Axis Bank To Set Up Infra Lending Arm – Private sector lender Axis Bank plans to set up a non-banking financial company to carry out investment and lending activities. The company will be launched as a wholly-owned subsidiary and will focus on infrastructure and other activities, it said in a statement.The bank has also posted 32% rise in net profit at Rs 531.64 crore for the second quarter ended September 2009, against Rs 402.91 crore in the corresponding period a year ago.Post the announcement, the shares of the bank were trading at Rs 1,012.50, up 1.61% at day close on the NSE.
Crompton Greaves Eyes $300-$600Mn Acquisition -Crompton Greaves, a leading manufacturer of electrical products, is eyeing acquisition in Latin American for about $300 million to 600 million depending upon the size of the company. The entire process of this buyout is likely to take more than 10 months. (Business Standard)
Prestige Estates To Raise Rs 900 Cr Through IPO – Realty firm Prestige Estates is planning to raise Rs 800-900 crore through an IPO that would see the Bangalore-based company offloading 10-15%. The whole process is expected to be completed by March 2010. The company is supposedly in talks with investment banks like Kotak Mahindra Capital and Enam to prepare the roadmap. (Economic Times)
Jet Airways Gets FIPB Approval For $400M QIP – The Foreign Investment Promotion Board (FIPB) has approved debt-ridden Jet Airways’ plans to raise $400 million (about Rs 2,000 crore) through sale of fresh shares to qualified foreign institutions. FIPB has approved Jet’s plan last Friday and will forward it to the finance minister soon. It is estimated in July that Jet is struggling with a debt of around Rs 15,000 crore. (Economic Times)
Indiabulls Power Raises Rs 316 Cr – The initial share sale offer of Indiabulls Power attracted five anchor investors, raising over Rs 316.46 crore. The investors include Halbis, Nomura, Norges, GLG and Tosca who subscribed to shares of the company at the upper end of the price band. Indiabulls Power is planning to raise up to Rs 1,700 crore through IPO of 39.07 crore shares. Morgan Stanley India Company Pvt Ltd is acting as the book running lead manager to the issue. (BS)
ArcelorMittal To Sell Stake In Canadian Firm – World’s largest steel maker ArcelorMittal will sell its 28.6% stake in Canada- based Wabush Mines for about $34.28 million. The steel maker would be offloading its minority stake to Canadian entity Consolidated Thompson Iron Mines and both firms have entered into a definitive agreement in this regard. Meanwhile, the company said that the stake in Wabush Mines is no longer a core part of the company’s mining strategy. (BS)