HDFC Property Fund Exits L&T Unit – L&T Urban Infrastructure Ltd, a unit of L&T Infrastructure Development Projects Ltd (L&T-IDPL), has bought back the 10% stake of HDFC Property Fund in the company. The fund, which had invested Rs 87 crore in 2006, has exited at Rs. 122 crore. The buyout is part of a consolidation exercise. Another subsidiary, L&T Realty, will now manage the various real estate businesses of L&T. (Mint)
Just Dial May List US Unit On Nasdaq – Just Dial Ltd, one of India’s major local search engine providers, plans a Nasdaq listing for its US-based associate Just Dial Global. The company is already in talks with merchant bankers for the US listing after its own initial public offering (IPO) in India. On 18 August, Just Dial Ltd filed for an IPO to raise up to Rs. 360 crore with regulator Securities and Exchange Board of India. (Mint)
USE Chief Quits – A little over one year into business, the United Stock Exchange has lost its chief, T S Narayanasami, who has quit as MD and CEO of the country’s newest bourse. Narayanasami had some differences with other senior management personnel and certain promoters of the exchange, which led to his resignation. Its shareholders include the country’s leading bourse BSE, Jaypee Capital Sevices Limited, MMTC Limited, Indian Potash Limited and a host of public and private sector banks. (Business Standard)
First Leasing Sells CARE Stake – First Leasing Company of India (FLCI), the first company incorporated for leasing business in the country, has said it has sold CARE shares during the last fiscal for Rs 54 crore. The company had invested around Rs 25 lakh in CARE. The company has achieved a cash profit of Rs 105.47 crore during the year ended March 31, 2011 as compared to Rs 77.65 crore last year. First Leasing bought CARE shares around 18 years ago for Rs 25 lakh. (Business Standard)
SBI To Raise Rs 5,000Cr Through Rights Issue – State Bank of India (SBI), the country’s largest lender, is likely to raise Rs 5,000 crore through a rights issue of shares by December, a move expected to shore up the bank’s Tier-I capital to above eight per cent for the current financial year. The government is likely to subscribe its share fully in cash. It is expected to pump in around Rs 3,000 crore. (Business Standard)
MRF Eyes Overseas Buys – Tyre manufacturer MRF is exploring opportunities for acquiring companies outside the country as it costs more in India to import rubber than import a brand new tyre. MRF is looking at opportunities particularly in Europe, China and South-East Asia. Shortage of rubber in the country has also challenged the company to consider options outside. MRF has crossed a turnover of Rs 10,000 crore during the financial year ended September 30, 2011. (Business Line)
Cholamandalam MS Promoters Infuse Rs 50Cr – Cholamandalam MS General Insurance said its promoters have infused an additional Rs 50 crore as part of their growth plans. Cholamandalam MS General Insurance is the joint venture between the $3.8 billion Murugappa Group and Japan-based Mitsui Sumitomo Insurance Group. The company has enhanced its capital base by Rs 50.05 crore through a rights issue for growth and expansion plans. (Economic Times)
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