Mauritian Cos to Invest Rs 2,000 Crore in Matrix Enport - Three Mauritius-based companies -Citrus Holdings, Lemonhills Holdings and Lemonstone Holdings - will invest Rs 2,000 crore in Matrix Enport Holdings, a Hyderabad-based infrastructure company. Matrix had also approached the Foreign Investment Promotion Board (FIPB), the government agency that approves all major foreign investments into the country, seeking approval for these companies to invest in it. But, FIPB in its recent meeting (held on May 22), deferred the proposal and said it requires more time to study the proposal and ‘examine the source of these funds.’(The Economic Times)
Magma Fincorp to Raise Rs 400 Crore Via QIBs - Magma Fincorp has decided to raise up to Rs 400 crore of fresh resources from the market to meet its long-term working capital requirements. The Magma Fincorp management intends to do so by issuing equity shares to qualified institutional buyers (QIB) and has informed the Bombay Stock Exchange about this. The company has already obtained an in-principle approval to its enabling resolution from its board on June 5. It now intends to seek its shareholders approval at an extra ordinary general meeting scheduled for July 1, 2009. (The Economic Times)
Union Bank Plans to Raise Rs 1,700 Crore in FY 10 - India's sixth largest state-owned lender, Union Bank of India (UBI), is planning to raise Rs 1,700 crore this fiscal to step up its business expansion plans, a top official said. The banks plans to raise Rs 200 crore through the issue of Tier-I perpetual bonds in the next one week while Rs 1,500 crore will be raised later this fiscal. The bank will be undertaking huge expansion plans which include opening of 500 more branches that will take the total branch strength to over 3,000. At present, the lender has 2,600 branches. (The Economic Times)
Motorola to Close Down Motomusic Stores - The US-based handset maker Motorola today said it was closing its music application store - Motomusic - in India. The mobile company is streamlining its portfolio and will be introducing Android-based smartphones. The company’s music application stores- Motomusic and Soundbuzz are no longer core to its market strategy. However, the Motomusic service in China would not be impacted. (Business Standard)
AMRI to Raise Debt and Equity for Setting Up 3 New Hospitals - Hospital-chain Advanced Medicare & Research Institute (AMRI), a wholly owned subsidiary of Kolkata-based Emami Group, is looking to set up three hospitals in Kolkata and Bhubaneswar this financial year. Much of the land has already been acquired for this purpose. Most of the money would be raised through internal accruals, the remaining through a mix of debt and equity. The company will also add 700 beds to its hospitals with an overall investment of Rs 300 crore. At present, the company has 550 beds spread across four locations in Kolkata. After expanding into Bhubaneswar, AMRI will also look at tapping markets in north India. (Mydigitalfc.com)
