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News Roundup: Reliance MediaWorks Offers To Buy Inox

30 July, 2010

Reliance MediaWorks Offers To Buy Inox – Reliance MediaWorks has offered to buy a majority stake in multiplex operator Inox Leisure in an attempt to end a prolonged tussle. The Anil Ambani owned firm has offered Rs 120 per share to Inox owners, valuing the company at a little over Rs 740Cr. Inox promoters, the Delhi-based Jain family who also own Gujarat Fluorochemicals, want a higher price at around Rs 140 per share. (Economic Times)

SKS Subscribed 77% On Day 2 – SKS Microfinance’s Rs 1,654-crore public issue, the first public float by any microfinance firm in Asia, has  got subscribed 77% on the second day today. The issue got total bids for 1.05 crore shares against 1.37 crore equities on offer for the public. In the HNI category, the issue got demand for 5% and in retail portion for 7%. (Hindustan Times)

Baring Eyes Real Estate Deals – Baring Private Equity Partners (India), the private equity (PE) fund is now planning investments in real estate. In March, Baring hired Varun Batra, managing director and head of Citigroup India’s global special situations group, to spearhead its initiative in real estate. Baring has traditionally invested in the information technology (IT), healthcare and financial services space. 

Dabur India To Raise Rs 2,00Cr For Buyouts – Dabur India, which announced the acquisition of Turkish firm Hobi Kozmetik recently, plans to raise Rs 2,000 crore for acquisitions. The amount is in addition to the funding for the Hobi Kozmetik deal. The company’s board approved an enabling resolution for this fund-raising two weeks ago. It is looking at companies with an annual turnover between $50-100 million (Rs 230-460 crore) as these are easier to assimilate. (Business Standard)

Super Religare To List Next Year – Fortis Healthcare Ltd plans to list its pathology unit in India next year and is seeking other acquisitions in Asia. The company also plans to start a health insurance business in India and is in talks with the country’s regulators. (BS)

Berger Paints Eyes Acquisitions – Berger Paints India is looking at a possible acquisition of a specialty decorative paint maker in South Asia. Berger has been in talks for the last 7-8 months. Consultancy major Ernst and Young will advise Berger company on the deal. Berger Paints India already has an international presence through subsidiary firms in Nepal, Poland and Russia. (BS)

Turner Exits India JVs – The founder-promoters of Alva Brothers Entertainment have bought out Turner International’s stakes in three local joint venture companies – Miditech, Real Global Broadcasting (RGB) and Match Box Films – as they seek to independently pursue their expansion plans in television content, broadcasting and movie businesses. The Alva brothers have repurchased Turner’s 29% in Miditech to take full control of the company. (IndianTelevision)

DLF May Raise Rs 2,500Cr Via Non-Core Assets Sale – DLF, the country’s largest real estate developer, plans to raise Rs 2,500 crore in the next 15-18 months through divestment of non-core assets. As part of the plan, the company would sell land parcels and rope in a strategic investor for its luxury hotel chain Aman Resorts. DLF sold land parcels worth Rs 294 crore during the June quarter. (BS)

Ashok Leyland Acquires 26% In UK Co – Ashok Leyland today announced that it would acquire a 26% stake in Optare plc, a UK-headquartered bus manufacturer, for $7.5 million (Rs 28 crore). The deal will help Ashok Leyland participate in the growth of the European bus market, access to the products and technology of Optare. Optare and Ashok Leyland will jointly develop products and hold the intellectual property together. (HBL)

Tirpur Co Buys Swiss Firm – Tirupur-based garment manufacturer Prem Durai Exports Private Limited, the export arm of PGC Industries and Group, has acquired a controlling stake in Swiss leisurewear Switcher Holdings, which owns brands such as Switcher, Respect and Whale. (HBL)


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News Roundup: Reliance MediaWorks Offers To Buy Inox

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