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News Roundup: Jai Balaji Raises Over Rs 198Cr Via QIP

27 October, 2009

Google Searches 3G Prospects In India – Google, the world’s largest search engine and one of the biggest internet brands, is eyeing opportunities in the third generation of mobile telephony or 3G in India. As part of the plan, Google is looking at broadband wireless access, or BWA, in the country and may participate in the auction with an Indian partner. Google could be just a technology partner to a telecom service provider in that case. (Business Standard)

Govt Unlikely To Allow FDI In Multi-Brand Retail – The government plans to clarify that foreign direct investment (FDI) in multi-brand retail is not possible, dashing the hopes of Indian retailers expecting that the new rules announced earlier this year would allow them to bring in overseas partners and capital. The move is likely to stymie the plans of those such as Pantaloon Retail, which had initiated steps to restructure itself to take advantage of the new norms for counting FDI in the hope that it would be able to attract foreign investment. (Economic Times)

ING To Split Biz – Insurance major ING plans to sell its stake in the life insurance business by 2013 as part of its ongoing ‘back to basics’ programme by moving towards complete separation of its banking and life insurance operations. ING Insurance International holds 26% stake in the life insurance joint venture. The other three promoters include Exide Industries (50%), Ambuja Cements (11.5%) and the Enam Group (12.5%). The company ensures the separation won’t impact ING’s operations in India, including its life insurance and bank operations. (BS)

Jai Balaji Raises Over Rs 198Cr Via QIP – Kolkata-based steel manufacturer Jai Balaji Industries has raised Rs 198.50 crore through a qualified institutional placement (QIP) issue. The funds would be used for completion of its ductile iron pipe plant and coke oven plant at Durgapur in West Bengal, besides other projects. In this placement, the company found new investors including Halbis, GMO, Reliance AMC, New Vernon, JF Investors, UBS GAM, Hammon, IIFL Emerging India Focus Fund Singapore, Kotak AMC and United Bank of India. Earlier in the first round of placement held in February 2008, it raised around Rs 273 crore from Citi Venture Capital International and India Equity Partners. (BS)

L&T Sells 50% Voith Paper Stake – Engineering and construction major Larsen & Toubro Ltd has sold its 50% stake in Voith Paper Technology India Ltd to its joint venture partner Voith AG of Germany. Voith AG held the balance 50% in the company. Voith Paper Technology provides design, consultancy and other value-added services to the Indian paper industry that included setting up of complete paper plants. It is currently executing three major orders from West Coast Paper, Century Paper and Tamil Nadu Newsprint and Papers Ltd. (Hindu Business Line)

Foreign Investors ‘Act In Concert’ For TMB Stake – Former McKinsey CEO Rajat Gupta, NRI businessman Ramesh Vangal and a string of foreign investors have “acted in concert” with local investors while buying shares in Tamilnad Mercantile Bank (TMB), an old, closely-held private sector lender. RBI has made these observations in its reply to an application filed by C Kanagaraj, a TMB shareholder. Under banking regulations, RBI’s approval is mandatory for transaction of 5% or more equity of a private bank. If the shares change hands without regulatory clearance, RBI has the power to cancel voting and dividend rights on the bloc of shares. (ET

Thinksoft Global Rises 31% On Debut – Thinksoft Global Services, a Chennai-based IT solutions provider, closed with the highest premium among the new listings so far in the current financial year with its stocks closing at Rs 164.30 on the BSE on Monday. The price was up 31.44% against the issue price of Rs 125. The firm had raised Rs 45.57 crore through the initial share of 36.46 lakh equity at the upper end of the price band of Rs 115-125 a piece. (BS)

 


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News Roundup: Jai Balaji Raises Over Rs 198Cr Via QIP

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