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News Roundup: Hindalco To Sell Up To $600M Shares

23 November, 2009

HTW Looking At Acquisitions In South India – Metal container manufacturer, Hindustan Tin Works (HTW), plans to acquire smaller firms in South India and is currently in talks with a host of potential targets. The company, which plans to fund the acquisition from debt and internal accruals, is in talks with three leading lenders — State Bank of India, Punjab National Bank and Standard Chartered, to raise the debt part for the proposed acquisition. (DNA)

LN Mittal Doubles His Stake In Ophir – Steel major Lakshmi N Mittal has paid over $110 million to double his stake in Africa-focused Ophir Energy Plc to 21.2% even as he exited the oil and gas business in the Central Asian nation Kazakhstan. Earlier in May 2008, Mittal Investment had bought 21.1 million shares of Ophir for $105.3 million in the first trench and recently subscribed to the second trance of 26,421,790 new shares for about $113 million to double its stake to 21.2%. Ophir is an independent oil and gas exploration company with a diversified exploration portfolio encompasing 16 projects in 8 different African jurisdictions. (BS)

JK Lakshmi Eyes PE – Delhi-based JK Lakshmi Cement, the flagship of the Hari Shankar Singhania Group, will raise nearly Rs 800 crore through debt and equity, to part finance its greenfield project in Chhatisgarh. A company spokesperson informed that it can accrue Rs 450 crore, while remaining fund required for the Rs 1,200-crore project would come from equity. However, he did not divulge the exact time-frame of the fund raising. (ET)

Hindalco To Sell Up To $600M Shares – Aluminium maker Hindalco Industries Ltd plans to launch a $500 million to $600 million share sale to institutions. The shares will be priced at Rs 130 – 132 a share. Bank of America Merrill Lynch, Citigroup and HSBC are among the arrangers of the sale. (Reuters)

Intelenet Likely To Buy US Firm In $30M Deal – Private equity-backed back-office services provider Intelenet Global Solutions is in talks to acquire a US-based firm with capabilities in healthcare processing and IT. The acquisition is likely to be $25-$30 million, and will be its fourth if it goes through. The earlier acquisitions of Intelenet include Travelport, Upstream BPO and Sparsh BPO. (ET)

HDFC Standard Life Plans IPO In 2010-11 – Private sector life insurance company HDFC Standard Life has planned to come out with an initial public offer (IPO) in the next financial year. The company added that the timing of the IPO would also depend on the Insurance (Amendment) Bill, which aims to enhance the FDI limit in private insurance firms from 26% to 49%. (News Center)

US Pension Fund Eyes Asia PE  – Teacher Retirement System of Texas plans to invest $200 million in private equity in Asia through Squadron Capital and Morgan Creek Capital Management. The seventh largest public pension fund in US has assigned $100 million each to both of these firms. ()

IDBI Scraps Plan To Sell Home Finance Biz – IDBI has decided not to sell its housing finance company — IDBI Homefinance — due to differences with the government over the stake sale. Dewan Housing had emerged as the highest financial bidder among those who qualified under the technical bids. Other companies that had shown interest included Tata Capital and Religare. (ET)

GVK Power Eyes L&T’s Stake In BIAL – GVK Power & Infrastructure, which recently took a 12% stake in Bangalore International Airport Ltd (BIAL), is open to taking a controlling stake in the airport. The company is learnt to be eyeing Larsen & Toubro’s stake in the airport which holds a 17% stake. GVK Airport Developers, a wholly-owned subsidiary of GVK Group, had acquired the 12% stake in BIAL for Rs 484.6 crore in November 2009. (BS

India Power Combine Wins Bid For Control Of DPSC– In an all-cash deal, a consortium of India Power Corporation Ltd (IPCL) and Srei Infrastructure Finance Ltd has won the bid for a controlling stake of 57.17% in DPSC Ltd (formerly Dishergarh Power Supply Company) with a winning bid of Rs 710 per share, which was previously held by public sector units Andrew Yule, Life Insurance Corp and United India Insurance. (BS)

Bharat Hotels To Go Public In 2012 – Bharat Hotels, the holding company of The Lalit Suri Hospitality Group, plans to invest nearly Rs 2,300 crore in hotel properties in the next four years. The company further plans to hit the market in 2012 and dilute 15% promoters stake in the company. Bharat Hotels is looking at 25 properties till 2014 with investments between Rs 750 crore and Rs 800 crore.(HBL)

PNB Eyes South, West India For Acquisition – Public sector lender Punjab National Bank is looking at acquisitions in the southern and western regions. Apart from domestic targets, the bank is also expanding simultaneously in overseas geographies and has recently acquired a controlling stake in a Kazakhstan-based bank. The company is also opening a joint venture bank in Bhutan. (HBL)

ICICI Bank Raises $750M Through Bond Issue – ICICI Bank, India’s alargest private sector lender, has raised $750-million through the issue of five-year bonds at its Bahrain branch. The 5.33 year fixed rate notes carry a coupon of 5.5%, which translates to 292.6 basis points spread over equivalent Libor.(ET)

 


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News Roundup: Hindalco To Sell Up To $600M Shares

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