Grupo Mexico Revises Asarco Bid Offer Again - Grupo Mexico has revised its offer to outbid rival Sterlite Industries in the race to acquire US-based copper miner Asarco. In its latest revised offer — fifth in four months - Grupo Mexico has increased the cash component to $1.46 billion from $1.3 billion and also hiked payouts to asbestos claimants to $280 million from $250 million. Sterlite Industries, which had signed a MoU to acquire Asarco in March, revised its offer last week, increasing the non-cash component to $770 million. (The Economic Times)

Mallya Taps Abu Dhabi Royal for Kingfisher Funds - Vijay Mallya, the UB group chairman, has reached out to Abu Dhabi's Al-Nahyan royal family for a possible investment in the debt-laden Kingfisher Airlines. Mallya is personally leading the talks with the family, which controls a number of sovereign funds with an estimated value of more than $500 billion. Kingfisher Airlines has notched up losses of over Rs 1,000 crore thanks to sluggish demand, high jet fuel costs and a debt load of Rs 8,000 crore. It needs equity of at least $400 million to meet operational costs and pay down some of its debt. (The Economic Times)

Shree Renuka Sugars Raises $105 Million - Shree Renuka Sugars has raised $105 million through QIP. It has sold shares worth $105 million to institutional investors at 137 rupees each. The firm had offered the shares at between 135 to 138 rupees. hDSP Merrill Lynch was the sole arranger to the issue.(Reuters)

Videocon to Remain Strategic Investor in Great Offshore - Videocon group Chairman and Managing Director Venugopal Dhoot has decided to remain a strategic investor in Great Offshore, the drilling company for which Bharati Shipyard and ABG Shipyard have made competitive bid offers. Dhoot holds about 3 per cent stake in the company and is considered close to Rishi Agarwal, promoter of ABG Shipyard. Today he consulted his bankers to decide the move. (Business Standard)

MetroCorp Set to Raise Rs 1,500 Crore - MetroCorp, a relatively recent entrant into the real estate market in Bangalore, is set to raise close to Rs 1,500 crore through the private equity route by July-end. This infusion of Rs 1,500 crore will be on top of this firm raising a similar amount during February this year from global PE funds. Industry sources indicate that while one fund is from a global insurance firm the other is a pure-play global private equity fund. The fresh infusion will be for various affordable housing projects Metro is taking up and is part of the first installment of Rs 2,500 crore which it is planning to raise over a period. (Business Standard)

Tata Docomo Invests Rs 350 Crore in State GSM Operations - Tata Docomo, the GSM brand of Tata Teleservices Limited, has invested Rs 350 crore for its GSM operations in the Orissa circle. Tata Docomo’s GSM services in the Orissa circle would cover 390 towns and 14,303 villages in the state. Tata Docomo is a strategic alliance between Tata Teleservices and NTT Docomo, the Japanese telecom major which has 26 per cent stake in Tata Teleservices. Orissa is the fourth telecom circle in the country where Tata Docomo has rolled out its GSM services. Earlier this month, Tata Docomo had launched its GSM services in the Chennai, Tamil Nadu and Kerala circles. (Business Standard)

Gemini Comm Buys 51% Stake in Sanat Tech - Chennai-based Gemini Communication, a wireless networking and Wimax solutions company has acquired a majority stake in Sanat Technologies. The company has joined hands with a Switzerland-based company to float a new company for providing intelligent metering and payment operation solution. The acquisition would strength Gemini's focus on design, development and marketing of unique product solutions. (Business Standard)

Big TV in Talks with PEs for Stake Sale - Big TV a pay TV company owned by Anil Ambani’s Reliance Communications, is in advanced talks with private equity firms Carlyle Group and Providence Equity to sell minority stake and raise capital. Deutsche Bank has the mandate to facilitate the deal for the direct to home TV service provider. Big TV, according to sources is looking to divest about 20% stake in tranches, of which 10% will be sold now for around $50-75 million. (The Economic Times)

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