L&T Eyes DBS Cholamandalam AMC - L&T Finance, the financial services arm of inffrastructure major L&T, is in the race to acquire DBS Cholamandalam Asset Management Company (AMC), which is a joint venture between Singapore’s DBS Bank and the Chennai-based Murugappa group. The asset management company had appointed Edelweiss as the investment banker. DBS Cholamandalam AMC had reported a loss of Rs 38 crore for the year ended March 2009. (Business Standard)
Gateway Distriparks To Finalise PE Deal - Logistics firm Gateway Distriparks Ltd is close to signing a deal with an international private equity firm to raise around Rs 300 crore. As part of the plan, Gateway will sell around 25% stake in its subsidiary Gateway Rail Freight Ltd. The company has shortlisted one private equity player among a dozen who had shown interest in the company. Gateway had started the initiative to rope in a private equity investor in the subsidiary way back in 2007 and had appointed Kotak Mahindra Capital Co. Ltd to arrange funds. (Mint)
Bharat Forge To Raise $150 Mn - Pune based auto component maker Bharat Forge will seek shareholders' approval to raise $150 million by issue of warrants or bonds. The company will utilise the money to meet long-term capital requirements to expand manufacturing capabilities in the non-automotive sector in India. The shareholders would meet on October 1, to consider raising of the proposed funds by issue of warrants or bonds. (Business Standard)
ING Vysya Bank To Raise Rs 330 Cr - Private Sector banker ING Vysya Bank Ltd will make a preferential allotment of 10 million shares to the wholly owned subsidiaries of its promoter ING Bank NV, ING Mauritius and ING Mauritius Investments. This is to enable the promoter to maintain its current holding at 43.81% after the banks equity issue. The bank is planning to raise Rs 330.33 crore from institutional investors at Rs 248.09 per share. (Mint)
JBM To Acquire Auto Component Maker In Europe - Auto component maker JBM Group is in talks to acquire a European component maker in the same space. It believes the acquisition will extend the relationship of the company it has with European car manufacturers in India to Europe when the market revives there. JBM is also in talks with international partners to foray into metal components for the aviation sector. (Hindu Business Line)
Sterling Group Is Now Siva Group - In an attempt to bring its whole operations under one umbrella brand, Sivasankaran’s Sterling group has been renamed as Siva group. Sterling believes that now the company will be recognized much better and the group could be viewed with a much sharper focus as Sterling name is used in other industries as well. The group plans to start operations of S Tel, a Chennai based telecom firm that it acquired recently in the North-East in the last quarter of this year. (Mint)
