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News Roundup: Maytas Properties Likely To Get New Owners

08 January, 2010

Maytas Properties Likely To Get New Owners – Two infrastructure companies have offered to take over the troubled Maytas Properties Ltd and complete its pending projects. Maytas Properties, promoted by the family of B Ramalinga Raju, is late by about two years in completing its maiden residential project, Maytas Hill County, on Hyderabad’s outskirts. Two private equity firms, the Nimesh Kampani-owned JM Financial and Mauritius-based SRS Orion Investments had invested Rs600 crore in Maytas Properties in early 2008. Corporate affairs minister Salman Khursheed, in a media briefing, however clarified that the government was not looking to bail out the firm. (Mint)

Kotak Realty Fund To Invest Rs270Cr In Three Firms – Kotak Realty Fund, an $800 million real estate private equity (PE) fund from Kotak Mahindra Group, will invest Rs270 crore to acquire stakes in several real estate firms. It will spend Rs100 crore to acquire a 60% stake in Star Light Developers Pvt. Ltd, a Mumbai-based realty firm and another Rs100 crore for 50% of the slum rehabilitation project undertaken by Ackruti City Ltd near Mumbai’s international airport. The fund will further spend Rs70 crore to purchase a 60% stake in Bangalore-based developer Lalith Gangadhar Constructions Pvt. Ltd. (Mint)

Megasoft Eyes Acquisitions – Chennai’s Megasoft Limited, a mobile telecom products and technologies provider, is eyeing acquisitions in Latin America or Europe for around $25 million. Though the company is currently looking to cut debt and organic growth, it will look to buy companies which have patented technologies from the second half of the 2010 calendar. Some of its acquisitions include Hyderabad-based Visualsoft Technologies and Boston Communication Group Inc of the US in August 2007. (BS)

Schroders May Shut India Shop – Schroders Investment Management may be looking to wind up Indian operations as its sales and compliance have put in their papers, and the organisation’s domestic operations are at a crossroads. UK-based Schroders has more than £138.9 billion of assets under management  globally. The company had applied to SEBI to set up mutual fund business in India. (DNA)

Suryachakra In Talks With PEs – Suryachakra Power Corporation Ltd is in talks with PEs to raise funds for its Rs 2,000-crore expansion plan. The company is finalising plans to raise up to $100 million through a foreign currency convertible bond (FCCB). Suryachakra’s expansion includes a 300 MW coal based power plant and a series of solar and biomass based projects. (HBL)

Zain Acquisition Delayed – The much expected deal between the Indo-Malaysian consortium led by the Delhi-based Vavasi Group and Kuwait-based telco Zain is delayed from the scheduled four months time as of September 2009. The consortium had entered into an agreement with Zain in September to acquire a 46% stake in the company for $13.7 billion. The delay is also rebutting mounting speculation whether the deal is still alive or dead. (ET)

JSPL Sells 2.77% Stake In Rocklands – Jindal Steel and Power (Mauritius), a subsidiary of Jindal Steel and Power Ltd (JSPL), has sold 21.5 lakh shares or a 2.77% of its stake in Australia’s Rocklands Richfield in the open market. Post this share selling, JSPL’s holding in the company now stands at 13.60%. The development is surprising given that Jindal had on Tuesday raised its bid to acquire the company. (DNA)

Sterling International Raises $26.25M Via GDRs – Sterling International Enterprises Ltd, a Mumbai-based software and application services company, has raised $26.25 million through global depositary receipts (GDR’s). The company has issued over 27 lakh GDRs at an offer price of $9.51 per GDR, which are listed on Luxembourg Stock Exchange (LuxSE) for this fund raising, according to a company filing in the BSE. (Team VCC)

 


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News Roundup: Maytas Properties Likely To Get New Owners

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