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News Roundup: Sequoia, Atlanta in Talks With Tata Housing

10 September, 2009

GMR To Restructure Business – Infrastructure major GMR is restructuring its operations to create four holding-cum-operational companies for airports, energy, roads and international business, which would be listed on the bourses in the next one to two years. The group plans to raise Rs 7,500 crore in through this exercise, which includes Rs 2,500 crore in the holding company. (Economic Times)

Sequoia, Atlanta in Talks With Tata Housing – Tata Housing is in talks with private equity firms to raise funds for its low-cost housing project in Mumbai.  The Tata Sons subsidiary plans to  launch homes for as low as Rs 4 lakh near Mumbai, and is in preliminary talks with Sequoia Capital and Atlanta Equity. (ET)

A1Books To Raise $5 Mn – US based online bookseller A1Books is planning to raise $4-5 million from Indian venture capital firms to fund expansion of its Indian business. The company, which has over 2.5 lakh books in its portfolio, has tied up with 500 Indian publishers to sell their books online. It is in talks with Yatro.com and Reliance to be the book partner in their upcoming e-commerce portal, and now planning to sell used books as well.  (Economic Times) 

Bina Refinery IPO In Next Six Months – Bharat Oman Refineries, a subsidiary of state-owned oil refiner and retailer Bharat Petroleum Corp (BPCL), plans to go IPO in the next six months. Oman Oil, which has 50% stake in Bharat Oman Refineries, may infuse more money into the company. Bharat Oman Refineries has been developing a oil refinery at Bina in Madhya Pradesh, with an estimated cost of Rs 1,000 crore. (DNA) 

ING Vysya Bank Raises Rs 415 Cr – ING Vysya Bank had raised Rs 415 crore through a qualified institutional placement (QIP) and preferential allotment to its principal promoter, ING Group. The bank will deploy the money to fund its expansion plans. With 480 branches in different states of south India, the bank plans to grow outside south India and will open another 60 branches in the next one year. (Business Standard) 

IDBI Bank Rules Out Fresh Valuation – IDBI Bank has ruled out fresh valuation of its mortgage arm, IDBI Home Finance, which has been on the block for a year. IDBI Bank CMD stated that the price was determined through a bidding process and there is no question of revaluation. The company will either go with the price or scrap the whole thing. Earlier, the bank planned to sell its shares in the home finance arm at Rs 21.46 each. At this price, the IDBI Home Finance value will come to a little over Rs 350 crore. (BS)

Axis AMC Competes Two Others For DBS Chola Assets – Axis Asset Management Co Ltd (Axis AMC) came out as strong contender for the assets of DBS Cholamandalam Asset management Ltd. This Axis Bank-promoted asset management arm, which is a new entrant in the business, targets a market share of 3% in terms of AMU in the next four-five years to be among the top 10 fund houses in the country. The two other top contenders include Indiabulls Financial Services Ltd and L&T Finance Ltd. The price of the assets is expected to be around Rs 80 crore. (Mint)


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News Roundup: Sequoia, Atlanta in Talks With Tata Housing

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