CCI To Regulate Major M&A Deals – Government has cleared the way for all major merger & acquisition (M&A) deals to be scrutinised by the Competition Commission of India (CCI) to ensure that they are not anti-competitive. The act has been vetted by the committee of secretaries (CoS) headed by cabinet secretary KM Chandrasekhar and would be sent for Cabinet approval next month. Only those M&A cases would require CCI approval which have combined assets of Rs. 1,000 crore or more or combined turnover of Rs. 3,000 crore or more. (Indian Express)
Sunil Mantri Group To Raise Rs 250Cr From PEs – Leading realty developer, the Sunil Mantri Group, is in advanced talks with an international private equity (PE) firm to raise around Rs 250-crore by June this year. The funds would be used to fuel the expansion of the firm’s upcoming projects. The Mumbai-based developer is open to dilute a minority stake to raise the funds. Mantri will launch its first high-end luxury property at Malabar Hills in the city. (Economic Times)
SRF To Invest Rs 665Cr For Expansion – Chemicals and tyre-cord maker SRF Ltd said on Monday it received board approval to invest Rs 665 crore for expansion, including setting up of a packaging film plant in South Africa. The company would invest Rs 250 crore in the plant that will manufacture biaxially oriented polypropylene and have an annual capacity of 25,000 tonnes, it said in a statement. SRF’s board, which met over the weekend, also approved investments of Rs 50 crore to increase captive power generation capacity at Dahej unit to 14 MW.
Government To Invest Rs 6,000Cr In PSU Banks – The government would provide an additional Rs 6,000 crore capital to state-owned banks in financial year 2011-12 to help them maintain at least 8% capital adequacy ratio in Tier-I level. In the current financial year, the government has provided Rs 20,157 crore capital infusion for state-owned banks. The move has helped the government to increase its stake to 58% in a few banks, besides strengthening the lenders’ capital base. (Business Standard)
Government To Raise Rs 40,000Cr From Disinvestment – The government has upped the revenue target from sale of government equity in PSUs to Rs Rs 40,000 crore in 2011-12 from Rs 22,144 crore raised during the current fiscal. In the last year Budget too, the Government targetted to raise Rs 40,000 crore through disinvestment in the current fiscal. However, it mopped up only around Rs 22,144 crore by diluting its stake in six companies-Satluj Jal Vidyut Nigam, Engineers India , Coal India , Power Grid, Manganese Ore India Ltd and Shipping Corporation. (Economic Times)
Texmo Pipes To Raise $10M From GDR Issue – Texmo Pipes and Products Ltd’s Board of Directors of the Company at its meeting held on February 28 inter alia, has considered and approved the issue of Global Depository Receipts (GDR) up to an aggregate of $10 million. The issue will be listed on Luxemburg Stock Exchange. (BSE)
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