JK Lakshmi Cement To Buy Firm In Egypt – JK Lakshmi Cement, a Delhi-based cement manufacturer and the flagship company of Hari Shankar Singhania Group, is in talks with an Egyptian cement firm for acquisition. The deal, which is believed to be of around Rs 800 crore, is expected to be closed by the end of this calendar year. The target company has an annual production capacity of two million tonne. The acquisition, if materialises, will help JK Lakshmi tap the growing Middle East market. (ET)
Gemac Energy To Raise Rs 600Cr From PE – Gemac Energy Ltd (GEL), a Chennai-based engineering, procurement, construction, project management and O&M services company, is planning to raise around Rs 600 crore from a private equity fund to support its proposed Rs 6,000-crore power plant in Tamil Nadu. The company has planned to set up a coal-based thermal power plant in the state with a total capacity of 1,320 Mw with an investment of around Rs 6,000 crore. The proposed investment will be funded through 80:20 debt-equity. (BS)
Infosys Technologies Denies Logica Buy – Infosys Technologies Ltd, India’s second-largest software exporter, has dismissed the media report saying the firm is in talks to buying Logica Plc, a UK-based technology services company. The Daily Mail reported on May 21 that Infosys was considering buying the London-based computer-services provider for 2.9 billion pounds ($4.2 billion) in cash. V Balakrishnan, the chief financial officer at Infosys, said the report as “just a rumor”. (Bloomberg Businessweek)
Mukesh May Enter PE Space – Ambani brothers — Mukesh and Anil– who were on dispute over gas pricing, had decided to end the non-compete agreements in reconciliation bid, a move that will help the duo work in harmony. The billionaire brothers, who split the Reliance group in 2005, have been keen to enter into each other’s select business areas, but were constrained by the agreement. With the cancelling of the four-year-old non-compete agreement, their group entities can now foray each others business. For instance, Mukesh Ambani is looking at opportunities to enter the financial space in which Anil’s ADAG is already a player. (ToI)
StanChart Fixes IDR Range, To Raise Rs 2,670Cr – Standard Chartered Plc, the London-based financial services group, has fixed the price band for its proposed issue of Indian Depository Receipts (IDRs) between Rs 100 and Rs 115 per IDR. It intends to raise up to Rs 2,760 crore through IDRs. The issue, which opens for general subscription on May 25 and is due to close on May 28, proposes to issue 240 million IDRs. It is the first overseas company which is planning to list securities (IDRs) on Indian stock exchanges. (BS)
ICICI, BoR Fix Share Swap Raito – The boards of ICICI Bank and Bank of Rajasthan (BoR) have approved the share exchange formula on the proposed acquisition of a dominant stake in BoR by ICICI. With the share swap ratio of 1:4.72, the BoR shareholders will gain one share of ICICI Bank for every 4.72 shares of BoR. The development has paved the way for shareholders of the two banks to discuss the merger at the Extraordinary General Meeting due to take place on June 21. With this merger, ICICI Bank is looking forward to an increased presence in the northern and western parts of India. (BS)
Noble Group Pulls Out Of Gopalpur Port SPV – Noble Group Limited, Hong Kong-based commodities trading company, has decided to pull out of Gopalpur Port Limited (GPL). The decision was taken amidst displeasure over the current functioning of the special purpose vehicle (SPV) formed for the port development where the company says it has been completely ignored. GPL is a consortium in which Noble Group is a partner, besides other participants including Orissa Stevedores Limited (OSL) and Sara International Limited. The SPV was formed to develop the defunct Gopalpur port into an all-weather and a major port at an investment of around Rs 2,500 crore. (BS)
Google Gets US Antitrust Nod On AdMob Buy – US antitrust regulators gave Google Inc approval to buy mobile advertising rival AdMob, after months of delay and rumour that Google was headed for a court fight with government officials over the $750 million transaction. The Federal Trade Commission (FTC) said that it was concerned that two top mobile advertising networks were combining, but said Apple Inc’s entry into the market would mitigate the effects of the GoogleAdMob powerhouse. Google is expecting to close the deal in coming weeks. (DNA)
CCI Planning To Bring New Norms In M&A Practice – The Competition Commission of India (CCI), a government of India body looking after mergers & acquisitions practices, is now planning to set a turnover limit of Rs 600 crore and asset size limit of Rs 200 crore separately for both the acquiring and target company in an M&A deal. The Competition Act prescribes the minimum India presence or territorial nexus only for the combined entity—Rs 500 crore assets and Rs 1,500 crore turnover. The move would help big corporates, but would bring all mid-sized M&A deals under the regulatory ambit. (FE)
Marsons To Buy European Firm For £6.1M – Marsons Ltd, a Kolkata-based company engaged in the manufacture of power and distribution transformers, has entered into strategic agreement for acquisition of 100% equity in a European company. The target company manufactures power transformers up to 132 KV class, it informed the stock exchange. The deal value is £6.1 million (about Rs 41.41 crore). (Team VCC)
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