India’s Sun Pharma, Merck In Generics Joint Venture – The companies plan to sell generic drugs in emerging markets through the joint venture.Faced with rising competition and loss of patent protection on several of their drugs, Western drugmakers are increasingly looking to emerging markets for growth. (REUTERS)
Amrapali Raising Rs 80Cr From ICICI Prudential – Noida-based realty firm Amrapali Group is raising Rs 80 crore from ICICI Prudential Asset Management Company, an arm of ICICI Group, for a residential project in the city. The money will be used to execute the 22-acre residential project in Noida – sector 45. The company has already sold over 80% of the project which is in advance stage of construction. Last year, Amrapali Group raised Rs 90 crore from JPMorgan for its residential project Zodiac. (Economic Times)
Muthoot’s Rs 800Cr IPO Next Week – Muthoot Finance Ltd, the country’s biggest gold-financing company by loan portfolio, is expected to become the first firm to raise capital from equity markets this fiscal in an initial public offering scheduled to open on April 18. The proposed share sale will open to anchor investors on Friday, while the books will open to other public investors on April 18, and close on April 21. The company, based in Kochi, Kerala, wants to raise Rs 800 crore through the share sale. Its investors include Barings, Matrix Partners and Kotak Private Equity. (Wall Street Journal)
PE Firms To Come Under Sebi Purview – Private equity funds, hitherto unregulated, are set to come under Sebi regulations. The market regulator has already started work on regulating private equity players and guidelines would be issued shortly which would be on the lines of venture capital funds. The venture capital regulation requires mandatory registration with Sebi and enjoys the status of a qualified institutional buyer. (Times of India)
Avendus Hires Nomura’s M&A Head – Local investment bank Avendus Capital Pvt. Ltd has hired Robert Davis, head of mergers and acquisitions (M&A) of Japanese investment bank Nomura International Plc, to focus on international deals in India and Europe. Davis, who takes over from Ashish Bhinde in London, will focus on the India-Europe cross-border deals and domestic European business for Avendus.
Miglani To Buy Brahmani Plant – The Miglani family, which jointly controls the high grade steelmaker Uttam Galva Steel along with ArcelorMittal India, has acquired Brahmani Industries, a greenfield steel plant being built in Kadapa, Andhra Pradesh, by the Reddy brothers. On March 24, Brahmani Industries convened an extraordinary general meeting to approve change of its name to Uttam Galva Ferrous. (Economic Times)
Asim Ghosh Sells Vodafone Stake To Analjit Singh – Former Vodafone Essar chief executive Asim Ghosh has quietly sold his remaining stake in the telecom company to Max India founder Analjit Singh for an unknown amount. Ghosh had in 2009 pared his indirect shareholding in Vodafone Essar, India’s No. 2 mobile operator, from 4.67% to 2.38% by selling a portion of his shares to Vodafone for Rs 329 crore. Following the transaction, Singh’s stake in the mobile operator has risen to 6.24%. (Economic Times)
IT Grids To Raise Rs 5Cr PE Funding – Hyderabad-based software company IT Grids (India) Private Limited is in the process of raising Rs 5-crore venture capital fund shortly to fuel the expansion of its ‘Party Analyst’ product. The company was expecting to close the fund raising exercise in the next six months and intended to utilise the amount to expand the product as a service across the country. (Business Standard)
Netwoth, Monarch Group To Merge – Mumbai-based Networth Stock Broking Limited, a decade old financial services provider, is all set to merge with Ahmedabad headquartered Monarch Group of Companies. Under the proposed scheme of merger, Monarch will become a majority shareholding promoter in BSE-listed Networth Stock. The board of directors of Networth has approved the scheme of merger at the company’s board meeting held on Saturday. (Business Standard)
Arcapita Exits Medplus Investment – Bahrain-based Islamic investment firm Arcapita exited its Indian healthcare investment in MedPlus Health Services with returns of more than 60% over its own expectations. Arcapita sold its stake in the Indian company to a consortium of private equity investors after becoming the largest shareholder in MedPlus in 2007 in a transaction valuing the company at $72 million. (Economic Times)
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