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News Roundup: Ikya Founder Buys Magna Infotech For Rs 100Cr

12 November, 2010

Ikya Founder Buys Magna Infotech For Rs 100Cr – Ajit Isaac has acquired Hyderabad-based tech staffing firm Magna Infotech for Rs100 crore. Isaac is the CEO of India Equity Partners-backed  Ikya Human Capital Solutions and the combined entity would have a 30,000-staff strong manpower. Magna had revenues of around Rs 89 crore in 2009. (Economic Times)

China’s Huaneng Leads Race For GMR’s Intergen Stake – Chinese utility Huaneng Power is leading the race for purchase of 50% stake in InterGen, which was put on the block by GMR. Huaneng, one of the largest power companies in China, has put in a bid for as much as $1.5 billion. Ontario Teachers’ Pension Plan owns the remaining 50% in the company. (Business Standard)

DLF To Sell Land Worth Rs 2,000Cr – DLF expects to raise Rs 2,000 crore over the next 12-18 months by selling land parcels and refunds from state governments on lands it wanted to return. The country’s largest property developer DLF needs to pay Rs1,666 crore in debt repayments by March 2011. (BS)

Axis PE Arm Stake Sale Deadlock May End – The sale of Axis Bank Private Equity Fund may go ahead as banks top management and major investors of the PE fund are meeting to try and break the deadlock.Axis Bank’s PE arm had raised Rs 600 crore ($148 million) through its first fund, Axis Infrastructure Fund.  (BS)

Financial Technologies Sells Stake In NSE – The Jignesh Shah-promoted Financial Technologies (FT) has sold 440,000 shares in rival bourse National Stock Exchange (NSE) for Rs 160 crore. The stake sale values NSE at Rs 16,000 crore. NYSE had valued NSE at over Rs15,600 crore, when it sold 5% stake to Temasek Holdings. (BS)

Vedanata To List Unit – Vedanta Resources is working on possible listings of its energy and Zambian copper units to unlock shareholder value. A flotation of Konkola Copper Mines (KCM) in Zambia could value the unit at $6.46 billion and raise 500 million pounds. The London-listed group filed an application last year for a $1.1 billion initial public offering of Sterlite Energy, but it has been on hold since then. (DNA)

Catholic Syrian Bank Plans IPO Next Year – Kerala-based private sector bank Catholic Syrian Bank (CSB) Limited is planning an initial public offering in  the next fiscal. RBI had asked the 90-year-old bank to enter the capital market with an initial public issue. (PTI)

Embassy Property’s Rs 2400Cr IPO In A Month – Bangalore-based realty player Embassy Property Developments Ltd (EPDL) is planning to launch Rs 2,400-crore initial public offer (IPO) by end-November or early December. The IPO proceeds will be used to finance construction of on-going projects of Rs 1,500-crore and repay debt of Rs 437-crore. (ET)

ICICI Venture, Zash Shopped Subhiksha Around – ICICI Venture Funds and Azim Premji-owned private equity arm Zash Investment and Trading Co. Pvt. Ltd try to persuade overseas investors to purchase shares of Subhiksha Trading Services Ltd. “From August 2008 onwards, both ICICI Venture and Zash started looking for victims in the form of foreign investors,” said Madras high court justice V. Ramasubramanian in an order.

Ness Technologies Eyes Buys In India – IT services provider Ness Technologies is looking at the Indian market for possible acquisitions in the areas of analytics, outsourced product development, and financial services. The US-headquartered company acquired Apar Infotech (which was in the outsourced product development space) for an estimated $78 million in 2003. In 2007, Ness snapped up Hyderabad-based Innova Solutions for $25 million. (HinduBusinessLine)


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Ikya Human Capital Buys Magna Infotech For Rs 100Cr

Ikya Human Capital Buys Magna Infotech For Rs 100Cr

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News Roundup: Ikya Founder Buys Magna Infotech For Rs 100Cr

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