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News Roundup: L&T Finance To File DRHP For Rs 1,500Cr IPO

28 September, 2010

L&T Finance To File DRHP For Rs 1,500Cr IPO – L&T Finance, the non-banking financial company of infrastructure major L&T, is planning to file Draft Red Herring Prospectus (DRHP) for Rs 1500 crore initial public offering (IPO). L&T Finance had listed its non-convertible debentures (NCDs) on the NSE a year ago. (Moneycontrol)

CDC To Invest $12.5M In Seedfund – CDC Group has made its first investment in early-stage VC firm Seedfund by committing $12.5 million. The early stage fund is raising a fresh corpus of $52 million from European and US-based investors. CDC is eyeing early-stage funds in sectors like education and other under-served sectors like agribusiness, infrastructure and healthcare. (Economic Times)

Lanco Infratech Plans IPO Of Power Arm – Lanco Infratech will consider an initial public offering for its power business as it looks to fund expansion plans to meet rising demand. The group has not set a timeline for the fund raising, but is currently consolidating all its power projects under a single company.  (Reuters)

Kuwait Petroleum Eyes IOC Stake – Kuwait Petroleum has shown an interest in acquiring a stake in flagship refiner-marketer Indian Oil Corporation if the government decides to offload part of its holding through a strategic divestment. But the government is unlikely to oblige as it plans to shed 10% stake in the company only through a public offering since the UPA is opposed to any strategic sale of equity in state-run firms. (Times of India)

Essar  May Eye Severstal’s US Plant – Russian steelmaker OAO Severstal is looking to sell three U.S. plants and has set Oct 22 deadline for binding offers with five potential bidders in the fray. Essar Steel, India’s fourth-biggest producer, may be interested in the Sparrows Point plant in Maryland.  (Bloomberg)

AstraZeneca’s Plan To Buyout Minority Shareholders on Hold – Anglo Swedish drugmaker AstraZeneca’s plans to buy out Indian minority shareholders in the local unit and take the company private has been rejected. The company’s plans to purchase 10%, or 2.5 million, outstanding shares listed on the Bombay Stock Exchange and National Stock Exchange were turned down in a postal ballot. (Economic Times)

Mogae Buys Stake In Turmeric Ventures – Sandeep Goyal’s Mogae Group has invested in Turmeric Ventures, the company owned by Chef Sanjeev Kapoor, which will soon be launching a 24×7 television channel dedicated to food before the end of the year. The Astro Group of Malaysia is investing $28 million in the new channel and will hold majority stake. (ExchangeFor Media)


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News Roundup: L&T Finance To File DRHP For Rs 1,500Cr IPO

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