Natco Pharma Plans To Raise Rs 100 Crore- Natco Pharma, a genetic drug manufacturing firm has reported 10.84% increase in net profit for the quarter ended September 2010. The net profit for the firm is Rs 14.82 crore which was Rs 13.37 crore during the same period last year. Rajiv Nannapaneni said, the company is also planning to raise Rs 100 crore through private placement and various modalities. We have taken the resolution to raise about Rs100 crore,†he added. “We have products in various stages with considerable market valuations. The funding will be to expand them,†he said. The stock ended the trade at Rs 321.8, up 3.26 per cent, as against the previous close of Rs 311.65 on the the BSE. (BS)
City Union Bank To Raise Rs 300 Crore- City Union Bank Ltd has announced to Rs 300 crore through rights issue or by way of qualified institutional placement (QIP). The bank has set a target to close the current fiscal with a total business of Rs 22,000 crore. According to N Kamakodi, executive director, City Union Bank, the bank has received the approval of its board and shareholders to raise money. Bandk has already raise Rs 200 crore in last three years through preferential allotments. “We will review the situation in the fourth quarter and take a final call on the timing of the proposed fund raising,†he said. (BS)
Trident Keeps Fund Raising On Hold- Andhra-based lender, Trident Microfinance has put its equity raising plan on hold due to the controversy surrounding institutions (MFIs). However, the company had not scrapped plans for fund raising. It was still in communication with prospective investors, said promoter and Chief Executive Officer Puli Kishore Kumar. In order to grow business it was planning to raise Rs 75 crore through equity from high net worth individuals (HNIs) and two existing investors. MFIs in the state have been hit hard as the state government has tightened noose around them. It issued an ordinance to control the activities of non-banking finance companies (NBFCs) engaged in microfinance lending after a controversy broke out over their governance issues and recovery practices. The sudden sacking of SKS Chief Executive Suresh Gurumani by the board triggered action. (BS)
Swiss Re Looks For Indian Partner For Insurance- World’s second-largest reinsurer, Swiss Reinsurance is planning to enter in the India’s life and health insurance market. “We see good potential in life and health market in India and would make an exception to our model of purely being a reinsurer to enter indirectly through a minority joint venture,†Michel Lies, member of Swiss Re group executive committee for client markets, said. According to the company, property and casualty reinsurance in emerging markets offer the maximum growth potential for the company as Asian governments spend more on infrastructure projects requiring coverage. (BS)
HCC’s Infrastructure Development Arm Plans To Raise Rs200-300 Crore- According to chief financial officer of Hindustan Construction Company Praveen Sood company’s infrastructure development arm is planning to raise Rs200-300 crore by end of this fiscal. The money could be raised through a private equity placement or convertible debt. “We have not got the right valuation yet,†Sood said. He had in June said the company was looking at equity infusion into HCC Infrastructure, a 100% subsidiary, to fund existing and future projects. HCC has been reported to be looking to divest 20-30% in HCC Infrastructure. (DNA)
Vivimed Labs To Acquire Europe Firm For $50 m- Vivimed Labs Ltd is planning to acquire a company in Europe for about $50 million. “We have identified the target company and in the process of completing other formalities. Most probably the deal could be formalised before end of next month,'' said Santosh Varalwar, Managing Director, Vivimed Labs. In 2008 and 2009, Vivimed acquired UK-based James Robinson and a US-based distribution firm respectively. Vivimed is targeting at Rs 900 crore revenue by end of FY13. The company, which clocked a turnover of Rs 340 crore during last financial year, is also focusing on organic growth by adding new capacities. (Business Line)
Catamaran Eyes Into Manipal Universal Learning- N R Narayana Murthy own Catamaran, a proprietary venture capital fund looks to invest in Manipal Universal Learning, in which Azim Premji invest infused $42 million almost two years ago. Catamaran is evaluating a deal even as Manipal, an Indian cross-border education story, is mulling a big-ticket initial public offering (IPO), possibly within the next 18 months. Catamaran is expected to invest up to $10 million. While PremjInvest has a committed corpus of nearly $1 billion, Catamaran is a smaller $129 million fund, tracking venture investments . The possibility of having NRN and Premji as investors could well be a coup for Manipal, which is looking at the capital market. (Times of India)
Reliance Comm Weighing Tower Deal Proposals- Reliance Communications said on Monday it continues to evaluate proposals for a stake sale in its tower business, but is generating enough funds to take care of its operational capital expenditure. Beset by a bruising debt load and falling profits, India's second-biggest mobile operator is looking for fund raising options. It has plans to sell 26 percent of the company and is also in talks to sell a stake in its tower unit. An agreement to hive off the tower business to a venture with India's GTL Infra, which would have cut its debt by more than half, fell apart in September. (Reuters)
ArcelorMittal May Acquire US Based Coal Firm- ArcelorMittal, world’s largest steel producer is expected to buy a coal firm Massey Energy Co based in US. Quoting people familiar with the matter, Luxembourg-based Arcelor’s preliminary exploration of a possible deal began a few months ago and is in the early stages. Last week, Coal India Chairman Partha Bhattacharyya had said the company is in talks to acquire mines from two US companies, Peabody Energy Corp and Massey Energy Co. David Khani, an analyst at FBR Capital said that “steel companies with a presence in India are among the most eager to secure such assets because India’s coal generally is of poorer metallurgical quality than the coal found in China, the US or Australia.†(BS)
