JSW Steel To Buy 45% In Ispat For Rs 2,157Cr – JSW Steel is close to buying a 45% equity stake in Ispat Industries, an ailing steel maker, for Rs 2,157 crore but the transaction is dependent on Ispat’s lenders. The JSW board deliberated till late Monday evening on the proposal to buy 45% in Ispat. In a statement to Ispat Industries on Monday, IDBI said it has decided to convert a part of its loan into equity. (Economic Times)
Munjals To Hold Majority In SPV – The Munjal family, promoters of the Hero Group, is likely to have over 50% stake in a special purpose vehicle to hold Honda’s 26% share in Hero Honda, following termination of the joint venture. Possession of a controlling stake by any party other than the Munjals will trigger an open offer under the Takeover Code. The Rs 4,500-6,800 crore valuation of Honda’s 26% stake, the Hero Group is likely to pay around Rs 1,000-1,400 crore, while the rest will be funded through PE firms and banks. PE investors in race include Apollo, Bain Capital, Carlyle, KKR, TPG and Warburg Pincus. (Business Standard)
Coal India To Revise Drummond Offer – Coal India mulls a second indicative bid for the Colombian assets of the US miner Drummond Co. as private funds and rivals Xstrata and Glencore join the race. Media reports said the bid was about $5 billion. According to a Bloomberg report, those mines are valued at more than $6 billion. (ET)
Altair Looks At Sub-$10M Buyouts – US-based Altair Engineering, a provider of simulation technology and engineering services, is in the process of making two sub-$10 million acquisitions in the next six months. The firm has development centres in Bangalore and Pune. One of the deals may materialise by the end of this month and the other between June and July 2011. (BS)
Sistema Shyam Plans IPO In 2011– Sistema Shyam Telecom plans a public offer in the second half of 2011 after the completion of its 20% stake sale to the government of Russia for close to $600 million early next year. Ongoing inquiries into spectrum allocation will not affect the company’s India plans and it will reply to letter from the Indian government on not meeting rollout deadlines. (ET)
Sanjay Khan Sells Bangalore Property For Rs 235Cr – Veteran Hindi movie actor Sanjay Khan is selling his high-end resort, Golden Palms Hotel and Spa in north Bangalore, for Rs 235 crore to an individual investor. The financial advisory arm of Deloitte Touche Tohmatsu India Pvt. Ltd, a consulting and audit firm, was the adviser on the deal.