GKF&L Buys Sigrun Realities For Rs 345 Cr – Agra-based non-banking finance company Gee Kay Finance & Leasing Company Ltd (GKF&L) has acquired Mumbai-based property developer Sigrun Realities for Rs 345 crore. BSE-listed Gee Kay, which plans to fund the acquisition through internal accruals and equity funding, also focuses on buying land on the outskirts of Mumbai. It is looking at new buys in the infrastructure space and will even set up a subsidiary in Mauritius, which will be the holding company for all its ventures in Africa. (Business Standard)
Glenmark Generics To Raise Rs 600 Cr Via IPO – Glenmark Generics Ltd (GGL), a subsidiary of Glenmark Pharmaceuticals Ltd, plans to raise Rs 550-600 crore through an initial public offer (IPO). The company has filed the draft red herring prospectus (DRHP) with Securities and Exchange Board of India (Sebi) recently. It has planned to keep 70-80% of the equity, and there will be a pre-IPO placement with financial institutional investors. ()
ICICI Bank Sells 4.41% Stake In 3i Infotech – Private sector lender ICICI Bank has sold 4.41% stake in software services provider 3i Infotech for Rs 46.17 crore in open market transactions. According to BSE and NSE data, the bank has sold 28.42 lakh equity shares of the IT firm at a price of Rs 79.79 per piece aggregating to Rs 22.67 crore and 29.35 lakh shares in another bulk deal at a price of Rs 80.05 per piece totalling Rs 23.49 crore. As per the shareholding information for the quarter ended June, ICICI Bank held 9.62% stake in 3i Infotech. (Times of India)
German Court Sells Reliance’s Bankrupt Unit – A German bankruptcy court has sold off Reliance Industries’ polyester making subsidiary Trevira GmbH to two local entrepreneurs for an undisclosed amount. The investors, Stefan Messer and Karl-Gerhard Seifert, has bought this Rs 1,465-crore turnover Trevira in early August this year. The proceeds from the sale will be used to clear outstanding liabilities of the creditors of Trevira, with the rest of the funds going to RIL. ()
Thapar University To Foray Chhattisgarh – Patiala-based Thapar University, an associate of Avantah Group, plans to foray Chhattisgarh with a university campus. Thapar has asked for 100 acres of land to the government of Chhattisgarh to set up the campus. The complete project may require an investment of Rs 500 crore over a period of time with an initial investment of Rs 50 crore. (BS)
Taro Files Suit Against Sun In US Court – Israeli drug firm Taro Pharmaceuticals, which is fighting a hostile take over bid by Mumbai-based Sun Pharmaceutical Industries, filed a law suit in a US district court against Sun alleging violation of non-disclosure agreement and misleading shareholders. Earlier in June 2008, Sun Pharma had commenced an open offer to buy Taro at a price of $7.75 per share through its arm Alkodia. (DNA)
Mobile Telecommunications To Buy Wieler – Electronic manufacturing services provider Mobile Telecommunications will soon acquire Pune-based Wieler International Electronic (WIE). WIE is a subsidiary of Germany-based Digisound-Electronic GmbH. The deal, which is of worth around $6 million, will be finalised by the end of this year. MTL, which has electronic manufacturing services (EMS) unit at Nashik, is planning to expand the same by six times by March 2010 with a proposed investment of around Rs 7.5 crore. (BS)
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