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News Roundup: SpiceJet May Get New Investors In The Company

27 April, 2010

SpiceJet May Get New Investors In The Company – Budget airline SpiceJet Ltd may get some new investors as about six of such fund houses have submitted their proposals for a possible investment in the company. The firm is currently holding roadshows to raise $75 million (around Rs 332.3 crore) by selling new shares ahead of launching international flights. The fund-raising, on the other hand, coincides with some of its strategic investors separately talking to Indian companies and financial institutions to exit from the airline. (Mint)

Allcargo Global Raises Rs 100Cr Via QIP – Allcargo Global Logistics (AGL), a Mumbai-based logistics firm, has raised Rs 100 crore through qualified institutional placement (QIP) of shares. The company plans to utilise the fund for acquisition in the US and India. Allcargo is a private equity backed company and offers air, shipping, and container freight station logistics services. New York-based private equity major Blackstone Group and New Vernon had invested in the firm. (BS)

Punj Lloyd To Rope In PE In Engineering Arm – Punj Lloyd Ltd, a diversified conglomerate with strong presence in infrastructure space, is planning to divest part of its holding in Punj Lloyd Engineering Ltd. The company is looking for an equity partner for the engineering subsidiary, which was set up two years ago to undertake captive engineering work of the parent firm. The arm currently has 800 engineers in its fold and targets 5,000 engineers in the next three to four years. (DNA)

FIPB Defers Etisalat’s Stake Hike Proposal – Foreign Investment Promotion Board (FIPB), the nodal agency dealing with the matters relating to Foreign Direct Investment (FDI) in India, has deferred UAE-based Etisalat’s proposal to raise foreign equity in its Indian venture. This is for the third time FIPB has deferred Etisalat’s proposal, with the home ministry raising concerns over the company’s back-end tie-up with Chinese firm Huawei. Etisalat plans to raise its stake to 54.27% from 49% now in the venture. (BS)

Jaipur IPL Hits Roadblock In Raising Foreign Funding – Jaipur IPL Cricket Private Limited (JIPL), the company behind the team Rajasthan Royals in the India premier league (IPL) tournament, hit a roadblock in fund raising when the Foreign Investment Promotion Board (FIPB) has deferred its proposal to raise foreign equity. The company was planning to raise 100% foreign equity amounting to $5.8 million by way of issue of shares to Mauritius-based Emerging Media. The funding was to pay franchise fees to the Board of Control for Cricket in India (BCCI).  (BS)

Posco May Get 74% In SAIL JV – Posco, a South Korean steel giant and the world’s third largest steel producer, is likely to get about 74% equity in a Steel Authority of India Ltd’s (SAIL) project. The proposed project will see an investment of Rs 11,000-crore and will be built jointly in Jharkhand. The SAIL board is expected to meet later this month and may approve granting of the stake. (ET)

PSB To Raise Rs 400-500Cr In IPO – Punjab & Sind Bank (PSB), a state-owned lender, is planning to go public with an initial public offering (IPO) by the end of June or early July this year. It plans to raise Rs 400-500 crore to fund its expansion and growth purposes. PSB had recorded a business growth of 38% in 2009-10, and had reported an all-time high net profit of Rs 508.80 crore for the year ended March 31, 2010. (Business Line

Tara Health IPO Opens Tomorrow – Tara Health Foods Ltd, a producer of edible oil and cattle/poultry feed, will open its Rs 190-crore issue on Wednesday. The company has fixed the price band of its shares at Rs 180-190 a share, and will issue 1 crore shares in the process. The issue will constitute 33.28% of the fully diluted post-issue paid-up capital of the company. Qualified institutional buyers will be allotted 50% of the shares, while high net worth individuals will get 15% and retail 35%. (Business Line)

FDI Stance On Retail Unchanged – There is no change in India’s policy on opening up retail sector to more foreign direct investment (FDI) as of now, Trade Minister Anand Sharma told reporters on Tuesday. The current policy allows 51 percent FDI in single-brand retail only. (Reuters)


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News Roundup: SpiceJet May Get New Investors In The Company

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