Morgan Stanley Picks 5.1% Stake in Unitech Through QIP – The US-based foreign institutional investor Morgan Stanley has bought a 5.1% equity stake in realty major Unitech for Rs 400 crore through the QIP route. Unitech has placed 10.4 crore shares with the fund, subsequent to which the latter holds a 5.2% stake in the former. Before the placement, Morgan Stanley was holding 19.4 lakh shares, or 0.1%, in the Delhi-based company. Unitech has allotted a total of 42.1 crore shares at Rs 38.5 per share, including premium of Rs 36.5, to 44 qualified institutional buyers, raising Rs 1,621 crore to repay part of its debt. The shares have been allotted under the recently-closed QIP issue. (The Economic Times)
Axious Investment to Pick 3.8% stake in QTIL – Singapore-based Axious Investment is picking up 3.8% stake in standalone tower company Quippo Telecom Infrastructure (QTIL). The deal size is estimated at around Rs 200 crore. According to sources, Axious will buy out Delhi-based Premier Chemco’s 3.8% stake in QTIL, and this will involve a transaction between two private parties. (The Economic Times)
Modi Mundipharma Forms JV with Omega Pharma – Delhi-based Modi Mundipharma has formed a 50:50 joint venture (JV) with Belgium-based company Omega Pharma to sell the latter’s over-the-counter (OTC) medicines in India and manufacture on-contract drugs for the Belgian company’s overseas markets. The two companies plan to launch 15 OTC medicines and eight medicines between October 2009 and April 2010. These include Omega’s best-selling medicines, Silence (anti-snoring), Cellasaene (anti-slimming) and Salvecol (cholesterol reducer), among others. The two companies would invest e2 million and hire 75 people in its sales team to sell the products in the market, which will be scaled up to around 200 in the next five years. (The Economic Times)
Tata Motors to Raise to Rs 3,800 Crore Through NCDs – Tata Motors is expected to raise close to Rs 3,800 crore next month to part-fund its Jaguar Land Rover (JLR) acquisition. Significantly, the proposed non-convertible debentures (NCDs) will have a full guarantee from State Bank of India (SBI). A guarantee improves the credit rating on the instrument and enables the company to raise money at a comparatively cheaper rate. Some of the Tata Group companies, led by Tata Motors, are also in talks with merchant bankers to float debt securities in coming weeks. (The Economic Times)
Aditya Birla Nuvo Undergoes Top Level Rejig – The Aditya Birla group on Tuesday announced top-level reshuffle at Aditya Birla Nuvo. The Birla group, one of India’s largest conglomerates, said it had appointed Rakesh Jain as managing director of Aditya Birla Nuvo, due to the completion of the tenure of the current MD Bharat Singh. Mr Singh is likely to be given a new responsibility to look after the various trusts of the group. Mr Jain had come from one of the largest conglomerates, General Electric, and is hence considered apt for Aditya Birla Nuvo. Adesh Gupta, CFO and whole-time director at Aditya Birla Nuvo, has been appointed as CFO of Grasim Industries from May 1, 2009. Sushil Agarwal, who is currently the president of Birla Global Finance, will be taking over as CFO of Aditya Birla Nuvo. Pranab Barua, the business director for garments for Aditya Birla Nuvo, has been inducted as whole-time director on the board of the company. (The Economic Times)
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