Suzlon Eyes Stake In Shanthi Gears – Pune-based Suzlon Energy is in talks to pick up a stake between 50 to 100 per cent in Coimbatore-based Shanthi Gears through its subsidiary Hansen Transmissions International NV, reports Mint. The company has a market capitalisation of Rs 612 crore at a price of Rs 75. The share prices of Shanthi shot up by 11 per cent today after closing at Rs 67 yesterday.
Hinduja group BPO To Aquire Three BPOs - HTMT Global Solutions, the BPO arm of Hinduja Group is in talks to acquire two companies in Us and one in UK, reports Economic Times. All the three entities have combined revenues of $300 million. HTMT has revenues of Rs 670 crore and plans to fund acquisitions through Rs 450 crore.
CBaySystems Completes Acquisition Of MedQuist - CBaySystems Holdings Ltd. has successfully completed the acquisition of 69.5 per cent stake of ownership interest in MedQuist, the world’s largest medical transcription services company, from Koninklijke Philips Electronics N.V., for a consideration of $287 million.
JK Papers Eyes Acquisitions In South India - JK Paper is scouting to acquire a manufacturing plant in south India as it looks to offset increased transportation costs, reports Times of India. The company already has a plant in Orissa and is looking to acquire plants with size more than 30,000 tonnes.
WPP Group Close To An Acquisition – WPP Group Plc is close to acquisition of a design firm, which would work under its subsidiary Bates 141, reports Mint. The company will announce the acquisition next month. WPP had acquired Ray and Keshavan in 2006.
Battle For Zandu Shifts To Company Law Board – The corporate battle between ayurveda companies Zandu Pharmaceutical and Emami Ltd has shifted to the Company Law Board, reports Hindu Business Line. Bombay High Court on Thursday asked the CLB to pass its order in 15 days on the dispute which has delayed Zandu’s Annual General Meeting. SEBI is also yet to approve the Emami’s open offer for Zandu.
SpiceJet-Ross Deal To Be Delayed - The exclusivity clause for closing the deal between private equity investor WL Ross and SpiceJet that ended on July 31 has been extended. The date has been extended because the US-based company is re-negotiating with creditors to write down their debt with the low-cost carrier, reports Business Standard.
Airnetz To Raise $100 Million - Private air-charter service provider Airnetz Aviation plans to raise USD 100 million over the next 2-3 years to fuel its overseas expansion and fund its aircraft acquisition programme, reports Economic Times. The company is talking to investors from India, Singapore and the US.
BSNL Unions Reject ESOP Offer - The largest worker unions at Bharat Sanchar Nigam Ltd have rejected the ESOP offer of Union Ministry in the $10 billion IPO of the state run telecom giant, reports Mint. Telecom minister had offered the shares at Rs 10 as compared to the Rs300-400 he expects them to list at. The minister had offered more than 300,000 employees 500 shares each.
MakeMyTrip IPO In Three Years – The online travel-booking portal, who is targeting revenues of Rs 1700 crore this fiscal, plans to file for an IPO in next 24 months, reports DNA. MakeMyTrip has raised $38 million in Three rounds of venture capital funding from SAIF Partners, Helion Ventures, Sierra Ventures and Tiger Fund.
State Government Power Utilities To Go Public For First Time - Maharashtra State Electricity Generation Company (Mahagenco) and Maharashtra State Electricity Transmission Company are planning to come out with initial public offerings (IPOs) in the range of Rs 1,000-1,500 crore each by 2009-10 to meet their combined capital expenditure plans of around Rs 47,000 crore, reports business Standard.
Promoters Hike Stake In Bajaj Holdings - The Bajaj’s have raised their holdings in Bajaj Holdings and Investment (BHIL), the group’s investment company, by 2.5 per cent through creeping acquisition of shares last week. This is a part of Bajaj group’s long term strategy, reports Economic Times. From Rs 772 in mid-March, the scrip has declined steadily to reach a low of Rs 331 during intra-day trading on July 29, 2008.
Reliance Money Sets Up A Subsidiary In Saudi Arabia - Reliance Money has set up a company in Saudi Arabia, which has applied for membership in the stock exchange there, reports Hindu Business Line. This would be registered as Riyada Reliance Money — apart from providing stock broking services in Riyadh, would act as a full-fledged equity market intermediary.
DoT Invites Bids For Cellular Infra Projects - The Department of Telecom has invited expression of interest from companies who want to bid for the cellular infrastructure project in rural areas, reports Hindu Business Line. The project is divided into two parts. In the first part, bids for setting up passive infrastructure would be invited. Tower infrastructure companies can bid, telecom service providers like Bharti Airtel and Reliance Communications, which have their own infrastructure companies, are also expected to bid for this part of the project
Banks Feel The Heat, Hike Lending Rates - Dena Bank has hiked benchmark prime lending rate by 75 basis points to 14.25 per cent from 13.5 per cent, with immediate effect. Bank of India also hiked its BPLR by 75 basis points to 14 per cent, reports Hindu Business Line. Andhra Bank has increased the Benchmark Prime Lending Rate by 75 basis points.Corporation Bank will increase its benchmark advance rate by 50 basis points with effect from August 11.