Raymond Forays Into Realty – Raymond, one of India’s largest clothing and apparel companies, has now announced its entry into the real estate market. The decision has been approved by the company board and is now subject to the shareholder approval and statutory compliances. (BSE)
Twitter Raising Funds At $1 Bn Valuation – Twitter, one of the world’s hottest startups, is raising an investment round at a valuation of $1 billion. The company CEO Evan Williams has reportedly disclosed to employees that it will raise around $50 million, which could go up. In February this year, Twitter raised $35 million in a Series D round, which valued the company at close to $250 million. (TechCrunch)
ICICI Venture Backed VA Tech Plans IPO – Industrial water solution provider VA Tech Wabag is planning to launch a Rs 500-crore initial public offering (IPO) early next year to part finance its plans to strengthen operations in Middle East and China. The ICICI Venture backed company two years ago took over its parent VA Tech Wabag GmbH from Siemens. ICICI Venture, which holds a 31% stake, is expected to sell the stake in the public offering. (Economic Times)
BSNL Bids For Sri Lanka Telecom Assets – Bharat Sanchar Nigam Ltd (BSNL) has made a bid for Millicom’s Sri Lanka operations. Millicom has put its assets in Sri Lanka, Laos and Cambodia up for sale, and expects to complete the deals by the first quarter of 2010. Other who have shown interest in the operations include UAE’s Emirates Telecommunications Corp (Etisalat). BSNL, which has cash reserves of $6 billion, is also looking at a 46% stake in Kuwaiti telecom firm Zain. (Business Standard)
Aegon Religare To Invest Rs130 Cr – Aegon Religare Life Insurance plans to invest Rs 130 crore over the next six months. It will help the company to take its total equity capital to Rs 525 crore by the close of the fiscal. Most of the additional capital would be used in enhancing distribution network. The company has also invested Rs 50 crore towards IT spends for faster connectivity. It has also been exploring a number of products in the health and annuity space targeting a new business premium (NBP) of Rs 215 crore, out of which Rs 34 crore has been raked in the first five months. (DNA)
Sical Gets Shareholders’ Nod For Rs 368 Cr Investment – Chennai-based Sical Logistics has received approval to invest around Rs 368 crore — its equity portion — in the seven subsidiary companies that are executing projects worth Rs 938 crore during the current financial year. The shareholders approved the proposed investment of Rs 368 crore and guarantee of Rs 570 crore. The investment will be made across several projects including the construction of iron ore terminal at Ennore Port, road terminal at Nagpur and container terminal project at Chennai port.
Trent Shareholders Approve Amalgamation – Trent Ltd shareholder have approved the scheme of amalgamation with Satnam Developers and Finance Pvt. Ltd. and Satnam Realtors Pvt. Ltd, with requisite majority.(BSE)