Mortgage Guarantee Co Looks For New Partner - National Housing Bank (NHB) is scouting for overseas investors to set up its mortgage guarantee company. The firm has been in the works since 2002 to compensate lenders such as banks and housing finance companies in case of defaults by home loan borrowers. AIG has exited the venture in which NHB holds 43% stake, AIG was to hold 41%, and IFC and ADB 8% each. (Business Standard)
ABG Raises Great Offshore Open Offer - The bidding war for a controlling stake in Great Offshore intensified further with ABG Shipyard increasing its stake in the company by over 5% and also raising its open offer price to Rs 450 per share from Rs 375. ABG bought stake from funds including Sundaram Templeton, DSP Black Rock and UTI through its 100% subsidiary Natural Power Ventures. The block deal takes ABG's total shareholding in Great Offshore to 7.32% from 2.02% earlier. Bharati Shipyard, which already owns 19.47% stake in Great Offshore, has earlier made an open offer of Rs405 per share. (DNA)
Usha Martin Buys Out BHP Billiton in JV - Steel wire rods maker Usha Martin is buying the 50% stake held by BHP Minerals Holdings Pty Ltd in the JV firm Bharat Minex Pvt Ltd. Usha Martin is in the process of buying back BHP Minerals' share at Re 1 per share and that the process will be completed in a month. BHP Minerals is a subsidiary of BHP Billiton of Australia. (DNA)
Telenor To Get Home Ministry Clearence - The home ministry is set to give security clearance to Norwegian telecom firm Telenor to hike its stake in Unitech Wireless up to 74%. But the clearence will be on the condition that none of the staff who have worked in Telenor Pakistan, a wholly owned subsidiary of the Telenor group, are employed here. (Economic Times)
