| Log in

News Roundup: India Capital, SoftBank Pick Up 2% In Den

28 October, 2009

Binani Cement Plans Turkish Acquisition – As part of company’s plan to double its production capacity by two years, Rajasthan-based Binani Cement is in talks to acquire a cement firm in Turkey for around Rs 1,000 crore. The target company has an annual production capacity of 2 million tonne and the deal is likely to be sealed by March next year. The company plans to finance the acquisition through internal accruals and debt. Binani plans to scale up its annual production capacity from 6 million tonne to 14 million tonne by 2011-12. (Economic Times)

Future Group To Hive Off Big Bazaar –Pantaloon Retail, the flagship of Kishore Biyani-led Future Group, has finalised a plan to spin off its value retail business—discount store chains such as Big Bazaar and Food Bazaar—into a subsidiary in a bid to unlock value by offloading a stake in the group’s largest business and grow it independently. The board is meeting on October 30 to consider the hive-off proposal. The company plans to transfer its value retail business to a subsidiary called Future Value Retail where a potential investor will be offered a stake. The Future group is discussing a financial proposal with global private equity fund Bain Capital to pump in cash for expansion plans. (ET)

Tech Mahindra, Satyam Merger Likely After June 2010 – The merger of Mahindra Satyam with Tech Mahindra is on the cards. The Mahindras are likely to go ahead with the plan after the restatement of the financials of the Hyderabad-based Mahindra Satyam. The merger, if happens, will propel the duo to the top league in the Indian ICT industry. The merger is likely to happen soon after the fraud-hit Satyam announces its financials that is scheduled after June 30, 2010. (Hindu Business Line)

India Capital, SoftBank Pick Up 2% in Den – Japan’s financial behemoth Soft-Bank and India Capital of Hong Kong have picked up nearly 2% stake in Den Networks, a cable distribution company with pan-India footprint. These two anchor investors have picked up shares at Rs 205 per share aggregating to around Rs 50 crore. Den Networks, which is entering the capital market with an initial public offering, targets between Rs 390 crore and Rs 410 crore from the offer. After the issue, promoter stake in the company will come down to 53%. Standard Chartered IL&FS Asia Infrastructure Growth Fund and EMSAF Mauritius are the other institutional investors in the company.  (ET)

Welspun India To Raise $50M – Mumbai-based textile manufacturer Welspun India Ltd plans to raise $50 million through the issue of securities. The company would raise the money through foreign currency convertible bonds, American depository receipts and global depository receipts. The company would also raise funds by private placement of shares with qualified institutional buyers. It is engaged in manufacturing terry towels and bed linen with fully-integrated manufacturing facilities in Anjar and Vapi.

 


Leave Your Comment
Binani Industries Acquires Belgian Fibreglass Firm 3B For $360M

Binani Industries Acquires Belgian Fibreglass Firm 3B For $360M

Anil Das 6 years ago
Binani Industries Ltd, the public-listed holding company of Braj Binani Group,...
Grasim To Hive Off Cement Business

Grasim To Hive Off Cement Business

Reuters 8 years ago
Aditya Birla group will hive off the cement business of Grasim Industries into...
Ultratech To Buy Dubai's ETA Star Cement

Ultratech To Buy Dubai’s ETA Star Cement

TEAM VCC 8 years ago
In a big-ticket, cross-border deal, Ultratech Cement Ltd, part of diversified...
No Comments

News Roundup: India Capital, SoftBank Pick Up 2% In Den

Powered by WordPress.com VIP