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News Roundup: L&T To Raise $500 Mn Infra Fund

14 April, 2016

ITC May Go For EIH Takeover – ITC said that it will position itself so that it gains extra leverage in any future negotiations concerning its plans for EIH. The company currently owns a 14.98% stake in EIH and is exploring the option of increasing its stake to 25%, just 1% shy of the level which will give it the power to veto board resolutions. This in effect means that ITC will have to make an open offer for acquiring an additional 20%. The Oberoi family, which owns 43% in EIH, will sell a little over 17% to Analjit Singh for up to Rs 1,250 crore, valuing the company at more than Rs 7,200 crore. Along with Singh’s shareholding through purchases in the open market, his stake will rise to 26%. Singh and the Oberoi family will own a 52% stake in EIH, hoping to fend off any possibility of rival ITC attempting to gain control. (Economic Times)

Oman Oil Pays 50% Premium To Up Stake In Bina Refinery – Oman Oil Company (OOC) has paid a full 50% premium for a re-entry into the Rs 11,397-crore Bina Refinery project of the state-run Bharat Petroleum Corporation (BPCL). The company has picked up 26% stake in the project for an additional Rs 1,220 crore. OOC’s additional investment of Rs 1,220 crore would take its stake in BORL to 26% from the current 2%. (Business Standard)

Godrej, Marico Eye £250 Mn UK Brand – Godrej Consumer Products Ltd and Marico Ltd have bid £250 million (Rs1,925 crore) for a British brand called Simple. The beauty brand was recently put on sale by its promoters, Duke Street Capital, a private equity group that acquired the brand in 2004 for £225 million. The company is also in talks with a hair care company based in the Netherlands. (LiveMint)  

IDBI Bank Identifies Merger Candidate – IDBI on Wednesday said that the bank had identified a potential merger target and had also abandoned the plan to sell its home finance arm which will continue to remain its 100% subsidiary. The bank might consider a follow-on public offer to infuse capital for growth this financial year. The bank reiterated it will meet its credit growth target, though overall bank credit growth had dropped to a 12-year low of 9.8 per cent. (Business Standard)

Infotech Plans Buyouts In US For $40 million – Infotech Enterprises is planning to acquire two companies in the US by the end of this financial year. The buyouts will range between $10 million and $20 million each. The company’s US revenue is 47% of its overall revenues and it plans to improve its presence there. The buyouts would be funded through the cash surplus of $80 million the company currently has. (Business Standard)

Meru Cabs Names Rajesh Puri As Its CEO – Meru Cabs, a leading radio cab service provider, has named Rajesh Puri as chief executive officer (CEO) of the company. Puri will be based out of Mumbai and will be responsible for driving the company’s strategy, expanding existing businesses and seeking out new business opportunities. (DNA)

Apollo DKV Health May Raise Capital Base To Rs 500 Cr – Apollo DKV Health Insurance is planning to increase its capital base to Rs 400-500 crore by 2012-13, from the current Rs 220 crore. The company had set a target of Rs 700 crore in premium income by 2012-13. Till October, the company had earned a premium of Rs 60 crore and was likely to close the current fiscal with a premium income of Rs 100 crore. The company is planning to increase the number of branches to 55 and is waiting for an approval from the Insurance Regulatory and Development Authority (IRDA) to allow banks to sell health insurance products. The company had entered into a deal with HDFC ERGO in August, and earned Rs 2.5 crore so far. The hospital chain has a 74% stake in Apollo DKV. (Business Standard)

Infosys’ KPO head resigns – Joydeep Mukherjee, who headed Infosys Technologies’ knowledge process outsourcing (KPO) division, has resigned from his post. Move comes just days after the company’s business process outsourcing (BPO) head Amitabh Chaudhry’s resignation. Knowledge services contribute about 10% of the company BPO’s annual revenue of over Rs 1,450 crore. Mukherjee was also the vice-president of the company. (Business Standard)

L&T To Raise $500 Mn Infra Fund – L&T has decided to raise a $500 million private equity fund that’s dedicated to infrastructure and is in talks with Kotak Mahindra Bank and Macquarie to become co investors. The company will be investing $50-$75 million initially while the co-investors will put in $100 million. Another $300 million will be raised from third party institutional investors. The fund will be a part of L&T Infrastructure Finance Company which is the investment arm of L&T. (NDTV Profit)

Sistema Shyam’s $3.5 Billion Growth Plan – Mobile-phone operator Sistema Shyam TeleServices Ltd. plans to invest $3.5 billion over the next 4-5 years to expand its network in India. Russia’s Sistema JSFC owns 73.71% of the company while India’s Shyam Group holds 23.79%. The remaining stake is held by some minority shareholders. The company has applied for the Indian government’s clearance to issue new shares worth about $600 million to the Russian government. (Wall Street Journal)

DFJ To Raise $400 Million Venture Capital Fund – Draper Fisher Jurvetson, a California based venture capital firm , expects to raise as much as $400 million by March to invest in start ups in India, China and the U.S. The company may invest about 15% of the funds in India has completed raising half of the proposed amount. The company expects to invest as much as $20 million a year in the country


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News Roundup: L&T To Raise $500 Mn Infra Fund

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