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News Roundup: Modi Brothers’ Tiff Over Tyre Arm Nears Settlement

22 June, 2009

Mohan Clothing May Raise Upto Rs 75 Crore Through PE Placement – Mohan Clothing, which sells men and women wear under the Blackberry’s brand, today said that it was mulling to raise between Rs 50-75 crore through private equity placement. The raised funds will be used to expand the company’s retail network and to strengthen the brand. Though three-four private equity players have already evinced interests to pick up stake in the company, Mohan Clothing would finalise the deal only at an appropriate time. (The Economic Times)

Biyani to Think Over IPO of Future Ventures – Future Group chief Kishore Biyani on Friday said the company will decide about listing its venture capital arm, Future Ventures India Ltd, in the next 30 days. The company would take a call on whether to go for refiling of the Draft Red Herring Prospectus (DRHP) with market regulator SEBI. Future Ventures India (FVIL) had filed papers for an IPO of 3.74 billion shares in February last year. According to SEBI regulations, a company has to hit the capital markets within 12 months of its DRHP getting approved. (The Economic Times)

Aegis BPO Eyeing African Firm  – On an acquisition spree, Essar Group’s BPO arm Aegis Ltd is looking to acquire a Business Process Outsourcing (BPO) company in Africa. However, the company has not disclosed further details of its plans yet. Aegis BPO’s Chief Executive Aparup Sengupta had said earlier that the company would like to expand its footprint in South Africa, which is a developing market. (Business Standard)

Modi Brothers’ Tiff Over Tyre Arm Nears Settlement – The differences between brothers VK Modi and BK Modi over the control of Modi Rubber, a tyre manufacturing company, are in the final stage of settlement. BK Modi and his family are selling out their stake at a nominal price in the public-listed company to VK Modi. Close to 20% stake of the company will change hands within the promoter family this week. Under the arrangement, there will be two separate set of transactions. BK Modi along with his son Dilip and daughter Divya will sell 7,713 shares held together in their personal capacity to VK Modi. Mod Fashions and Securities will acquire close to 19% stake in Modi Rubber from three BK Modi group firms. Modikem will sell 9.9%, while G Corp International will sell 9.14% and Spice Infotainment will offload 0.02% in the tyre company. (The Economic Times)

Scam-hit Satyam Computers renamed Mahindra Satyam – Tech Mahindra, the new owners of Satyam Computer Services, have given the IT company a new brand identity — Mahindra Satyam. Tech Mahindra will finalise this weekend a new identity for Satyam Computer Services, the scam-tainted IT company it bought in an open auction last April. The decision was taken at a closed-door meeting attended by top executives of Tech Mahindra Hyderabad this weekend. The new brand has drawn on the strengths of both Satyam and Tech Mahindra. (The Economic Times)

 


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News Roundup: Modi Brothers’ Tiff Over Tyre Arm Nears Settlement

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