HDFC, Pramerica Lead Race For Fidelity - India’s largest fund house, HDFC Asset Management Co. Ltd, and Pramerica Asset Managers Pvt. Ltd, an arm of US-headquartered Prudential Financial Inc, have emerged as the frontrunners to buy the assets of Fidelity’s mutual fund in India—FIL Fund Management Pvt. Ltd. Out of some 20 bidders, HDFC and Pramerica mutual funds have been shortlisted and their bids are in the range of Rs 400-500 crore. (Mint)
FLAG Telecom To Sell 75% In Listing - Reliance Communications-controlled FLAG Telecom has filed a prospectus in the Singapore Stock Exchange to list and divest 75 per cent stake in the submarine cables business for $1.25-1.5 billion (Rs 6,250-7,500 crore). The transaction is expected to be completed by the second week of May. The money will be used to reduce the debt of Reliance Communication, which stands at Rs 35,000 crore. (Business Standard)
IFC To Give Apollo $60M Loan - Apollo Hospitals Enterprises Limited (AHEL) is planning to raise $60 million from the International Finance Corporation (IFC). The fund raising is aimed to partially fund the hospital chain’s investment plan of $394 million. Besides, Apollo is planning to enter Tanzania, Zambia and Rwanda, countries with middle and lower income, through an asset-light model. (Business Standard)
Deutsche Bank Pumps Rs 455Cr In India Arm - The German banking leader Deutsche Bank has increased the capital base in its franchise here by Rs 455 crore to fund growth plans. Rs 455 crore capital infusion will take Deutsche Bank AG's capital base in its operations here to over Rs 5,500 crore. The infusion pertains only to the branches and excludes all other Deutsche Bank entities such as equity broking, investment banking, primary dealership, asset-management and shared services. (Economic Times)
Gayatri Projects To Decide On FCCBs - Gayatri Projects will be in market radar as the company board is meeting on March 20 decide on FCCBs. Gayatri Projects is to evaluate options of managing the FCCB liabilities of the company with prior consent of the bondholders through various initiatives. The company's FCCB is maturing in August this year. (Business Line)
Kumar Mangalam Birla To Invest In Food Business - The Aditya Birla group chairman Kumar Mangalam Birla will fork out a small fraction of his personal wealth to rapidly ramp up operations of the food retail business which is recovering from huge losses after the economic slowdown. The 44-year-old head of the metal-to-retail conglomerate will invest Rs 400 crore over the next two years. (Economic Times)
