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News Roundup: Patni To Buy Cos By February 2010

11 November, 2009

Hathway Gets FIPB Nod For Foreign Equity – Hathway Cable & Datacom Pvt Ltd, a Mumbai-based television cable distribution company, has received FIPB nod for bringing in foreign direct investments of Rs 16.65 crore after its proposed initial public offer (IPO). It plans to increase the foreign shareholding in the company from the existing 42.75% to 42.99% after the IPO. The company is also aiming to generate funds from foreign investors in a pre-IPO placement. (Business Standard)

Morgan Stanley Buys Indiabulls Power Shares – Morgan Stanley, the sole book running lead manager for Indiabulls Power Ltd’s (IPL) initial public offer (IPO), which made a debut last month, has picked up a chunk of latter’s shares as a market-making exercise. The company had picked up 25,000 equity shares for over Rs 8.52 lakh of Indiabulls Power at an average price of Rs 34.09 under the green-shoe option. (BS)

Logitech Buys LifeSize Comms For $405M – Logitech, the world’s largest computer mouse maker, is buying privately held LifeSize Communications for $405 million. LifeSize expects to have revenue of around $90 million in 2009, which is expected to grow between 40% and 60% in 2010. LifeSize has over 9,000 video conferencing customers today. (Reuters)

Lodha Developers Plans IPO In December – Mumbai-based real estate major Lodha Developers plans to launch an initial public offering (IPO) to raise up to Rs 3,000 crore in December this year. The company plans to use the proceeds for retiring debt, to fund fresh land acquisitions and for working capital for existing projects. It hopes to get approval from the regulator by November-end, and hit the market by mid-December. (Reuters)

Patni To Buy Cos By Feb 2010 – Software firm Patni Computer Systems Ltd is close to appointing JP Morgan as consultant for a takeover by February. It has identified four target companies for the acquisition. It has signed a term sheet with one of these firms before it begins a due diligence, a process that it expects to follow for three other firms as well, which it has short listed from a long list of 15 firms. The acquisitions could happen by January-February in 2010. (Mint)

FIPB May Defer JM Financial ARC Proposal – The Foreign Investment Promotion Board (FIPB) has recommended that a decision be deferred on a proposal moved by JM Financial Asset Reconstruction Company for roping in Valiant Mauritius Partners FDI Ltd as an investor. The decision comes in the wake of apprehension that Valiant Mauritius could have linkages with foreign institutional investors (FIIs). According to the proposal, Valiant Mauritius will invest Rs 16.6 crore into JM Financial Asset Reconstruction for a nearly 8% stake through preferential allotment route. (Hindu Business Line)

Baroda, Andhra Bank Get IRDA Nod For Life Insurance JV – Life insurance joint venture of Bank of Baroda (BoB), Andhra Bank and the UK-based company Legal and General (L&G) — IndiaFirst Life Insurance — has received final approval from IRDA and will start operations in December. IndiaFirst has filed for four products, including three unit linked products, with the insurance regulator and once the product approval from IRDA is received, the company will start the operations. BoB holds a 44% stake in the JV, while Andhra Bank and Legal and General hold 30% and 26% stake respectively. ()

Bajaj Finserv, Bajaj Holdings Get RBI Nod – Bajaj Finserv and Bajaj Holdings & Investment have got certificate of registration from Reserve Bank of India (RBI) to carry on the business of a non-banking financial institution (NBFC). Bajaj Finserv is engaged in consumer finance, life insurance, general insurance, financial products and wind energy generation services.

IIFCL Plans $500M Bond Issue – Indian Infrastructure Finance Corporation (IIFCL), the New Delhi-based infrastructure financing institution, plans to raise over $500 million through medium-term notes (MTN). The company plans to deploy the money to fund projects in power, road, ports and airports. It has already approached Japanese Bank of International Cooperation, which has done the due diligence. IIFCL recently drew $488 million from a sanctioned credit line of $500 million by the Asian Development Bank. (BS)

Govt May Tighten Rules For FDI Approvals – The government of India has announced some rules to the country’s foreign direct investment (FDI) policy. A 21-member committee of secretaries (CoS) chaired by Cabinet Secretary K M Chandrasekhar is meeting on 17 November to discuss key changes. These new guidelines include amending the automatic approval list by significantly expanding the role of the Foreign Investment Promotion Board (FIPB), the nodal agency for clearing FDI proposals. (BS)

Portfolio Funds See Growth In Rural India – Venture capitalists (VCs) and private equity (PE) funds are making a beeline to invest in social projects for the economically backward community. Micro-credit firms and microfinance companies, which invest in social projects involving rural poor, are witnessing large capital inflows from strategic investors. The segment that includes micro-equity investments, has received over Rs 3,000 crore of PE/VC funds in the past three years. (ET)

VCs Will Invest In SMEs With New Norms – The newly announced public listing norms for small and medium enterprises (SMEs) are expected to benefit small-ticket private funds and venture capitalists (VCs) who are willing to make seed and growth-stage investments. As the sector is characterised by high processing costs, often exceeding the returns, banks are generally reluctant to extend credit to the SMEs. Easier listings will guarantee good exit options for strategic investors in these otherwise illiquid companies. (ET)

 


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News Roundup: Patni To Buy Cos By February 2010

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