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News Roundup: M&M May Bid Up To $450M For Ssangyong

05 August, 2010

M&M May Bid Up To $450M For Ssangyong – Automobile major Mahindra & Mahindra’s board may approve the company’s bid for ailing Korean SUV maker Ssangyong at its meeting on Thursday. The company’s bid is expected to be in the region of $300-450 million and financed through a combination of debt and internal accruals. (Economic Times)

Independent News Exits Jagran – The UK-based media house Independent News & Media (INM) has sold its residual 5.7% stake in local publishing group Jagran Prakashan for Rs 201 crore to a bunch of domestic and foreign funds. After the last tranche of sale, INM encashed Rs 610 crore, or e96 million, against an investment of e28.5 million for 26% stake in 2005.  (ET)

Cantabil Plans Rs 105Cr Issue – New Delhi-based Cantabil Retail plans to raise Rs 105 crore through an issue of initial public offer (IPO). The company will use Rs 25 crore of the IPO proceeds to open 561 stores across the country by the next fiscal end, Rs 30 crore for working capital and Rs 20 crore for repaying part of its debt. (HinduBusinessLine)

AK Capital To Raise Rs 400Cr QIP – AK Capital Services Ltd plans to raise Rs 400-crore through a Qualified Institutional Placement (QIP). The QIP is aimed to fund both the organic and inorganic growth of the company and expand business in NBFC and wealth management services. (ET)

Canaan Partners To Invest Rs 40Cr In Naaptol – Venture capital fund Canaan Partners is set to acquire nearly 25% stake in online shopping web portal Naaptol.com for Rs 40 crore. The deal will put the valuation of the Mumbai-based company at Rs 160 crore, nearly 2.3 times of its sales last year. Naaptol is expected to double its revenue to Rs 140 crore this year. (ET)

VIP Surges On Acquisition Buzz – The stock of VIP Industries rallied 12.84% on Wednesday on the backdrop of reports about an impending acquisition in Europe. VIP may be interested in private equity-backed firm called Delsey in Europe. (Business Standard)

Shyam Steel To Acquire Beekay Steel – Kolkata-based Shyam Steel Industries has announced the takeover of majority shares in Beekay Steel, which owns a medium scale steel plant in Barbil, Orissa, Through this acquisition, Shyam Steel expects to get a foothold in Orissa’s steel sector as Beekay Steel has a standing MoU with the state government for production of 0.28 million tonne of steel per annum. Shyam Steel expects to invest Rs 365 crore in the Barbil plant by 2012 with a 40 MW captive power plant. (BS)

Dhanalakshmi Eyes AMC Partners – Dhanalakshmi Bank is in talks with potential partners to set up an asset management unit to expand its fee-based income business. Dhanalakshmi will own 20% of the AMC with the dominant partner controlling 51% and a third company owning the rest 29%. (Bloomberg)


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News Roundup: M&M May Bid Up To $450M For Ssangyong

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