SBI To Raise Rs 15,000-25,000Cr Rights Issue By Q4 – India’s largest lender State Bank of India is planning a Rs 15,000-25,000 crore rights issue by somewhere between February and March this fiscal year. The exact size of the issue is still at a discussion stage, it should be anywhere between Rs 15,000-25,000 crore.. While Rs 25,000 crore equity would carry SBI through three years while Rs 15,000-18,000 crore should carry the bank through for two years. (Moneycontrol)
Fortis Global To Acquire Quality HealthCare’s Assets – The controlling shareholders of India’s hospital chain Fortis Healthcare have agreed to buy the healthcare assets of Hong Kong-based Quality HealthCare Asia Ltd for $195 million. The Quality HealthCare acquisition is being made by the Singhs’ Fortis Global Healthcare Holdings Pte Ltd unit, which it said is the family”s vehicle to build a pan-Asian healthcare business. (DNA)
Rajasthan Royals, Kings XI Punjab Expelled From IPL – Rajasthan Royals and Kings XI Punjab are out of the Indian Premier League, with the Board of Control for Cricket in India terminating their franchise agreements. The Kochi franchise could also face the axe in ten days if it does not put its house in order. BCCI referred to the ‘breaches committed by the franchisees concerned which are K.P.H. Dream Cricket (owners of Kings XI), Jaipur IPL Cricket (Rajasthan Royals) and the unincorporated joint venture holding the Kochi franchise. (BusinessLine)
Nirma To Delist From Exchanges – Nirma Ltd, promoted by Karsanbhai Patel, is now looking to de-list from the bourses. Karsanbhai and other promoters proposed buying 3.63 crore equity shares of the company from the public and seeking to de-list the equity shares from the stock exchange of India. The promoter group together hold 77.17% of the paid up equity share capital of the company. (DNA)
NCDEX Preferential Issue By Oct End – National Commodity and Derivatives Exchange (NCDEX) is likely to float a preferential issue by October-end to raise its paid-up equity capital by Rs 12.50 crore to Rs 50 crore. Commodity market regulator Forward Markets Commission (FMC) had given extension of three to six months to commodity exchanges to comply with equity structuring and ownership guidelines.
Mahindra To Complete Ssangyong Deal By Dec-Jan – Auto major Mahindra & Mahindra (M&M) said due diligence on South Korean sports utility vehicle-maker SsangYong Motor Company is almost over and work on a draft agreement will begin by the month-end. M&M will be completing its due diligence soon and then hold talks with the management of SsangYong. It expects to sign the final agreement by December-January. (ET)
Sesa Goa’s Open Offer For Cairn Unlikely On Oct 11 – Vedanta group company Sesa Goa’s proposed open offer to non-promoter shareholders in Cairn India may not open on October 11 as planned earlier as necessary approvals are still awaited. Vedanta Resources said its investments in India could be $2 billion less in the next two years than earlier thought as the Centre’s decision to deny approval to mine bauxite in Orissa’s Niyamgiri hills has forced the group to put its expansion plans on hold. (FE)