News Roundup: Pramerica MF To Buy 39% In Prudent Advisory

21 February, 2012

Pramerica MF To Buy 39% In Prudent Advisory – Pramerica Mutual Fund is close to buying a 39% stake in Ahmedabad-based retail distribution outfit Prudent Corporate Advisory Services for about Rs 20 crore. The stake acquisition will help Pramerica, which manages over Rs 2,100 crore worth of assets, widen its distribution base significantly as Prudent ranks among the top five retail fund distribution companies. (Economic Times)

South India Bank Looks To Raise Rs 1,000Cr – South Indian Bank (SIB) has dusted off its fund-raising plan through equity sale in the backdrop of a bull rally in the market. The lender is back with its Rs 1,000-crore qualified institutional placement (QIP) plan and has engaged JP Morgan, JM Financial, SBI Capital Markets and Enam Securities as merchant bankers. (Economic Times)

Air India To Get Strategic Investors – Air India Ltd, which is in the process of restructuring its Rs.18,000 crore debt, will induct strategic investors in two of its subsidiaries, Air India Engineering Services Ltd and Air India Air Transport Services Ltd, being carved out of its engineering and ground-handling businesses. The two subsidiaries will start operations by 1 April and strategic investors will be brought into the companies in due course. (Mint)

IRDA Frowns At PNB Stake Buy In MetLife – Punjab National Bank, the country’s second largest lender, wanted to buy 30 per cent stake in MetLife Insurance for Rs 1, but the deal has run into a regulatory hurdle. The Insurance Regulatory and Development Authority (Irda) is scanning the contours of the deal as it is not comfortable with the valuation, though the Reserve Bank of India (RBI) has given its approval to PNB. (Business Standard)

S Kumars Up On Acquistion Buzz – The stock of Mumbai-based S. Kumars Nationwide Ltd will see higher activity this week. According to Sunday Times, the company is a front-runner to buy discount fashion chain Peacocks. Others in fray include Edinburgh Woollen Mill and Pakistani textile billionaire Mr Alshair Fiyaz, who is reported to be working with Danish private equity fund Solstra Capital Partners. (Business Line)

Shriram Set To Foray Into Cement Biz – The over Rs 50,000-crore diversified Shriram Group is entering the cement industry by acquiring a majority stake in Andhra Pradesh-based cement manufacturer Sree Jayajothi Cements Limited (SJJC) by converting part of its outstanding dues into equity. This would perhaps be the first time a vendor would seize control of a company for delayed repayment. (Business Standard)


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News Roundup: Pramerica MF To Buy 39% In Prudent Advisory

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