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News Roundup: Microfinance Rates Not To Be Capped

13 October, 2010

Kansagra Stake Sale In Spicejet Lands In US Court – A few business associates of Bhupendra Kansagra, the SpiceJet  promoter who agreed to sell 7.7% stake to Kalanithi Maran, have moved US courts to stall the transaction. The bloc of shares is held by Royal Holdings Services (RHSL), a US firm where Mr Kansagra owns 85% with the balance held by two other investors. These minority investors have opposed the sale, demanding a higher price. (Economic Times)

Coal India To Raise Rs 15,200Cr In India’s Largest IPO – Coal India’s initial public offering (IPO), the nation’s biggest and priced at a discount to global peers, may attract investors and set the stage for it to become a global industry benchmark, akin to Brazil’s Vale in iron ore. The government said investors can bid for Coal India (CIL) shares in the Rs 225-245 price band that will help it raise as much as Rs 15,200 crore, surpassing the Rs 11,600-crore record set by Reliance Power in 2008. (ET)

Prestige Estates Gets Rs 215cr From Anchors – Prestige Estates has allotted 1.17 crore shares to anchor investors at Rs 183 a piece making for a total of Rs 215.46 crore. The anchor investors include Reliance MF, Sundaram BNP, HDFC MF, EMM Umbrella Funds, Alliance Berstein India Growth Fund, Indus Capital Advisor UK, Government of Singapore, Master Trust Bank of Japan, DSP Blackrock, Credit Suisse, Lloyd George Im, Birla Sun Life, HSBC MF, India Fund, Mirae and Axis MF. Prestige plans to raise Rs 1,200 crore through the issue. (HinduBusinessLine)

Tata Motors Raises $750M – Tata Motors has successfully completed its issue of shares aggregating $750 million, comprising ‘A’ ordinary shares for $550 million and ordinary shares taking up the balance $200 million. The issue was subscribed 3.4 times. While the share with differential voting rights were issued at a price of Rs 764 each, ordinary shares were allotted at Rs 1,074 per share. (HBL)

Sintex Eyes Acquisitions  – Ahmedabad-based Sintex Industries is hopeful of diversifying into new infrastructure segments through an acquisition, possibly this fiscal. The company is looking to buy a majority stake in an infrastructure contractor, primarily to build its execution capabilities in the monolithic construction segment. It is also looking at acquisitions of companies who execute projects in sectors like water and balance of plant (BoP) for power projects. (DNA)

JSW Plans To Spin Off Overseas Coal, Iron Ore Assets – JSW Steel Ltd. is planning to form a an overseas subsidiary by consolidating its overseas coal and iron ore assets into a unit. The unit would control coal and iron ore mines in the US and Chile and an exploration business in Mozambique. The company is looking to raise the funds by listing the unit in an overseas exchange. The funds would be used for expansion.  (Bloomberg)

KEC Eyes Buys In US, Africa – RPG Group company, KEC International  , is looking at acquiring assets in the power transmission segment for over $100 million. The company is considering options in US & Africa for the acquisition. KEC expects to make the acquisition in the near future. KEC recently acquired Texas-based SAE Towers for $95 million. (ET)

Microfinance Rates wont’t be Capped: The government has no plans to cap microfinance rates, said banking secretary R Gopalan. He informed that the government will introduce a Bill on Microfinance regulations in order to control microfinance institutions’ lending rates as well as their abusive approach to debtors. ( Moneycontrol.com)

 

 


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News Roundup: Microfinance Rates Not To Be Capped

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