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News Roundup: Mohit Burman To Sell Stake In Aviva Life Insurance

16 August, 2011

Mohit Burman To Sell Stake In Aviva Life Insurance – Mohit Burman, director of FMCG major Dabur group, is in talks with Syndicate Bank to sell the 35% stake he holds in Aviva Life Insurance. Currently, 74% stake is held by Mohit Burman in his individual capacity, while the balance is held by UK’s Aviva. Aviva Life registered a profit of Rs 29 crore in FY11 and the promoters have jointly pumped in Rs 2,004 crore so far. (Financial Express)

iLabs To Sell 35% In TV9 – Venture capitalist Srini Raju is in talks with private equity players to sell as much as 35% stake in Associated Broadcasting Company (ABCL) that runs the TV9 regional channels, reducing its equity exposure to 25%. ABCL currently operates seven regional channels, two in Telugu, one in Kannada and one in English for Karnataka, and one each for Gujarat and Maharashtra. iLabs’ holding in ABCL had come down to the present level after it sold around 20% stake to US-based VC fund SAIF Partners. (Business Standard)

Trivitron Eyes New Funding Round, Acquisitions – Medical-equipment maker Trivitron Healthcare plans to invest Rs 100 crore this year in expanding manufacturing capacity and acquisitions, as it looks to step up indigenous production. The company, which received finance from Headland and ePlanet Ventures in 2008, may also look at a second round of funding towards year-end. The Rs 350-crore Trivitron owns a 25-acre medical-technology park at Irungattukottai, near Chennai, which began operations last year. (Business Line)

Pramod Bhasin Resigns From SKS Board – SKS Microfinance Ltd , India’s largest microfinance company, has announced the resignation of Mr Pramod Bhasin as an Independent Director from the board of the company. “As I consider other business pursuits including those in financial services in line with my experience and background, I felt it’s prudent to resign from the SKS Board at this time,” said Bhasin in his mail to the board. (Business Line)

Zylog Eyes $100M ERP Buy – Chennai-based IT solutions firm Zylog Systems Ltd is looking at an acquisition in US in the ERP space, in the range of $75 million to $100 million. It has three to four leads in US and the deal would be either an acquisition of the said size or two acquisitions in $50 million to $60 million range. (Business Standard)

Coal India May Get Govt Green Light On Buys Soon – State-run Coal India is close to getting the government’s green light to acquire mines abroad, enabling the cash-rich company to bid for properties in Australia, the US and Indonesia. The ministries of coal and finance are expected to give the go-ahead by the end of this month. After the government approval, Coal India, which is armed with cash reserves of $11 billion, will be able to carry forward talks with Indonesia-based Sinar Mas Group for acquiring a stake in PT Golden Energy Mines. (Economic Times)

Nevyeli Lignite Plans FPO -Neyveli Lignite Corporation’s follow-on public offer is likely within one year.NLC got its ‘Navratna status’ in April, a tag that gives a public sector company financial autonomy. One of the conditions of the Navratna status grant is that the Government would sell up to 10 per cent to the public. (Business Line)

Brooks Labs To Raise Rs 63Cr Through IPO – Brooks Laboratories Ltd, a pharmaceutical contract research and manufacturing services company, is entering the capital market to raise Rs 63 crore. It would raise the amount by issuing equity shares in the price band of Rs 90 to Rs 100 per share. The company said it would use the raised funds for setting up a manufacturing unit in Gujarat, for working capital needs, general corporate purposes and to meet the issue expenses for listing of shares. (Business Standard)


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News Roundup: Mohit Burman To Sell Stake In Aviva Life Insurance

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