Kingfisher Gets Rs 2,000 Crore Funding – Vijay Mallya-promoted Kingfisher Airlines has got crucial funding of Rs 2,000 crore from State Bank of India and a consortium of other banks to meet working capital requirements. While Rs 950 crore has been given by State Bank of India, the rest of the amount has been arranged from Bank of India, Bank of Baroda and Punjab National Bank. Kingfisher has also been targeting an equity infusion of around Rs 2,000 crore through strategic and financial investors. ()
M&As’ Cost to Increase as Stamp Duty Ceiling Ceases – The Maharashtra government’s proposal to remove the ceiling on stamp duty on mergers and acquisitions (M&As) will increase the cost of transactions of larger deals by companies registered in the state, according to industry experts. State Finance Minister Dilip Walse-Patil, in his budget speech, proposed to remove the Rs 25-crore upper limit for stamp duty involved in M&As. In Maharashtra, the stamp duty was 5% for property transactions and 0.7% for share transfer. (Business Standard)
Anu’s Laboratories to Raise Rs 250 Crore –
Anu’s Laboratories Limited, a Hyderabad-based manufacturer of bulk drug intermediates, will be raising Rs 250 crore for further expansion of existing facilities, acquisitions and graduating to manufacture of active pharmaceutical ingredients (APIs). The company is exploring various fund-raising options and modalities are currently being worked out for our organic and inorganic growth plans. The fund-raising exercise is expected to be completed in six months from now. (Business Standard)
3 Indian Banks Ink JV for Malaysian Arm –
Three public sector lenders — Bank of Baroda (BOB), Indian Overseas Bank (IOB), and Andhra Bank — today entered into a joint venture agreement for setting up a banking subsidiary, India BIA Bank (Malaysia) Bhd, in Malaysia. The subsidiary will become operational by the end of the second quarter and cater to Indian corporates and expatriates in Malaysia. In the joint venture, BOB will hold 40 per cent stake, IOB 35 per cent, while Andhra Bank will hold the rest 25 per cent. Initial investment is pegged at Rs 405 crore. (Business Standard
Intel Agrees to Acquire Wind River for $884 Million –
Intel Corp, the world’s largest maker of semiconductors, agreed to buy software company Wind River Systems for about $884 million, a bid to get its chips into more consumer electronics and wireless devices. The price is $11.50 a share in cash, Santa Clara, California-based Intel said today in a statement, offering a 44 per cent premium over Wind River’s closing price yesterday. Wind River makes operating systems for everything from cars to mobile phones, serving customers such as Sony Corp. and Boeing Co. (Business Standard
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