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News Roundup: Infotech Enterprises To Buy Aerospace Firm For $20M

08 February, 2011

Infotech Enterprises To Buy Aerospace Firm For $20M – Infotech Enterprises Limited, which provides engineering and geographic information services, is in advanced stages of acquiring an aerospace services company in Europe for a consideration of approximately $20 million (Rs 91 crore). Sitting on a Rs 280-crore cash pile, the Hyderabad-based company proposes to go in for this acquisition to bring high-end competencies to its recently-integrated global aerospace practice. (Business Standard)

Mukta Arts Picks Up Stake In Maya Digital – Subhash Ghai-led Mukta Arts has picked up a strategic stake in filmmaker Ketan Mehta-promoted Maya Digital Studios which does computer animation and digitalVFX work. The deal involves Mukta Arts picking up a substantial minority stake in Maya and the investment is strategic in nature. Mukta Arts, a film production house listed on the BSE,will get to nominate one person on the Board of Maya Digital Studios as a part of the deal. (Oneindia)

Punjab Crockery House Plans IPO – Punjab Crockery House, better known as PCH for its chain of retail stores in home appliances and furnishing businesses, is finalising plans for a public float. PCH is present in South and Western regions of the country with a chain of over 200 stores and plan to add about 75 stores during the year. It is in the process of finalising plans for a public offer to raise about Rs 200 crore. (HinduBusinessLine)

Jaiprakash Power To Absorb Subsidiaries – Jaiprakash Power Ventures Ltd, which owns and develops coal and hydropower plants, plans to absorb some of its subsidiaries, the company said in an announcement to the stock exchanges. Analysts say the merger will help the company strengthen cash flow and save on dividend tax that the subsidiaries pay each time money is repatriated to the parent.

JSW Steel’s Defers Ispat Open Offer – JSW Steel has deferred the open offer for picking an additional stake of 20% in Ispat Industries. The revised schedule for the open offer would be announced separately after receiving Sebi’s approval, JSW Steel said in a filing to the Bombay Stock Exchange. The open offer was earlier scheduled to hit the market on February 12. In December, the company had entered into a Rs 2,157-crore deal with Ispat to acquire a 41.29% stake in the latter through preferential issue of fresh shares at a price of Rs 19.85 apiece. (Business Standard)

Exim Bank To Get $300M IFC Loan – Export-Import Bank of India (Exim Bank) may soon get a $300-million IFC loan which will help it finance trade between India and other South Asian nations. International Finance Corporation (IFC) arm would part-finance the credit through a mix of its own resources and syndicated loans to be raised from international financial houses and institutions. Exim Bank offers a variety of financial services to exporters and importers to strengthen the country’s international trade. (Business Standard)

Ratnachand Jewellers Plans Rs 150Cr IPO – Ratanchand Jewellers Ltd has filed initial papers with the regulator to raise up to Rs 150 crore via an initial share sale. The Bangalore-based manufacturer and exporter of handmade gold jewellery intends to use the issue proceeds to upgrade its existing manufacturing capacity, to set up 12 retail stores in Karnataka and to meet the long term working capital requirements. PNB Investment Services Ltd and Karn Merchant Bankers Ltd are the book running lead managers to the issue while Karvy Computershare Pvt Ltd is the registrar. (DNA)


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News Roundup: Infotech Enterprises To Buy Aerospace Firm For $20M

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