Indian Oil Plans Rs 19k Cr IPO – State-run Indian Oil Corp (IOC) will start shortlisting merchant bankers next week for its public issue that is likely to raise about Rs 19,000 crore, making it the largest-ever equity offer in the country. Half the proceeds would go to the government, which will offload 10% of IOC shares to help it meet its disinvestment target of Rs 40,000 crore this fiscal. In addition, the company will issue new shares amounting to another 10% of its equity capital to help the country’s largest state refiner build new units. (Economic Times)
Tata, L&T In Fray For Deutsche Postbank – Deutsche Postbank, earlier known as Birla Home Finance, has put its Indian housing finance business on the block. The entity, which was earlier managed by the postal department of Germany, could look at selling the India arm Deutsche Postbank Home Finance Ltd (DPHF) valued at Rs 1500 crore. The company has roped in Standard Chartered Bank as advisor and Tata Finance, L&T Finance, Indiabulls and Religare have evinced interest in the asset. (Business Standard)
Quest Global To Close $60M Round In Two Months – QuEST Global (Quality Engineering and Software Technologies Private Ltd) will zero in on a private equity (PE) fund in the next two months to infuse about Rs 282 crore ($60 million). The funds would be utilised to achieve a growth rate of 35% in the next financial year. In 2009-10, the company achieved revenues of about Rs 470 crore ($100 million).
StanChart To Operate Stock Exchange In India – Standard Chartered Bank has sought permission to operate a stock exchange in India through its Mauritius unit. The bank has applied to the Foreign Investment Promotion Board (FIPB). In its proposal to FIPB, StanChart said it is also interested in creating a platform for trading in currency and interest-rate futures. (DNA)
Just Dial Plans Rs 700Cr IPO – Directory services company Just Dial Pvt. Ltd. plans to raise upto Rs 700 crore in an initial public offering in June or July next year.The firm plans to file a draft prospectus with capital markets regulator SEBI in December 2010 or January 2011. Morgan Stanley and Citigroup Inc. are the book running lead managers for the initial share sale. (WSJ)
Actis To Invest Another $300M – Actis Private Equity is looking at a total investment of $500 million in India during 2010. The fund has already invested $228 million in three deals and is understood to be closing in on two or three more deals cumulatively worth around $300 million. The PE firm expects to finalize 2-3 deals in infrastructure, business services such as financial services in addition to consumer segments such as branded goods. (Sify)
Mudra Eyes Buys In PR Space – Mudra, the Rs 2,000-crore marketing communications group, is eyeing the public relations (PR) space. The group is keen to forge alliances, partnerships, and even contemplating acquisitions in the space. Like most other agency networks, the group has expanded into digital, media, events and below-the-line activities in the last few years. (BS)
Bharat Forge Eyes Mines In Africa – Bharat Forge Ltd, a Kalyani Group company with diverse business interests, is now aiming to get into coal mining and, subsequently, the power generation business. Pune-based company is currently evaluating a few such mines in Mozambique, Indonesia and South Africa, which may then be purchased and developed for captive use. The company hopes to enter the power generation business shortly. (HBL)