Bhushan Steel to Hike stake in OSISL to 25% - Bhushan Steel Group is close to increasing its stake in Bhubaneswar based Orissa Sponge Iron and Steel (OSIL) to about 25% from 14.5% by converting 35 lakh warrants into equal number of equity shares.  The move would mean infusion of Rs 54 crore by Bhushan Group into OSIL, the takeover target of three firms- Bhushan Steel Group, Bhushan Power and Steel and Monnet Group. The deadline for conversion of warrants is June 19. (The Economic Times)

REC Abandons $1.25 Billion PE Fund Plan - Rural Electrification Corp (REC) has dropped plans to launch a $1.25 billion private equity fund jointly with the Wachovia group to fund power projects in the country's hinterland. The development follows the buyout of Wachovia, the fourth-largest banking company in the US, last year to save it from insolvency. The state-run REC has decided to go it alone and invest directly into power projects in rural areas in return for equity stake. REC is looking for equity investment proposals where the clearances related to land acquisition and fuel supplies have been obtained. However, no definite decision has been taken yet on when and how REC would begin investing in power projects through the private equity route. (DNA Money)

SEBI Bars GHCL Promoters, Top Brass from Stock Market - The Securities and Exchange Board of India (SEBI) has barred GHCL promoter Sanjay Dalmia, 46 promoter investment companies, Managing Director Ravi Shanker Jalan and Company Secretary Bhuwneshwar Mishra from trading in the stock market after investigations revealed that the company had filed false shareholding details.The company’s disclosures on promoter holdings for four quarters in 2008 are at significant variance with the actual holdings. In the last three quarters ending June, September and December 2008, the disclosure of promoter holdings was inflated over 100%. (Business Standard)

US Fund Puts Rs 2,000 Crore in RIL - At a time foreign institutional investors (FIIs) are supposed to be keeping away from the Indian market, the Mukesh Ambani-controlled Reliance Industries (RIL) has got a Rs 2,000 crore investment from one of the largest American funds. Europacific Growth Fund (EGF), managed by the Capital Group, bought 16.13 million shares, or a 1.02 per cent stake, of RIL from the open market in the March-ended quarter. (Business Standard)

Raymond Appoints Raghunathan as its Finance Head - Textile major Raymond has appointed S Raghunathan as its Group President (finance). Raghunathan, who was earlier the vice-president finance with Hindustan Unilever’s home and personal care unit, has replaced H. Sundar. H. Sundar will now move on to another strategic role within the group. The company did not divulge more information on Sundar’s new role. (The Economic Times)


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