IPsoft likely to go public in 24 months: IPsoft, a company founded by an Indian-American which is giving the likes of Infosys and Wipro a run for their money in IT infrastructure management, is preparing the ground for an initial public offering (IPO), a top executive said. The world’s largest pure-play remote IT infrastructure management company expects to clock $1 billion (Rs 5,300 crore) in revenue in a year and plans to go public within 24 months, IPsoft’s India managing director Uday Chinta told ET. (The Economic Times)
LIC open to picking up govt’s stake in Axis Bank, L&T, ITC: LIC today said it has not been approached by the government to pick up the latter’s stakes in Axis Bank, L&T and ITC, which are currently held by the Special Undertaking of Unit Trust of India (SUUTI), but added if it is so asked, it will definitely look at it. (Business Standard)
HindCopper, Nalco, Oil India FPOs next month- Secy: Undeterred by the deferment of RINL public offer, the Finance Ministry today said it would push for the divestment of Hindustan Copper, Oil India, and Nalco next month.”We are trying to push Hindustan Copper and Nalco by tge first week of November. Hopefully, Oil India should also hit the market by in the same month,” Disinvestment Secretary Haleem Khan told reporters on the sidelines of a capital markets summit organised by the industry lobby Ficci here. (Business Standard)
Magma Fincorp’s insurance partner HDI-Gerling keen on raising stake to 49%: Kolkata-headquartered Magma Fincorp Ltd said its Germany-based general insurance partner HDI-Gerling would increase its stake to up to 49 per cent once the recent amendments to the Insurance Bill gets implemented. Jens H. Wohlthat, member of the executive board of HDI-Gerling, said: “When there is a possibility of increasing our stake to 49 pert cent, we will immediately carry that out. We made (such) a provision in our joint venture contract.” (Business Line)
Bharat Petroleum Corp May Sell Dollar Bond After Investor Meetings- Source: The Mumbai-based refiner and fuel retailer, which is rated BBB-minus by Fitch Ratings and Baa3 by Moody’s Investors Service, has hired Citi, HSBC and Royal Bank of Scotland to arrange the meetings. The Reg S status of the proposed bond means it wouldn’t need to be registered with the Securities & Exchange Commission, but would also prevent it from being sold to US investors. (Foxbusiness)
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