SEBI Clears IPO Norms For Insurers – Capital market regulator Securities and Exchange Board of India (Sebi) has cleared the decks for initial public offerings (IPOs) by life insurance firms. Domestic life insurers will be required to disclose risk factors specific to insurance companies and an overview of the insurance industry in general, while raising money through a public issue. The changes in the takeover code weren’t approved by SEBI. (Mint)
Sobha Developers Sells 50 Acre Land – Realty group Sobha Developers has sold 50 acres of land in a prime IT corridor in Pune to reduce its debt. The land worth Rs 115 crore has been sold to a Pune based developer. The Bangalore-based realty firm plans to raise Rs 100 crore by monetising parcels of land by the end of the current fiscal. (Economic Times)
Macquarie To Start NBFC Operations – RBI has approved Australia-based Macquarie Group’s application to commence non-banking finance activities in India. The company, Macquarie Finance India (MFIPL), will start operations in December. (ET)
Madurai HC Blacks Subhiksha-Blue Green Merger – Troubled retail chain Subhiksha’s last-ditch attempt to survive has failed, with the Madurai bench of the Madras High Court rejecting its merger scheme with Blue Green Constructions. The failure of the merger scheme is a pre-cursor to Subhiksha being wound up as a winding up petition will now be heard against the retailer. (ET)
ICore Solutions Plans Rs 500Cr IPO – Kolkata-based ICore E-Services is planning to hit the capital market with a public offer, which could be around Rs 500 crore to part finance its expansion projects. It expects by April to file its application with market regulator SEBI and go for the IPO by June. The company said it was already into cement, steel, paints and retail. (Business Standard)
Indo Asian Fusegear Eyes Acquisitions – Indo Asian Fusegear, which sold its switchgear division to French electrical switch company Legrand for Rs 600 crore, is going to foray into advance lighting systems which also includes LEDs. Acquiring companies is also on the table if it means helping Indo Asian expand further.The firm is sitting on Rs 500 crore after paying an interim dividend. (Moneycontrol)
PSB IPO Next Month – State-owned Punjab & Sind Bank is likely to hit the capital market by November this year. The probable date for the initial public offer (IPO), in which the government-owned bank plans to raise Rs 500-600 crore, will see a dilution of 17.93% government stake. (BS)
Aditya Birla PE To Invest $30-40M By April – Aditya Birla Capital Advisors, the private equity arm of the group, is planning to invest another $30-40 million by April 2011. The firm, which raised $200 million earlier this year for its maiden fund, sees around 6 deals every month. It has already invested 20% of the fund across three investments which include Bombay Stock Exchange, CARE and Anupam Industries.