| Log in

News Roundup: New York Life To Exit India JV With Max

15 February, 2012

New York Life To Exit India JVs With Max – New York Life Insurance Company plans to sell its near-26% stake in Max New York Life Insurance in a transaction that could see it sharing about one-third of its sale proceeds with Analjit Singh-led Max India, its local partner in the joint venture. New York Life, the US-based insurer, is in talks with a few European and Japanese companies as it seeks to exit India as part of its strategy to withdraw from Asia and focus on its home market of North America. New York Life’s stake in the Indian insurance JV is estimated to be worth around Rs 3,500 crore and Max India could end up earning Rs 1,000-1,100 crore on the basis of this valuation. (Economic Times)

Cisco Backs Shekhar Kapur’s Startup – Cisco Systems, one of the world’s largest technology companies, has bought a stake in a digital media start-up floated by two of the biggest names in the global entertainment business – Shekhar Kapur and AR Rahman. Cisco’s investment of Rs 27 crore in Qyuki, founded by Oscar award-nominee Kapur, gives it a 17% holding in the creative social media platform that is expected to go live in May. (Economic Times)

JFE Ups Stake In JSW To 15% – JFE Steel Corporation has hiked holding in JSW Steel to 15 per cent from 14.99 per cent by partly converting the global depositary receipts issued by JSW Steel in 2010. JSW Steel will become an equity-method affiliate of JFE Steel from this quarter based on the ownership increase and JFE Steel’s current seating of a part-time director on JSW Steel’s board. (Business Line)

Govt To Decide On ONGC, BHEL Share Sale Today – After an eight-month lull because of sluggish market conditions, the disinvestment process may restart with government stake sales in Oil and Natural Gas Corporation (ONGC) and Bharat Heavy Electricals Limited (BHEL). A Group of Ministers (GoM) headed by Finance Minister Pranab Mukherjee is slated to take a decision on the stake sale route for ONGC and BHEL tomorrow. Disinvestment in the two blue-chip companies may fetch the government about Rs 14,500 crore. (Business Standard)

MCX IPO On February 22 – MCX, India’s largest commodity bourse, will hit the capital market with an estimated Rs650-750 crore initial public offer (IPO) on February 22. This will be the first-ever IPO by an exchange in the country. Bidding for shares would begin on February 22 and close on February 24, the company said in its red herring prospectus. While the price band for the IPO is yet to be fixed, sources say it could raise Rs650-750 crore. This could also be the first IPO of 2012. (Business Standard)

Olympic Cards Gets IPO Go Ahead – Chennai-based Olympic Cards Limited has received the Securities and Exchange Board of India’s approval for its Draft Red Herring Prospectus (DRHP). The company will soon enter the capital markets with a public issue of up to Rs 27 crore to fund its proposed expansion plan for retail and manufacturing. It proposes to expand its retail marketing by establishing four more direct retail outlets in addition to the existing. It, at present, operates through direct outlets located at various places across Tamil Nadu. (Business Standard)


Leave Your Comment
Max India to buy back Axis Bank’s stake in insurance arm for up to $73M

Max India to buy back Axis Bank’s stake in insurance arm for up to $73M

Madhav A Chanchani 5 years ago
Analjit Singh-led Max India plans to buy back the stake held by Axis Bank in Max...
Mitsui Sumitomo Picking 26% In Max New York Life Insurance For $530M

Mitsui Sumitomo Picking 26% In Max New York Life Insurance For $530M

Vivek Sinha 6 years ago
Japan’s Mitsui Sumitomo Insurance Company Ltd is acquiring 26 per cent stake...
Goldman Sachs PE Converts CCDs In Max India; Acquires 9.4% Stake

Goldman Sachs PE Converts CCDs In Max India; Acquires 9.4% Stake

TEAM VCC 7 years ago
The private equity arm of investment banking major Goldman Sachs is picking up 9...
No Comments

News Roundup: New York Life To Exit India JV With Max

Powered by WordPress.com VIP