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News Roundup: Singapore’s GIC Appoints India Real Estate Head

01 September, 2010

Singapore’s GIC Appoints India Real Estate Head – The Government of Singapore Investment Corporation (GIC) has hired Kishore Gotety, who was most recently at RREEF, as country head for India real estate. The hire suggests GIC believes the opportunity is ripe to start investing in real estate in India. (FinanceAsia)

Analjit Singh To Exit EIH – Max India founder and billionaire Analjit Singh, who was in discussions with the Oberoi family to become a large shareholder in EIH last year, plans to sell his 4% holding in the company. Singh had already reduced his shareholding in EIH to 4% from 7% earlier this year. Singh’s holding through two investment entities is valued at Rs 200 crore at the last traded price. (Economic Times)

Philips Scouts For Lighting, Healthcare Buys – Philips is scouting for acquisitions in the lighting and healthcare space in India to further strengthen its position in these segments. The Dutch giant is eyeing deals above $10 million in value to fill in the gaps in certain areas and increase the brand value. (ET)

Kingfisher To Raise Rs 5,000Cr – Kingfisher Airlines has approved plans to raise funds of up to Rs 5,000 crore (approximately $1 billion) by issuing one or more options, which include preference shares, equity shares, global depository receipts, a rights or a preferential issue. Within the next three to four months, it would raise around Rs 1,650 crore – Rs 500 crore through a domestic offering and $250 million (around Rs 1,150 crore) as GDRs – subject to regulatory approval. (HinduBusinessLine)

Honda To Sell 26% In JV With Hero – Japan’s Honda is believed to be in talks to sell its 26% stake in Hero Honda Motors to the BM Munjal-owned Hero group at a discount. A Munjal family company will purchase most of the shares with some help from private equity firms. A Munjal-owned company incorporated overseas will buy the shares from Honda and take the Hero group’s stake in the motorcycle firm to 52%. At current market price, the 26% stake is being valued at Rs 9,293 crore. (ET)

Elder Pharma Plans $50M QIP – Elder Pharmaceuticals plans to raise up to $50 million through a qualified institutional placement (QIP) next week, to retire a part of its debt. The firms debt  stands at about Rs 500 crore. The mid-sized pharma company is in discussions with several US-based institutional investors besides some Indian funds. (ET)

Madison Forms JV With UK’s BMB – Adman Sam Balsara-promoted Madison World has formed an equal joint venture (JV) with UK-based advertising company Beattie McGuinness Bungay (BMB). The JV would offer creative services to advertisers, said Balsara, with the Mumbai-based diversified communication group’s existing creative agency, mc2 being merged with BMB. (Business Standard)

Mukand, Borosil Sell Land – Specialty steel manufacturer Mukand has completed the sale of five acres of its lease-hold land in the trans-Thane creek industrial area for Rs 42.5 crore to Vodafone Essar Shared Services. This sale comes close on the heels of a land-parcel in Andheri in the metropolis sold by Borosil Glass Works to Neepa Real Estate for Rs 830-crore just last week. (ET)

Manganese Ore To Dilute 10% In Public Offering – India’s state-run Manganese Ore will launch an initial public offering by the end of this year and has hired JP Morgan, Edelweiss and IDBI Capital to manage the share sale. Manganese Ore will sell 33.6 million shares through the offering, comprising a 10% stake sale by the Indian government and 5% each by the state governments of Maharashtra and Madhya Pradesh. (DNA)

UBS’ Rajagopal To Join Standard Chartered – A Rajagopal, the head of equity capital markets at UBS in Mumbai, plans to join Standard Chartered Bank as head of its equity capital markets in India. The bank has been focusing on boosting its equities business and recently hired Ratnesh Kumar from Anand Rathi to head its equities business in India. (BS)

Future Capital To Apply For MF License – Future Capital Holdings has filed an application with the market regulator, Securities and Exchange Board of India (Sebi), for mutual fund business.  This year, Future Capital is the second player after Parag Parikh Financial Services to apply for a mutual fund licence. Twenty-four players await Sebi approval to enter the mutual fund business, according to the latest Sebi release on status of mutual fund applications. (Financial Express)


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News Roundup: Singapore’s GIC Appoints India Real Estate Head

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