Reliance Venture To Invest Rs 60-70Cr In AllGreen – Reliance Venture Asset Management (RVAM), the venture capital arm of the Reliance ADA Group, is set to acquire a minority stake in AllGreen Energy Ltd. AllGreen has been established in the Indian renewable energy segment with the aim of erecting and managing biomass gasification power plants, from agricultural waste. AllGreen is set to establish multiple biomass-based RE projects in India within the next 10 years. (Business Standard)
Reliance Broadcast To Acquire Imagine Showbiz – Anil Dhirubhai Ambani Group-owned Reliance Broadcast Network plans to buy Imagine Showbiz, a Bollywood music and entertainment channel, adding the first Hindi content channel to its bouquet that now comprises four. The acquisition is likely to be priced at Rs 15-20 crore given its current owner’s lack of interest in the music business. Imagine Showbiz was launched by the NDTV group in 2008 along with Hindi general entertainment channel Imagine. NDTV later sold its interest in both channels to Turner International. (Economic Times)
iGate Open Offer For Patni To Start In March – Nasdaq-listed iGate today made an open offer to acquire another 20.6% in Patni Computer Systems. iGate will be paying Rs 503.5 per share. The offer takes effect March 4 and closes on March 23. The total payout will be $301 million, which the company has made provision for. Kotak Mahindra Capital will manage the open offer process. Patni’s stock closed at Rs 445.70 per share today, down 3.9%. (Business Standard)
Vivimed Labs Nears $50M European Buy – BSE-listed Vivimed Labs, a specialty chemical company, is close to acquiring a European company in a deal estimated at $50 million (Rs 225 crore). It has identified the target company and the deal would be formalised before end of next month. The targeted Spain-based specialty chemical company commands a topline of $100 million. Vivimed plans to fund the deal through private placement worth $20 million, internal accruals and debt. (HinduBusinessLine)
Ramky, IL&FS In Financial Closure For Road Project – A consortium of Ramky Infrastructure Ltd, in a 50:50 joint venture with IL&FS Transportation Networks Ltd., has closed the requisite funding for a road project in Andhra Pradesh. The consortium was awarded a project by the Andhra Pradesh Road Development Corporation (APRDC) for design, construction, finance, operation and maintenance of four-laning of Narketpally-Addanki- Medarametla Road (State Highway-2) from km zero to km 212.5 under the public private partnership (PPP) mode. The tollway project has a concession period of 24 years including construction phase of 30 months with a total cost of the project is Rs 1760.53 crore. (HBL)
Allahabad Bank To Raise Rs 2,600Cr – Allahabad Bank is looking to raise Rs 2,600 crore through tier II bonds in this quarter and the coupon rate of the issue will depend on the market. The bank has also approached the Government for infusion of Rs 1,000 crore of equity capital through the preferential issue route. (HBL)
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