tones of capacity to manufacture aluminium packaging foils at Hoera. (The Economic Times)

HDFC to Invest In Jerry Rao’s Nano Homes – Jerry Rao has roped in home finance major HDFC as a strategic investor in his new low cost housing venture, Value and Budget Housing Development Corporation. The first equity round in the sub 50 crore region,is just the beginning pf the fundraising plans for the venture, that is targeting building 1 million homes in 10 years across 17 cities. According to the sources, HDFC is one of the investors participating in the first round of fund raising.  (The Economic Times) 

DLF Raises $300 Million from Standard Chartered – DLF Ltd, the country’s largest realtor, has raised debt of about $300 million (Rs 1,350 crore) from Standard Chartered Bank. The money raised would be used for developing its newly announced housing projects and for other corporate activities. The funds have been raised for the long term at an expected interest rate range of 8-9.5%, which is at least 500 basis points lower than the prevailing market rates. DLF has net debt of Rs 13,958 crore, and the developer would use part of the fund raised to pay off some of its current year short term debt liability of Rs 3,591 crore. (DNA Money)


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News Roundup: Govt. Mulls Stake sale in BHEL

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