Sterlite Ups Asarco Bid To $2.2 Bn - Vedanta Group firm Sterlite Industries has increased its cash offer for acquiring bankrupt US copper miner Asarco. Sterlite has offered similar prices of $2.2 billion to Asarco in line with its rival Grupo Mexico. This is for the second time in less than 10 days that Sterlite has increased the cash component for the bankrupt US miner. Earlier on August 11, NRI billionaire Anil Agarwal-led company had hiked its offer to $1.58 billion. (Economic Times)
India’s June FDI Up 8% At $2.58 Bn - India has attracted foreign direct investment (FDI) worth $2.58 billion in June this year, an 8% increase over the same month last year. The rise in FDI in June comes along with robust growth in index of industrial production that rose 7.8%, fuelling hopes of a strong revival in the industrial sector. FDI inflow in April and May 2009 were $2.34 and $2.2 billion respectively, as compared with $3.74 and $3.9 billion in the corresponding period last year. (ET)
MIC Electronics To Raise Rs 217 Cr – Hyderabad based LED products manufacturing company MIC Electronics Ltd has planned to raise up to Rs 217 crore, both from domestic and international markets. The company plans to raise around Rs 73 crore through issue of warrants to promoters and investors and about Rs 144 crore from the international markets through GDRs, ADRs, FCCBs and other means. The company will invest the money to expand its business and production facilities for light emitting diodes. (Hindu Business Line)
Sahara Eyes $1 Bn IPO For Realty Arm – Lucknow based Sahara Group is planning to take its realty arm Sahara Prime City (SPCL) public and raise up to $1 billion. Investment bankers JM Financial, Kotak Mahindra Capital Company and Enam will advise the initial public offering (IPO) of SPCL along with legal firms Amarchand Mangaldas Shardul Shroff & Co, Hirani & Co, Luthra & Luthra and Milbank of UK. The IPO is expected to hit the market by the end of this year. (ET)
CavinKare To Buy Garden Snacks Stake At Rs 55 Cr – In a move that will help the Rs 700-crore CavinKare ramp up its food division, FMCG major CavinKare is eying a majority stake in Mumbai based snacks marketer, Garden Hygienic Snacks. CavinKare is ready to invest Rs 55 crore for the undisclosed stake size. CavinKare estimated that foods division would deliver 75-80% of their turnover in the medium term in coming years. (ET)
Tata Chemical Buys Four Other Group Cos - Tata Chemicals has bought out the stakes of four other Tata group companies in Rallis India, and in the process increased its holding to 45.08%. It paid a total of Rs 363.44 crore for acquiring the 35.68% stake held in Rallis India from Tata Tea, Tata Sons, Tata Investment Corporation and Ewart Investments at Rs 850 a share. Tata Tea got about Rs 249.79 crore for selling its holding in Rallis, while Tata Sons got Rs 76.56 crore, Tata Investment Corporation Rs 23.75 crore and Ewart Investments Rs 13.34 crore. (HBL)
