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News Roundup: Hotelier Prakash Shetty set to buy majority stake in Moshe’s

18 February, 2013

Bangalore-based hotelier Prakash Shetty is in the final stage of negotiations to acquire a majority stake in Moshe’s, a premium restaurant and cafe chain. The transaction, valued at INR 25-40 crore, will give Shetty a 90% stake in the premium eatery chain. The remaining 10% will be retained by Moshe Shek, the eponymous owner of the Mumbai-based company that runs nine premium restaurants and cafes with a focus on Mediterranean cuisine. The acquisition, which is expected to happen over the next 30 to 45 days, will be the first for Shetty in Mumbai. Shetty, who is the chairman and managing director of Opus Hotels, had earlier bid for a 55% stake in Mumbai-based BJN Group. (The Economic Times)

GAIL-EDF joint bid for Repsol’s assets: To strengthen its foothold abroad, state-run GAIL India Ltd has placed a joint bid with EDF Trading of France for Spanish oil and gas major Repsol’s assets in Trinidad and Tobago. The Maharatna major is also looking at Repsol’s Canaport LNG terminal and Stream, a joint venture LNG marketing and transport company by Repsol and Gas Natural LNG. (Business Standard)

Infosys, Wipro, TCS and HCL Tech plan acquisition of small French & German players: Infosys, Wipro, Tata Consultancy Services and HCL Technologies, for whom success in continental Europe was limited to the UK and Nordic countries so far, are now actively looking to buy service providers in France and Germany. At least three planned acquisitions, each valued at under $50 million (INR 270 crore) in Germany and another in France valued at a little over $100 million, are in the final stages. (The Economic Times)

Intec Capital plans to raise funds: Intec Capital Ltd. is planning to raise $9.2 million (INR 500 million) through issue of equity shares or Compulsorily Convertible Preference Share to domestic or foreign institutional investors. Approval of shareholders for issuance of Equity shares, CCPS and alteration in Memorandum and Article of Association of the Company be obtained by way of Postal Ballot process. (BSE)

Genpact eyes two buyouts this year: Genpact Ltd. is looking to acquire two more companies in this year. The company plans to close these two acquisitions in healthcare or pharma or in analytics. Recently, the company acquired Jawood. (DNA)

PFC’s Rs.100 cr tax-free bonds issue opens on Monday: State-run Power Finance Corp. (PFC) plans to raise $100 crore ($18.44 million) through tax-free bonds issue that begins on Monday. The proposed issue is part of its plan to garner INR 5,000 crore ($922.35 million) by way of issuing tax-free securities in the current fiscal (2012-13). Out of the total target, Rs.1,110 crore ($204.76 million) has already been raised. The company is also considering the raising of funds via private placements of the bonds in one or more tranches during the process of the present issue, within the residual shelf limit. (Live Mint)

Courtesy: VCCEdge

 


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News Roundup: Hotelier Prakash Shetty set to buy majority stake in Moshe’s

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