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News Roundup: Magma Fincorp Forms General Insurance JV

29 July, 2009

L&T Finance To Raise Funds Via NCDs – L&T Finance Ltd, a wholly-owned subsidiary of Larsen and Toubro, is issuing non-convertible debentures (NCDs) to raise Rs 1,000 crore. The company has already filed draft prospectus for the issue. The firm, which has a presence in financial services and asset management, also has an option to raise another Rs 500 crore from the issue. (Business Standard)

Magma Enters General Insurance – Magma Fincorp Ltd has formed a 74:26 joint venture with Germany’s HDI Gerling to foray into general insurance. The venture will start operations from the next fiscal and will file for the R1 licence with the Insurance Regulatory & Development Authority. The JV will have an equity capital of Rs 110 crore, with Magma and its promoters Celica Developers holding 37% each. (DNA)

Bharti-MTN To Get Competition Clearance – The yet to be sealed $23-billion merger between Bharti Airtel and South Africa’s MTN will need a clearance from the competition authorities of both countries. Government must be notified of any deal on mergers before the proposed transaction is implemented, as per South African laws. Bharti-MTN merger will lead to the creation of one of the top five telcos globally with over 200 million customers and combined revenues of about $20 billion. (Economic Times)

NHPC IPO on Aug 7 – Public sector power major NHPC will launch its initial public offer on August 7. NHPC’s IPO was originally planned for October 2008, but abandoned due to the market crash. Price-band has been fixed at Rs 30-36 and NHPC may raise upto Rs 6,048 crore from its 168 crore-share issue. (Hindu Business Line)

Texmaco Ltd Raises Rs 170 Cr Through QIP –  Engineering firm Texmaco has closed its qualified institutional placement of shares raising Rs 170.56 crore. The K K Birla group company has sold nearly a 13% stake to six institutional investors — three overseas and three local. (HBL)

KSK Energy To Raise Rs 2,000 Cr – KSK Energy has approved the proposal to raise up to Rs 2,000 crore for the company’s expansion plans. The funds will be raised through either foreign currency convertible bonds (FCCBs) or issue of Global Depository Receipts or any other mode. (HBL)

3i Infotech To Raise Rs 500 Cr From QIP – Mumbai’s 3i Infotech is planning to raise Rs 500 crore through a qualified institutional placement (QIP) of shares in order to retire its rupee loans

of Rs 750 crore. The software products firm announced a net profit of Rs 90.8 crore for the first quarter of FY09. (ET)

McLeod Russel Looks For Overseas Buys – McLeod Russel India Limited is aggressively pursuing overseas acquisitions to achieve a 100 million kg production within next five years. The firm may shell out $10 million (Rs 48 crore) for gardens in countries like Kenya, Vietnam and Indonesia. The firm is presently the largest integrated tea company in the world with a production of 80 million kg. (ET)

 

Kingfisher Airlines Posts FY09 Loss : Private carrier Kingfisher Airlines Ltd said on Wednesday it posted a net loss of Rs 16.09 billion on net sales of Rs 52.7 billion for the year-ended March 31, 2009. 

 


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News Roundup: Magma Fincorp Forms General Insurance JV

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