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News Roundup: PE-backed RSB Acquires European Firm

25 June, 2010

PE-backed RSB Acquires European Firm – RSB Transmissions, the Pune-based automotive component maker, has acquired a 70% stake in Mechanical Supplies International (MSI), a e20-million Belgian construction equipment maker. RSB Transmissions, a Rs 750-crore group, has 10 plants in India and one in the US. Private equity investors IL&FS Investment Managers (IIML) and Evolvence hold a 24.5% stake in RSB Transmissions, while the remaining is held by brothers RK and SK Behera. (Economic Times)

IDFC Plans A $750M QIP – Infrastructure Development Finance Co plans to raise up to $750 million through a qualified institutional placement (QIP). The lender will firm up a date for the share sale after it receives shareholder approval, expected at an annual shareholder meeting on June 28. Morgan Stanley, IDFC-SSKI and CLSA are among the bankers in the running to manage the share sale. (Reuters Via DNA)

Essar Shipping To Raise $250M From FCCBs –  Essar Shipping, Ports and Logistics is planning to raise $250 million through foreign currency convertible bonds (FCCB). On May 27 the company got an enabling resolution from its board to raise up to $500 million through equity instruments, including foreign currency convertible bonds, global depositary receipts and American depository receipts. The company plans to finance 70% of its capital expenditure through debt and the rest through equity. (DNA)

Principal Exits India JV For Rs 6 Cr – Principal Financial Group has sold its entire stake in its life insurance and insurance broking joint ventures in India for Rs 60 million. The US-based financial services firm will now focus on asset management and financial planning tools in India. Principal has sold its 26% stake in each of the insurance broking and insurance companies to Punjab National Bank which is one of the joint venture partners. However, its asset management joint venture with Punjab National Bank and Vijaya Bank, Principal PNB Asset Management which manages about Rs76 billion, remains intact. (Reuters Via DNA)

Credit Suisse Ups APAC I-banking Staff By 35% – In order to tap the increasing acquisition appetie of Indian and Chinese firms, Credit Suisse Group has increased its staff of Asia-Pacific investment bankers by 35%, or around 100 bankers since December.  (WSJ)

VA Tech Plans Rs 125 cr Issue – Chennai-based VA Tech Wabag, a global water treatment company, plans to raise Rs 125 crore by diluting about 25% equity through an initial public offering. The IPO consists of 27.03 lakh shares of fresh equity and partial dilution by institutional investors such as ICICI Venture, Rainbow Fund Trust, GLG Emerging Markets Fund, Sattva India Opportunities Company and Passport India Investments (Mauritius). (HinduBusinessLine)

Atul Acquires Polygrip – Ahmedabad-based Atul Ltd has acquired Polygrip, one of the leading rubber and polyurethane (PU) based adhesive brand through its Polymers disvisions. The Lalbhai Group company Atul Ltd. division manufactures and markets epoxies, adhesives and sealants under the brand LAPOX which now has access to rubber and PU based adhesives market through the Rs 10 crore acquisition. (BS)

HCL Corp Sells 2% in HCL Technologies – HCL Corporation, promoted by Mr Shiv Nadar and his family, on Thursday sold a 2.5% stake in IT services company HCL Technologies to raise over Rs 581 crore. The proceeds from the sale of 16.75 million shares will be utilised for the Shiv Nadar Foundation’s philanthropic initiatives in the field of education. Citigroup Global Markets India and Deutsche Bank were the book-runners to the deal. (HBL)

Mahindra Satyam BPO Plans Acquisitions – The board of Mahindra Satyam is believed to have given its back-office unit in-principle approval to build platform-based BPO capabilities through acquisitions. Mahindra Satyam BPO, or the erstwhile Nipuna, may go for up to three acquisitions in the $50-100 million range. (HBL)


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News Roundup: PE-backed RSB Acquires European Firm

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