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News Roundup: Piramal May Buy Majority Stake in Hind Dorr

11 January, 2011

SEBI Gives Rs 200Cr Tara Jewels Go-Ahead – Market regulator SEBI has given its approval to studded jewellery exporter Tara Jewels to launch an initial public offer (IPO) for raising up to Rs 200 crore. The approval was given to the company to tap the capital market on January 4. Enam Securities is the sole book running lead manager. (Economic Times)

Piramal May Buy Majority Stake in Hind Dorr – Piramal Group is close to buying a majority stake in Hind Dorr. Piramal Group is close to buying IVRCL’s entire 55% stake in Hind Dorr, which is currently valued at Rs 440 crore.  The deal is likely to trigger open offer in Hind Dorr. IVRCL had earlier stated that the company is not looking to exit Hind Dorr. (Moneycontrol)

Tata Steel Plans Rs 5,000Cr FPO – Tata Steel is set to go to the capital market to raise up to Rs 5,000 crore, via a follow-on public offer (FPO). The company wished to raise between Rs 3,500 crore and Rs 5,000 crore from the share sale. The company had done road shows in October and November for a share sale through the differential voting rights (DVR) route, but the investors did not show much interest in this issue, because of its discounted price. (Business Standard)

Madhabi Puri-Buch To Quit ICICI Group – High-profile investment banker Madhabi Puri-Buch is likely to quit as managing director & CEO of ICICI Securities soon. Buch is likely to quit the ICICI group for personal reasons. The management graduate from IIM-Ahmedabad has been with ICICI group for over 15 years, Buch is likely to be replaced by Anup Bagchi, executive director at ICICI Securities. (Business Standard)

Appu Hotels Plans Rs 500Cr IPO – Appu Hotels Ltd, which owns two five-star hotels — Hotel Le Royal Meridien in Chennai and Le Meridien in Coimbatore — is planning for an initial public offering (IPO) to support its Rs 500-crore expansion plan. The company is planning to come out with an IPO by the end of next year. The company was planning to double its capacity in the five-star category from the current 500 rooms, with an outlay of around Rs 500 crore over the next two years. (Business Standard)

Star Health  To Raise Another Rs 120Cr – After raising Rs 285 crore from private equity and venture capital firms, Star Health Allied Insurance, the country’s first standalone insurer, plans to enhance its capital by another Rs 120 crore to achieve its premium collection target of Rs 2,000 crore. The company also hopes to make an underwriting profit this year. The company clocked a premium of Rs 950 crore till December. By the end of the current financial year, it would be increased to Rs 1,250 crore. (Business Standard)

Pennar Industries Eyes Acquisitions – Pennar Industries, a leading player in engineering and fabrication sectors, is scouting for targets to take its inorganic growth plans forward. The company is keen on acquiring an engineering company particularly with skills in sheet metal works with a topline of Rs 100-200 crore. The company for the third quarter ended December 2010 recorded Rs 314 crore turnover, a growth of about 49%. (DNA)

Jindal Poly Films To List Power Arm – BC Jindal Group’s flagship company Jindal Poly Films, which had been flying high on the back of rising demand and prices of polyester, is planning to list its power subsidiary before the end of financial year 2012. Jindal India Thernal Power Ltd is targeting a power capacity of over 5,000 mw in the next five years and is currently building a 1,800 mw sub-critical thermal power plant in Angul district of Orissa. (DNA)


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News Roundup: Piramal May Buy Majority Stake in Hind Dorr

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