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News Roundup: Nitesh Estates To Raise Rs 1200 crore

05 August, 2009

Nitesh Estates To Raise Rs 1200 crore – Bangalore-based realty major Nitesh Estates is looking to raise upto Rs 600 crore in private equity funding  and is in discussions with Farallon Capital, JP Morgan and TPG Capital. The firm, which has earlier raised funding from Och-Ziff Capital, is looking for funding as Citigroup backed out of $350-million funding last year..The firm could also go for an initial public offering (IPO) during the fourth quarter of this fiscal, raising another Rs 600 crore. (Economic Times)

Axis Bank Considers $1 Bn Share Sale – India’s third-largest private sector bank is planning to raise around Rs 5,000 crore through a fresh round of equity offerings. Axis Bank may look at a mix of global depository receipts, qualified institutional placements and a preferential issuance to its promoters. In 2007, the bank had raised $1.05 billion (around Rs 4,217 crore) through an equity offering. (ET)

Kotak Picks Up 51% in Ahmedabad Comex – Financial services major Kotak Group on Tuesday purchased 51% stake in Ahmedabad Commodity Exchange (ACE) and plans to convert the regional exchange into a national one within a year. Kotak, who is an anchor investor in exchange, purchased  it after getting an approval from the Forward Markets Commission (FMC). But Kotak has to bring down its stake to 26% or below within two years beginning with the fourth year from the date the exchange is recognised. (Business Standard)

Sical in JV With Japanese Firm – Chennai based Sical Logistics has signed a memorandum of understanding (MoU) with shipping and logistics company Mitsui OSK Lines to set up a joint venture for an automotive management yard at Ennore port in the city. The proposed JV will combine Japanese firm’s global auto transportation and yard management expertise with Sical’s integrated logistics competencies and will target India-based automotive exporters or importers. (Business Standard)

ANZ To Buy Selected RBS Biz in Asia For $550 Mn – Australia and New Zealand Banking Group (ANZ) will acquire certain businesses of RBS in Asia for an estimated $550 million, as part of efforts to expand its presence in the region. ANZ would buy Royal Bank of Scotland’s (RBS’s) retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong. The entity would further acquire the institutional businesses of RBS in Taiwan, the Philippines and Vietnam. Both ANZ and RBS have reached an agreement in this regard and the businesses would be bought for nearly $550 million. ()

RIL To Acquire Control of KG Gas Network Ltd – Reliance Industries will acquire a majority 67% stake in the Krishna-Godavari Gas Network Limited, set up by Andhra Pradesh government, that has the mandate for a state-wide gas distribution project estimated to cost Rs one lakh crore. RIL will sign the shareholder’s agreement with the state government next week. The Investment Corporation of Andhra Pradesh (InCAP), Gujarat State Petroleum Corporation and IDFC Private Equity Fund will hold the balance stake with 11 per cent each. (ToI)

ABG Increases Offer For Great Offshore – Ship builder ABG Shipyard has increased its open offer price to Rs 520 a share, 28% more than rival Bharati Shipyard offered for the control of Great Offshore. Currently, Great Offshore is valued at nearly Rs 2,000 crore. ABG holds about 8.28% in Great Offshore and is keen to be an integrated marine services player — building ships to providing offshore drilling and logistics services to oil & gas firms. ABG has been buying Great Offshore shares through a series of block deals from the market and has increased its holding from the tiny 2.02%. (ToI)


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News Roundup: Nitesh Estates To Raise Rs 1200 crore

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