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News Roundup: Shree Renuka Sugars In Talks With Balrampur Chini

16 December, 2009

DB Corp Issue Subscribed Over 39 Times – The IPO of DB Corp set a new record for oversubscription after the economic recovery. The issue was subscribed a whopping 39.54 times, the highest since January 2008 when the Reliance Power IPO was oversubscribed 73.04 times. Oil India has been the only other IPO that comes close — it was oversubscribed 30.82 times in September this year. The DB Corp offer was priced at Rs 185 to Rs 212 and looked to raise Rs 336-385 crore. (DNA)

Gitanjali Gems Arm Buys 76% In Salasar Retail – Branded jewelry company Gitanjali Gems Ltd’s subsidiary Gitanjali Lifestyle Ltd has acquired 76% stake in Salasar Retail Ltd for an undisclosed sum, according to its filing with the BSE. Gitanjali Gems has, earlier this year, picked up 70% stake in MobileNXT Teleservices Pvt Ltd and has acquired Lebanon based Alliance Jewellers Pvt. Ltd through its subsidiary, Brightest Circle Jewellery Pvt. Ltd. The jewelry company has forayed into retail of luxury & lifestyle products. Salasar Retail has a chain of stores and it is engaged in retailing, selling, trading and distributing apparel in India. (Team VCC)

DLF Assets Eyes Up To $1B Singapore Listing – DLF Assets Ltd, owned by the founders of India’s top real estate firm DLF Ltd, is reviving plans for a Singapore listing of its real estate investment trust. The firm plans to raise between $500 million and $1 billion from the listing, much less than a targeted fund-raising of up to $2 billion planned in 2007. Citigroup is reportedly working on the deal. (Reuters)

Gharda Chemicals’ Stake Sell Hits Hurdle – The proposed stake sell in agro-chemicals and veterinary drugs biz of Gharda Chemicals by its chairman Keki Hormusji is facing trouble as Darius Kavasmaneck, his nephew and one-third equity holder, has obtained an order from the Company Law Board (CLB) restraining him from transferring his shares. Reportedly, private equity fund Blackstone is ahead in the race to acquire a 63% stake in Gharda Chemicals from Dr Gharda. Blackstone is likely to pay around Rs 630 crore, thus valuing the company at Rs 1,000 crore. (ET)

Shree Renuka Sugars In Talks To Buy Balrampur Chini – Shree Renuka Sugars is in talks with Balrampur Chini Mills to acquire the promoters’ stake in the company. While Renuka Sugars is yet to offer any price, discussions between the two companies started a month back. October reports suggest that Balrampur Chini promoters were in talks to sell their total holding of 36.67% to Bajaj Hindusthan. Balrampur Chini, which has nine sugar factories in eastern Uttar Pradesh with a capacity to crush 73,500 tonnes of sugarcane per day, had recently acquired Brazil-based sugar and ethanol producer Vale Do Ivaí (VDI) for $82 million. (BS)

Intelenet May Buy Two UK Firm – Blackstone-backed BPO firm, Intelenet Global Services, is close to taking over two shared-services centres of a large operator of train services in the UK. The BPO firm has been holding negotiations for the takeover of a contact centre in Plymouth and another in Fort William belonging to Firstinfo, a subsidiary of Firstgroup. The company is likely to close the transaction later this month or early next year. Firstgroup is listed on the LSE and operates train services in UK, Ireland, Denmark, Sweden, Canada and the US. (ET)

Kotak Allies With Russian I-Bank For M&A – Kotak Mahindra entered into a pact with Russian investment bank, Renaissance Capital, to advise cross-border transactions. The tie-up will facilitate the M&A deals between India and Commonwealth of Independent states and Africa. (ET)

Experian India Form CIC Joint Venture – Magma Fincorp Ltd has picked up 7% stake in Experian Credit Information Company of India Pvt Ltd. The proposed Credit Information Company (CIC) is a joint venture of Experian and seven public, private sector banks as well as non-banking financial institutions in India. Experian will own 49% stake in the JV while the remaining 51% by the Indian partners. (BS)

JSW Energy Fixes IPO Price At Rs 100 – JSW Energy has fixed its IPO issue price at Rs 100 of the proposed price band of Rs 100-115 and became the second IPO this year to fix its issue price at the lower end of its price band. Den Networks, which got listed in November, was the first company this year to fix its issue price at the lower end of the price band. (Business Line)

Sumitomo Likely To Partner Indian Steel Venture – Sumitomo Metal Industries Ltd, Japan’s third-biggest steelmaker, is considering joining Bhushan Steel’s project in West Bengal, India. The Indian firm will commission a plant with a capacity of 2.2 million tonnes by January next year. (Reuters)

Mittal’s Open Offer For Uttam Galva Begins On Dec 19 – ArcelorMittal’s open offer to acquire a 29.39% stake in Uttam Galva Steels will begin on December 19. It had bought a 5.6% stake in Uttam Galva from the promoters and had planned the open offer to buy an additional 29.4% in the Indian company at Rs 120 a share on October 31, which was earlier due to close on November 19. This was delayed due to late approvals from the Foreign Investment Promotion Board (FIPB) and the Securities and Exchange Board of India. )

 


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Gitanjali Gems buys 15% in Japan's Verite; Issues convertible debentures worth $7M to DB Corp

Gitanjali Gems buys 15% in Japan’s Verite; Issues convertible debentures worth $7M to DB Corp

Bhawna Gupta 5 years ago
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News Roundup: Shree Renuka Sugars In Talks With Balrampur Chini

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