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News Roundup: Nachiket Mor To Quit ICICI Foundation

22 September, 2010

LIC MF Seeks To Black Vishal Retail Sale – After Deutsche Bank, LIC MF has also sought to stop asset sale of Vishal Retail by sending a legal notice. LIC MF has approached regulators and sent a legal notice (to Vishal Retail). Vishal has unpaid debt of Rs 740 crore and had plans to sell part of its business to Chennai-based Shriram Group and private equity fund, Texas Pacific Group for Rs 100 crore. (Business Standard)

Nachiket Mor To Quit ICICI Foundation – ICICI group veteran Nachiket Mor has decided to quit the organization to become chairman of SughaVazhvu Healthcare, a Tamil Nadu-based company that focuses on rural healthcare. Mor will join his new assignment on 1 April 2011. Subrata Mukherji, currently co-president of ICICI Foundation with Mor, will take over from him after a six-month transition period.

IOC Earmarks $1Billion For Acquisitions – Indian Oil Corp. Ltd (IOC) is earmarking $1 billion for overseas acquisitions in the exploration and production sector, which could include shale gas assets in the US.  India’s largest state-run oil marketing company already has a participating interest in nine overseas blocks in Libya, Iran, Yemen, Nigeria, Gabon and Timor-Leste.

GlobalLogic Plans Acquisitions – GlobalLogic, a provider of software R&D services, is planning for acquisition. The company is looking to acquire Indian company that has content engineering and design capabilities in digital and social media space. The deal is expected to be announced in the next month. The company had acquired six companies over the over the last four years and is backed by NEA, Sequoia Capital and Goldman Sachs. (HinduBusinessLine)

Karur Vysya Bank Plans Rs 450Cr Rights Issue – South-based Karur Vyasya Bank will soon come out with a rights issue to raise Rs 450-crore.The bank will be approaching regulator Sebi in 15-days time for coming out with a rights issue. The price per share in the rights issue has been set at Rs 150 and existing shareholders can get two shares through the rights issue for every five shares held. (Economic Times)

Central Bank Plans Rs 2,700Cr Rights Issue – Central Bank of India is planning to raise Rs 2,700 crore via rights issue by the end of this year. SBI Caps, IDBI Caps, ICICI Securities, Royal Bank of Scotland (RBS) and Citi Bank will be the bankers to the issue. The issue will up the bank’s tier capital to 8% which currently stands at 6.61%. (Moneycontrol)

Zuri Group To Sell 20% To PEs – Zuri Group Global is planning to offload at least 20% stake and is in talks with two private equity (PE) players. The group is restructuring its hospitality business into three luxury collections- platinum, lifestyle and comfort- to gain more foothold in the Indian hospitality market. (ET)

Elephant Capital Director Steps Down – Niraj Agarwal is stepping down from the board of AIM listed private equity fund Elephant Capital to assume the role of special advisor. Agarwal works with hedge fund Magnetar Capital, where he originates and executes structured credit and equity investments. Elephant Capital plans to replace him by hiring another non-executive director.


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News Roundup: Nachiket Mor To Quit ICICI Foundation

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