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News Roundup: Maxx Mobile Plans Rs 800Cr IPO

03 February, 2011

Maxx Mobile Plans Rs 800Cr IPO – Home-grown mobile handset player Maxx Mobile plans to raise Rs 800 crore through an Initial Public Offer (IPO) in the next nine months. The Mumbai-based firm has appointed Enam Securities, Nomura and SBI Caps as the lead book running manager for the issue. The funds would be used in setting up a handset manufacturing unit and starting the group’s retail venture. Maxx earlier raised $20 million from Singapore-based Star Holdings and plans to go for a pre-IPO placement most likely from a foreign investor. Maxx group clocked a turnover of Rs 1,200 till December last year. (Times of India)

Vodafone May Sell Extra Towers To Bharti, Indus – Vodafone Essar may sell the telecom towers in the seven service areas outside the Indus Towers agreement to Bharti Airtel or Indus Towers. Vodafone has taken the bids from Viom and GTL Infrastructure as benchmarks to Bharti and Indus. The bids from the two had come in the range of Rs 3,200 to Rs 3,500 crore for around 7,000 towers with at least one tenant on each tower. (Economic Times)

NSE Appoints JM Financial To Sell NCDEX Stake – Stock bourse National Stock Exchange (NSE), a founder shareholder of the seven-year-old National Commodity & Derivatives Exchange (NCDEX), has appointed investment banker JM Financial to bring down its excess stake in the commex to 5% by March-end. The bourse has to bring down its stake from 11.1% in keeping with a regulatory norm that restricts a single stock exchange’s holding in a commex at 5%. (Economic Times)

Vestian Global To Invest In Indian Realty – Vestian Global Workplace Services, a subsidiary of the Chicago headquartered Vestian Group, plans to invest in real estate firms through a fund its promoters have closed recently. The company management has recently raised about Rs 1,500-crore special fund. They plan to invest about 70% of these resources in Indian companies and the rest in China, particularly in real estate-related business. (HinduBusinessLine)

Persistent Acquires Infospectrum – Pune-based Persistent Systems, an outsourced product development (OPD) service provider company, has entered into a definitive agreement to acquire the OPD business of Infospectrum Inc and its subsidiary- Infospectrum India Private Limited. Persistent Systems’ acquisition of Infospectrum’s business will contribute to the company’s strategic thrust by providing better customer foothold in domains identified by them as their growth areas. (Business Standard)

Mahindra Promoters Stake Falls Below 26% – The shareholding of the promoters of Mahindra & Mahindra (M&M), the tractor and utility vehicles maker, has fallen to a low of 22.76% in the quarter ended December 31, 2010, well below the crucial 26% ‘safe level’ that’s preferred by most promoters. And out of its 22.76% stake, at least 2% is pledged by the promoters with banks, according to Bombay Stock Exchange data. (DNA)


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News Roundup: Maxx Mobile Plans Rs 800Cr IPO

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