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News Roundup: Paharpur Cooling Towers may acquire SPX cooling business for $500M

03 October, 2012

Paharpur Cooling Towers may acquire SPX cooling business for $500M: Kolkata-headquartered Paharpur Cooling Towers Limited (PCTL), promoted by the Swarup family, is in talks to acquire the cooling business of SPX Corporation, a $5-billion industrial equipment and manufacturing giant from the US. Three people familiar with the situation confirmed the discussions and pointed out that if the deal works out, it could well become a leveraged buyout. (The Economic Times)

5ideas to fund 40 start ups in next 3 years: Seed-fund provider 5ideas aims to work with 40 technology start-up ventures in the next three years and assist budding entrepreneurs in “scaling their businesses”. the firm is in the process of raising USD 10 million (nearly Rs 54 crore. “A significant amount has already been raised,” Gaurav Kachru, co-founder said. (The Economic Times)

Bandhan to raise up to Rs 100Cr via NCD this fiscal: West Bengal-based Bandhan is planning to raise up to Rs 100 crore as non convertible debentures (NCD) by the end of this financial year.This is a part of the MFI’s fund raising plans of Rs 2400 crore through debt this year. This represents about which is close to 30 per cent growth in the MFI’s borrowing plans over the last financial year. (Business Standard)

Apollo Tyres to raise Rs 800Cr, seeks shareholders nod: Apollo Tyres today said its board of directors has approved raising of $150 million (Rs 800 crore) through placement of shares to qualified institutional buyers (QIBs). In a filing to the BSE, the company said the board also approved increasing the investment limit of foreign institutional investors to 40% from 30% of the paid up capital. (Business Standard)

Wonderla Holidays to float IPO; plans amusement park: Kerala-based Wonderla Holidays, a V-Guard Group company, plans to go in for a public issue, to part fund its new amusement park being set up in Hyderabad at an estimated cost of Rs 230 crore. The company has appointed merchant bankers to advice on the proposed issue. (Business Line)

Country Club to raise up to Rs 525Cr: The members of Country Club (India) Ltd have approved an enabling resolution that allows the management to raise up to $100 million (about Rs 525 crore) for its expansion projects. This could be through GDRs/ADRs/FCCBs or QIBs. (Business Line)

US foray in mind, Ashok Leyland plans JV for Czech arm: Ashok Leyland plans to enter the US truck market through its European subsidiary Avia and is currently scouting for a local partner there. The company is open for joint venture, contract manufacturing or even a distribution tie-up in the US, top officials said. (The Economic Times)

Government plans to sell UTI stakes in private firms, to fetch Rs 44,000Cr: The government has started talks to sell its shares in Axis Bank, ITC and Larsen & Toubro, an opportunistic move aided by the more than 9 per cent increase in stock indices during the past two months. (The Economic Times)

Letsintern in talks with VCs for Series A round: Lets Intern Career Solutions, a Mumbai-based startup that runs Letsintern, an online career marketplace for students, is in talks with venture capital investors and HNIs to raise an undisclosed amount in Series A funds. The company hopes to raise the funds by early next year. It received a Rs 5 lakh grant from the government-aided Department of Science and Technology in November 2010 and raised an undisclosed amount from two Pune-based IIT alumni last January. (StartUpCentral)

Courtesy: VCCEdge                                                                                                                                                                                         

 


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News Roundup: Paharpur Cooling Towers may acquire SPX cooling business for $500M

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