Orix In Talks To Buy TPG’s Stake In Shriram Transport – Japanese financial services company Orix Corporation is in talks with TPG Capital to buy the private equity firm’s holding of 20% in Chennai-based commercial vehicles financier, Shriram Transport Finance, in a deal which could be valued at over Rs 3,000 crore. Talks are now underway after an attempt by the Singapore government’s sovereign fund Temasek to acquire TPG’s stake failed. Orix Corp , which has a stake of over 23% in Infrastructure Leasing and Financial Services (IL&FS), is now seeking to boost its investments in overseas markets such as India and China. (Economic Times)
SRL Withdraws DRHP – Super Religare Laboratories (SRL) has withdrawn its initial public offering (IPO) prospectus, after an order from the Securities and Exchange Board of India (Sebi) to do so, since the shareholding pattern of the diagnostic chain had changed. In April, Fortis Healthcare, also controlled by the Singh brothers, received in-principle approval to acquire a strategic stake in SRL. SRL also did pre-IPO placements with Avigo Capital Partners and Sabre Partners to raise Rs 150 crore. (Business Standard)
Tata International May Buy 51% Stake Portugal Firm – Tata International Ltd, spearheaded by Noel Tata, is set to acquire 51% stake in Portugal’s Move-On Shoes, giving it a toehold in the European footwear retailing market. Tata International has been in discussions with MoveOn since late 2010 and is sealing a definitive deal now. MoveOn is a relatively new footwear venture with presence in Portugal , France, Spain and Belgium. MoveOn was spun out of the bankruptcy-hit Investvar Group- the largest footwear company in Portugal-and was being operated by Luxembourg based D-Box SA. (Times of India)
Oman Investment Fund To Buy 5% In NCDEX – Oman Investment Fund (OIF), a sovereign wealth fund owned by the Oman government, and a hedge fund have agreed to buy part of National Stock Exchange’s stake in National Commodity & Derivatives Exchange (NCDEX) in a deal that would value the bourse at Rs 700 crore. OIF has agreed to pick up 5% in the commodity exchange from NSE and a hedge fund will buy 1.1% at a little under Rs 145 a share, the price Renuka Sugars paid to buy 7% in NCDEX from Crisil last year. The valuation of Rs 700 crore is based on a share price around Rs 140, valuing the 6.1% stake at Rs 43 crore, or close to 10 times what NSE had invested in NCDEX to buy 15% stake at its inception in 2003. (Economic Times)
Vedanta To Sell Stake In Arm For Cairn Deal – Anil Agarwal-controlled Vedanta Resources would consider paying banks up to $1 billion by divesting a small stake in one of its subsidiaries to be able to complete the $9.6 billion Cairn India deal. The LSE-listed Vedanta starts its global roadshow on Monday to tap into bond markets, expecting to raise up to $1.5 billion. Mining giant Vedanta has a complex structure under which it has six direct subsidiaries —- where the parent company has 100% ownership —- and 61 indirect subsidiaries. (DNA)
Amundi May Pick Up 37% In SBI Funds Management – European asset management company Amundi SA will pick up 37% stake in SBI Funds Management, which owns the SBI Mutual Fund. The formalities would be completed within the next two months. Societe Generale Asset Management will transfer its entire stake of 37% as part of a global move to merge its asset management business with Credit Agricole. The Securities and Exchange Board of India gave its nod to this on March 24, 2011. (DNA)
Triveni May Demerge Gears, Water Treatment Business – Having hived off its steam turbine division into a separate company, Triveni Engineering & Industries Ltd (TEIL) is not ruling out a similar ‘value unlocking’ exercise for its gears and water treatment businesses. For the year ended September 30, 2010, TEIL recorded net sales of Rs 2,259.53 crore, with the contribution – inclusive of inter-segmental revenues – of sugar at Rs 1,641.11 crore, followed by turbines (Rs 564.01 crore), water treatment (Rs 161.03 crore) and gears (Rs 101.44 crore). (Business Line)
GSPC Plans Private Placement – Having entered on a high spending mode to develop the KG-8 gas discovery, GSPC is now up for private placement of 5-7% equity shares to raise Rs 1,000-1500 crore in a couple of months. The private placement will finance part of the Rs 3,500-crore capex plan of the company on creation of offshore and onshore facilities for the KG asset. The company has already arranged close to Rs 2,500 crore worth of debt to part finance the project. In addition, the Gujarat government recently infused Rs 500 crore equity capital in the company. (Business Line)
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