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News Roundup: JBM to Buy Out European Ancillary Company for Rs 300 Cr

16 June, 2009

JBM Aiming to Buy Out European Ancillary Company for Rs 300 Crore – The New Delhi-based diversified JBM group, which manufactures components for the automobile sector, is looking to foray into the aviation space with an acquisition of a European parts making company for Rs 200-300 crore. The group’s senior management is currently holding talks with at least 3-4 target companies based in Europe, which cater to clients like EADS, Boeing and Bombardier, among others. (Business Standard)

SPS Offloads 50% Stake in Orissa Project – Kolkata-based CONCAST group has picked up a 50 per cent stake in SPS group’s Jharsuguda steel project in Orissa. The Jharsuguda steel project is under SPS Steel & Power. Bipin Vohra, chairman and managing director, SPS group said, the company raised Rs 200 crore from the stake sale. The project has a capacity of 0.54 million tonne, which will be raised to one million tonne. The group has 115 acres in Orissa and the total land requirement is 400 acres. (Business Standard)

Allahabad Bank May Raise Rs 1,000 Crore – Public sector Allahabad Bank is looking to raise Rs 1,000 crore in the current financial year. The bank has a headroom to raise about Rs 2,450 crore – Rs 600 crore perpetual debt and Rs 1,850 crore upper Tier II capital. The bank’s capital adequacy ratio is 13.11 per cent at present. It expects its net interest margin (NIM) to be about 2.75% in 2009-10, as against 2.88% last year. Earlier, the bank had projected NIM of 3%. (Business Standard)

HSBC to Hike Stake in Insurance JV – British financial services group HSBC has said it has a “preferential arrangement” with Canara Bank and Oriental Bank of Commerce, its local life insurance JV partners, to increase its stake in HSBC Canara Life Insurance to 49% when laws permit higher foreign direct investment (FDI) into the insurance sector. The deal is likely to be struck on the basis of pricing in the shareholders’ agreement, details of which are not yet in public domain. (The Economic Times)

Jubilant Organosys Plans to sell Part of Business  – Chemicals and drugs maker Jubilant Organosys Ltd plans to sell a part of its industrial and performance products division, eyeing 3-3.50 billion rupees from the sale. The company has decided to spin off its consumer products and application polymer businesses, which generated annual sales of about 2 billion rupees. (Reuters)

Unitech Plans to Raise $250 Million – Unitech, India’s second largest realty major, is looking to raise more equity and is evaluating several options for this exercise. The company is looking to raise at least $250 million through the equity route and is evaluating many options such as qualified institutional placement (QIP) and even an overseas listing through the global depository receipts or the American depository receipts (ADR) routes. (The Economic Times) 


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News Roundup: JBM to Buy Out European Ancillary Company for Rs 300 Cr

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