OnMobile Appoints Avendus For Valuation Exercise - Bangalore-based OnMobile Global Ltd, a leader in mobile value-added services that’s currently undergoing a forensic audit by KPMG after an internal review, is bustling with action behind the scenes as multiple deals are under consideration even as the hunt is on for a new chief executive officer (CEO). The company has mandated Mumbai-based investment bank Avendus Capital Pvt. Ltd to assess its valuation, which experts say could be a precursor to finding a buyer. (Mint)
Wockhardt To Get Rs 1,280Cr From Sale Of Notrition Biz - Troubled pharmaceutical major Wockhardt is set to receive Rs 1,280 crore from French dairy giant Danone from the sale of nutrition brands like Dexolac, Farex and Protinex in India. Wockhardt had agreed to sell the business to Danone in August 2011, but completion was stalled by lenders. (Economic Times)
Tata Steel To Raise Stake In Subsidiaries - Tata Steel Ltd could in the long run merge two group firms, Tata Sponge Iron Ltd and Tinplate Co. of India Ltd, and was, therefore, looking to raise its stakes in them. Globally, downstream units operate as divisions, and Tata Steel followed the same practice. The company made voluntary offers last month to raise equity interest in Tata Sponge Iron and Tinplate Co. (Mint)
Lupin May Acquire US Drug Brands - Lupin Ltd, the world’s biggest maker of drugs to treat tuberculosis, plans to acquire brands in the U.S. to reduce its reliance on less profitable generic medicines. It may purchase branded drugs to treat skin diseases and infections though the company hasn’t identified any acquisition yet. Lupin will also seek to add drugs in the therapeutic segments it has expertise in. (Bloomberg)
Tata Realty To Raise Rs 1,400Cr Through NCDs - Tata Realty and Infrastructure Ltd (TRIL), a subsidiary of Tata Sons, is raising Rs. 1,400 crore through a non-convertible debenture (NCD) issue to replace debt in a project in Chennai with long-term, cheaper borrowing. TRIL Infopark Ltd is a special purpose vehicle (SPV) building a 26 acre special economic zone (SEZ) project, Ramanujan IT City, a joint venture development by TRIL, Indian Hotels Co. Ltd and Tamil Nadu Industrial Development Corp. Ltd. (Mint)
SBI Raises $1.25B By Selling Five Year Bonds - State Bank of India (SBI), the country’s largest lender, raised $1.25 billion (approximately Rs.6,990 crore) on Thursday by selling five-year bonds due in 2017 at 4.125%. The sale, which took place through the bank’s London branch, was the first international bond issue by an Indian entity in five months and is part of the ongoing $10 billion medium-term note programme.
Trina Solar Looks For India Partners - The Chinese solar modules major Trina Solar Ltd is looking for partners in India. The company would like to partner with an Indian entity that has a pipeline of projects with it. It is said that Trina might take the place of BP in the erstwhile Tata BP Solar. The company is among the largest solar module manufacturers in the world, with a capacity to produce modules worth 2,400 MW.