RIL May Buy 26% in Pipavav Shipyard – Mukesh Ambani-owned Reliance Industries (RIL) may pick up a 26% stake in Pipavav Shipyard (PSL) through a fresh issue of shares. The acquirer will also make an open offer to the public at the same price after the deal is closed for India’s largest integrated shipyard with an exposure to offshore structures for oil & gas structures. (Economic Times)
Qualcomm May Sell Stake To Tulip – Mobile phone chipmaker Qualcomm is learnt to have finalised a deal to sell a stake to telecom networking firm Tulip. Qualcomm paid Rs4,912.54 crore for spectrum in four key markets in the recently concluded auction for broadband wireless access (BWA) spectrum.
Brigade To Raise Rs 750Cr From Share Sale – Brigade Enterprises has announced that it will raise up to Rs 750 crore by the issue of equity-based securities to various investors by means of public or private offering or qualified institutional placement or through preferential share allotment. In addition to this, the Bangalore-based real estate company plans to raise Rs 500 crore through private equity investment to ramp up group’s hospitality and retail verticals through special purpose vehicle. JP Morgan is running the mandate to rope in PE investors and a deal is expected by the end of August. (Business Standard)
Swiss Private Bank Appoints India Head – Sarasin Alpen (India) Private Limited, a subsidiary of the Swiss private bank, Bank Sarasin & Co Ltd, Switzerland, has named Shiv Khazanchi as its Managing Director to head its India operations. Khazanchi will be based out of Sarasin Alpen’s New Delhi office. Khazanchi will also oversee the operations of Alpen Capital India Private Limited, the investment banking associate of Sarasin Alpen. (ET)
German Partner Exits UTI’s Infra Fund – Germany’s HSH Nordbank has withdrawn from UTI Mutual Fund’s India Infrastructure Fund, due to the tough fund-raising environment in Europe given the euro zone crisis. UTI Asset Management Company tied up with Nordbank and Kuwait’s Noor Financial Investment in July 2009 to raise $500 million over a period of three to four years for a infrastructure-focused private equity initiative. UTI AMC was able to make the first close of $125 million for the fund recently and Kuwait’s Noor Financial Investment Company continues to be a part of the initiative. (Financial Chronicle)
Religare Eyes AMCs In US – Religare Enterprises (REL) is planning to buy up scores of boutique asset management companies in the US and later merge their corpus with its own expanding reach in emerging markets, with the aim of developing a $40-billion company. The new holding company could be listed on the New York Stock Exchange. (Financial Express)
PNB To Raise $100M – Punjab National Bank is in the process of raising up to $100 million debt with a greenshoe option to fund its overseas expansion drive. PNB will soon set up a subsidiary in Canada, have a representative office in Australia and expand in the erstwhile Soviet block. The bank already has a subsidiary in London with five branches, two in Hong Kong, one in Dubai, one in Kabul and representative offices in Kazakhstan, Shanghai and Oslo. (FE)