Qualcomm To Sell Indian BWA Business – US-based chipmaker Qualcomm, which won broadband wireless spectrum (BWA) for four circles at Rs 4,912 crore, is exiting the business. Since regulations bar sale of spectrum, Qualcomm will sell its company which acquired spectrum. Qualcomm intends to keep the LTE-LD flag, rival to Intel’s WiMax, flying even after its exit. Since regulations cap foreign investment at 74%, Qaulcomm had divested 26% stake to GTL Infrastructure and Tulip Telecom for Rs 268 crore. (Financial Express)
Canbank VC To Raise Rs 1,000Cr Fund – Bangalore-based Canbank Venture Capital Fund is planning to grow big with a new fund of Rs 1,000 crore in the next financial year. Canara Bank promoted CVF closed a Rs 500-crore fund named “Emerging India Growth Fund” (EIGF) last month, which has roped in 18 banks. Canara Bank was the anchor investor for fund launched in June. (Business Standard)
Dish TV Board Approves $200M Fundraising – Direct-to-home (DTH) service provider Dish TV Ltd’s board has approved raising fresh funds up to $200 million through issue of equity shares and/or other equity linked instruments for acquisition of new subscribers. This follows a similar enabling approval by the board to raise $200 million last year, where the company eventually raised half of the amount. Dish TV is backed by global private equity major Apollo Management. (Economic Times)
British Telecom To Sell Tech Mahindra Stake In Market – BT Group Plc may reduce its 30% stake in India’s Tech Mahindra Ltd. by selling shares through the stock market. The Britain’s largest phone company may also seek to sell about 7% to Mahindra & Mahindra Ltd., which owns 42.8%of the Indian software services provider. Tech Mahindra has slumped 21% this year, valuing BT’s stake at about $668 million. (Bloomberg)
Fortis Eyes Tier-II, III City Hospital Buys – Fortis Healthcare is looking at acquiring hospitals in tier-II and tier-III cities as it seeks to expand its presence beyond the metros. Any hospital with a bed size ranging between 125-175 in smaller towns and 275-400 in major cities are potential for possible acquisitions. (FE)
The Loot Plans IPO – Discount retail chain The Loot Stores is planning an IPO this year and expects a growth of 60% in this festive season. The Loot will add more 50 stores in the next 6 months. The company now has a pan-India presence with 150 stores, including those in Tier II and Tier III cities. (DNA)
Carlyle Group’s Rubenstein Says Middle East May Rival China, India and Brazil – The Middle East may rival China, India and Brazil as a destination for investment due to its growing population and wealth, said David Rubenstein, co-founder and managing director of the Carlyle Group. He said that Turkey and Egypt probably have the best opportunity right now. Carlyle Group raised $500 million for its first Middle East and North Africa fund in March last year. (Bloomberg)
SRF To Invest $52M In Bangladesh JV – Industrial chemicals manufacturer SRF Limited plans to invest $52 million to pick a majority stake in a 80:20 joint venture with Dhaka-based Nitol Niloy Group to set up a polyester film manufacturing plant in Bangladesh. The plant, which will be set up with a total cost of $65 million, is expected to start production by end of calendar year 2012. (ET)
Catamaran Cannot Exit SKS – Catamaran, the fund floated by Infosys mentor NR Narayana Murthy which holds 1.3% stake in SKS Microfinance, cannot exit the firm as it is subject to a concurrent statutory lock-in imposed by the Securities and Exchange Board of India on all pre-IPO investors for 12 months. Catamaran also said that Murthy advised SKS chairman Vikram Akula that it is best for the management and the Board to be open, honest and fair in all matters dealing with every stakeholder. (BS)
Gravita India IPO To Open On Nov 1 – Gravita India, a manufacturer of lead metal, is entering capital market with an initial public offering (IPO) of 36 lakh equity shares on November 1 and will close on November 3. The company aims to raise Rs 43.2-45 crore at a price band of Rs 120-125 a share. Gravita intends to utilise the proceeds of the issue for setting up an additional manufacturing facilities and investment in overseas ventures. Keynote Corporate Services Ltd is the book running lead manager to the issue. (Moneycontrol)
IDFC To Put Rs 10Cr In NSDC – Infrastructure Development Finance Company (IDFC) has proposed to fund Rs 10 crore to the National Skill Development Corporation (NSDC) for setting up sector skills councils (SSCs) across India. The first SSC was set up last year and around 14 more are in the pipeline. (BS)
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