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News Roundup: StanChart Ropes In Six Anchor Investors

25 May, 2010

StanChart Ropes In Six Anchor Investors – Standard Chartered Plc, the global financial major which is in the midst of fund raising through Indian depository receipts (IDRs), has roped in six anchor investors for the issue. StanChart has raised around Rs 374 crore by roping in six anchor investors which include Reliance Mutual Fund, ICICI Prudential AMC, HDFC AMC, Franklin Templeton MF, Birla Sun Life AMC and Sundaram BNP Paribas. These investors have subscribed to 36 million IDRs, or 15% of the issue size, at the Rs 104-105 level. (BS)

Sequoia To Sell Part Of Dr Lal Stake – Sequoia Capital, a global venture capital fund, is planning to offload part of its stake in diagnostics and pathology services chain Dr Lal PathLabs. Sequoia, which currently holds 30% stake in the firm, plans to sell half of its holding, which would translate into a deal worth more than Rs 120 crore. Sequoia acquired the stake in the chain for around Rs 50 crore in 2005. Dr Lal PathLabs is believed to be valued at over Rs 800 crore. (ToI)

Falcon Tyres Makes Monotona Tyres Its Subsidiary – Falcon Tyres, a Kolkata-based manufacturer of two-wheeler tyres, has acquired 75% stake in Monotona Tyres Ltd, another tyre manufacturer in the city. Falcon Tyres, which is a Ruia Group company, acquired the 100% shareholding of Monotona Tyres in 2006 through an SPV. The company has now acquired the 75% stake of Monotona Tyres held by SPV, and made it its subsidiary. Post this merger, the combined capacity of the two companies will be 1.3 million tyres a month. The remaining 25% stake is held by another group company. (ToI)

100% FDI Expected In Multi-Brand Retail – The commerce and industry ministry is likely to propose 100% foreign direct investment (FDI) in multi-brand retail. The move will open the doors to the likes of Wal-Mart and Tesco, the global majors to enter the Indian market. The department of industrial policy and promotion (Dipp), the nodal body for foreign investment policy, had earlier planned to restrict the FDI limit at 51%, same as in single-brand retail, but now suggesting much higher than that. A final decision on the proposed cap will be taken after deliberations with the consumer affairs ministry. (ET)

Tata Sons To Inject Rs 400Cr In Tata Chemicals – Tata Chemicals, part of the Tata Group, will raise Rs 400 crore by issuing preferential shares to its parent Tata Sons. The company will issue 11.5 million shares to Tata Sons to raise the proposed fund. Post the fund infusion, Tata Sons shareholding will rise to 30.4% in Tata Chemicals from 28.15% now. The investment will be made in this fiscal. (DNA)

FIIs Hike Stake In SpiceJet To 10.82% – The foreign institutional investors (FIIs) have increased their stake in low-cost carrier SpiceJet by 1.5 percentage points to 10.82% last quarter. The domestic institutional investors (DIIs) too increased their stake in SpiceJet, and almost doubled their stake from 12.9% in the third quarter to 23.5% in the fourth quarter. FIIs’ share in Kingfisher Airlines fell from 5.05 to 4.43% and in Jet Airways by one percentage point to 6.66%. However, while Jet Airways managed to corner a share from the DIIs, Kingfisher Airlines registered a decline in such investment. (BS)

Bank of India Plans To Re-enter Mutual Fund Biz – Bank of India (BoI), India’s fourth largest public sector lender, is planning a re-entry into the asset management business five years after scrapping its solo venture, and is looking for a foreign partner this time. The bank is ready to divest up to 49% and has reportedly identified a handful of potential partners, both existing players and new ones. The bank wants to have a majority stake in the venture, and has appointed consultant Ernst and Young India Ltd to identify a partner. (Mint)

Temasek Holdings Names Hsieh Fu Hua As ED, President – Temasek Holdings, the Singapore state investor, has named Hsieh Fu Hua as executive director and president. Hsieh is currently a special adviser to Temasek’s chief executive and executive director Ho Ching. Hsieh, former chief executive at the Singapore Exchange, will take up his new permanent role on August 1. (Reuters

Sebi May Approve Voting Right For ADR, GDR Holders – Market regulator the Securities & Exchange Board of India (Sebi) has recommended a change in current rules to allow holders of American Depository Receipts or Global Depository Receipts issued by Indian corporates to exercise their voting rights, raising the possibility of increased shareholder activism in future. In September 2009, the capital market regulator had brought holders of such securities under the takeover code, that allowed investors or holders the voting right, but their rights are restricted by the clauses in the ‘terms of issue’ or agreements between the holders of these instruments and the issuers. The regulator now wants to prevent Indian firms issuing ADRs/GDRs from incorporating provisions which curtail the voting rights of depository receipt holders. (ET)

Hanung Toys To Raise Rs 250Cr Via QIP – Hanung Toys & Textiles Ltd, a listed company engaged in the manufacturing of soft toys and home furnishings, has planned to raise up to Rs 250 crore through qualified institutional placement of shares. The board of directors of the company has approved the fund raising plan, it informed the Bombay Stock Exchange. (Team VCC)

StanChart’s $588M India Issue Covered 5% On Day 1 – The share sale by UK bank Standard Chartered to raise up to $588 million was covered about 5% on its first day, with most bids at the low end of the price band. The bank is selling a total of 240 million shares through Indian depositary receipts, of which 36 million were allocated to six anchor investors at Rs 104 apiece on Monday. The book building process for the offer closes on Friday. (Reuters)


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News Roundup: StanChart Ropes In Six Anchor Investors

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