| Log in

News Roundup: Novelis To Buy BP’s Stake In US JV

07 October, 2010

Anchors Investors Lap Up Oberoi Realty Issue – Oberoi Realty Ltd began its initial share sale on Wednesday and saw anchor investors dominate the buying with about 30% of the book being sold. Oberoi Realty, in which Morgan Stanley’s real estate fund invested Rs.675 crore for a 10.76% stake in 2007, expects to raise Rs.1,000 crore by selling 39.56 million shares to the public, mainly to buy land and fund ongoing projects. (Mint)

Novelis To Buy BP’s Stake In JV – Novelis Inc., the US-based aluminium cans maker owned by the Aditya Birla Group, is in talks to buy out BP Plc’s 60% stake in its US joint venture Logan Aluminium Inc. for $600 million in an all-cash deal. Novelis now controls 40% of Logan, which also makes automotive sheets. The joint venture was formed in 1983, before the Aditya Birla Group flagship Hindalco Industries Ltd acquired Novelis in February 2007. (Mint)

Sun Group To Exit Itera – The Khemka family-owned investment company, Sun Group, is exiting Itera Oil and Gas Company, Russia’s largest private gas producer and trader. Sun Group has a 26% stake in Itera Holdings, which owns 99.9% in Itera Oil and Gas. The Russian energy major is buying back Sun Group’s stake in Itera Holdings. Itera had revenues of $1.7 billion, profits of $111.5 million. (Business Standard)

GVK To Raise $300M From Share Sale – GVK Power and Infrastructure plans to raise about $300 million through share sale in next few months to finance its expansion plans and setting up power plants in the country. The funds will be raised primarily through the equity route (sale of shares). (BS)

Komli Acquires UK’s Ethnic Marketing Firm – Komli Media, a digital media network platform, has acquired UK-based online ethnic marketing media company Indoor Media. The media network recently raised $6 million in additional funding from existing investors Nexus Venture Partners, Helion Venture Partners, and Draper Fisher Jurvetson. (Mint)

Kalanithi Maran Ups Stake Spicejet – Sun TV founder Kalanithi Maran and his unlisted aviation firm Kal Airways Pvt Ltd have acquired 19.37 million shares, or 5.03% more, in low-cost carrier SpiceJet. The shares were acquired on October 5 through an off-market transaction. Maran’s direct holding in SpiceJet now stands at 17.72%. (DNA)

Binani To Delist Cement Business – Binani Industries Ltd  has received board approvals to acquire the entire public holding in its unit Binani Cement, sending shares of both companies soaring. Binani Cement will voluntarily delist equity shares from both BSE and NSE, after getting shareholders’ approval. Its shares rose as much as 20% on the news, while the parent’s stock rose 16%. (Moneycontrol)

Godrej Mulls Merger of Units – The Godrej group is looking at the merger of Godrej Consumer Products Ltd and Godrej Household Products Ltd. Godrej Consumer in May had picked up Sara Lee’s 51% stake in their joint venture Godrej Sara Lee, which was renamed Godrej Household. After the deal, Godrej Household became a 100% subsidiary of Godrej Consumer. (Telegraph)

JP Morgan Hires Citi’s Chetan Singh – J.P. Morgan has strengthened its financial institutions group (FIG) by appointing Charles-Everard de T’Serclaes as head of Southeast Asia and Chetan Singh as head of India. Singh joins J.P. Morgan from Citi’s European FIG investment banking team in London where he spent 10 years covering insurance, banks and specialty finance companies. (FinanceAsia)


Leave Your Comment
Novelis sells 50% in South Korea unit to Kobe Steel for $315 mn

Novelis sells 50% in South Korea unit to Kobe Steel for $315 mn

Keshav Sunkara 7 months ago
Aluminium rolling and recycling firm Novelis Inc, which is a wholly owned...
ICICI Prudential AMC plans $400 mn realty platform; Hindalco eyes overseas buys

ICICI Prudential AMC plans $400 mn realty platform; Hindalco eyes overseas buys

Keshav Sunkara 3 months ago
ICICI Prudential Asset Management Co. Ltd plans to tie up with overseas...
News Roundup: BSE Ups Stake in CDSL To 54.5%

News Roundup: BSE Ups Stake in CDSL To 54.5%

TEAM VCC 7 years ago
BSE Ups Stake in CDSL To 54.5% – The Bombay Stock Exchange (BSE) has...
No Comments

News Roundup: Novelis To Buy BP’s Stake In US JV

Powered by WordPress.com VIP