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News Roundup: Milestone Capital’s IPO Hits SEBI Roadblock

18 February, 2011

Milestone Capital’s IPO Hits SEBI Roadblock – Milestone Capital Advisors Ltd’s initial public offering (IPO) proposal has been stalled for about eight months because of objections by capital market regulator Securities and Exchange Board of India (Sebi) that it may expose small investors to too much risk. IDFC Capital Ltd, Edelweiss Capital Ltd and ICICI Securities Ltd are the merchant bankers to the issue. Milestone wants to sell a 30% stake for an undisclosed amount, which will be invested as seed capital for one for infrastructure and the other for small and medium enterprises (SMEs).

Trivitron In Talks With US Companies – Medical technologies firms Trivitron Healthcare, promoted by GSK Velu, plans to close around two to three acquisitions in the European and US market in the next few months. The value of these multiple acquisitions would be typically in the range of $10 to $25 million each. The Chennai headquartered firm is in negotiations with a few players in European markets such as Italy and France. (Indian Express)

Raymond Looking To Sell Land Near Thane – Raymond Ltd is looking to sell 12 acres of its erstwhile factory land outside Mumbai for around Rs.250 crore. The total land measures 125 acres. In September 2009, Raymond chairman and managing director Gautam Singhania announced his firm’s maiden realty venture at Thane, where it has a defunct factory that was set up way back in 1925. But the project was held up over compensation to the nearly 2,000 factory workers. Knight Frank India, a property advisory, has the mandate for the sale. (Mint)

DB Realty, Starwood Capital Deal Hits Roadblock – Recent controversies surrounding DB Realty may have forced private equity firm Starwood Capital to junk plans for investing in one of its premier projects. DB Realty, India’s third-largest realty firm by market capitalisation, was in talks with Starwood Capital to invest Rs 450 crore for a 10-15% stake in the Government Bandra Colony project. (DNA)

Marcio To Restructure Portfolio – FMCG firm Marico, speculated to be selling its edible oil brand Sweekar, on Thursday said it will look at restructuring its portfolio, including divestment of some of brands as part of its growth strategy. The company might look at divesting some of its brands as part of the restructuring process. (BusinessLine)

Intelligroup Eyes Buys In Business Intelligence, Testing – Intelligroup, which was recently been acquired by NTT DATA of Japan, is scouting for acquisitions in the area of Business Intelligence (BI), infrastructure management and testing. The firm is looking for companies with a price tag of $30-50 million and would like to restrict to companies based in the US and India where it has a significant presence. (HinduBusinessLine)

Reliance, Royal Sundaram To File For Merger Again – In light of the proposed merger and acquisition (M&A) guidelines for non-life insurance firms, general insurers Royal Sundaram and Reliance General, which had applied for a merger in July 2010 and were awaiting the regulator’s clearance, will have to file their application afresh. According to the proposal, the UK-based RSA group was expected to have a 26% stake in Reliance General, the fourth-largest private general insurer. As of now, Reliance Capital owns 100% stake in the company. South-based Sundaram group, which holds 74% in Royal Sundaram General Insurance, was likely to exit through this merger. (Business Standard)

Essar Oil To Buy Shell’s UK Refinery For $400M – Indian refiner Essar Oil is set to buy Royal Dutch Shell’s Stanlow refinery in the United Kingdom for about $350 million to $400 million. The two companies have agreed on the terms. Shell put plants at Stanlow in northwest England and at Heide and Hamburg in Germany on the market last year and media reports have valued them at between $1.6 billion to $2.4 billion. (DNA)


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News Roundup: Milestone Capital’s IPO Hits SEBI Roadblock

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