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News Roundup: Tata Steel In Talks With Thailand Co For Tesside Sale

03 August, 2010

Citi To Offload Convertibles In Emaar MGF – Citi Bank has been knocking at the doors of large banks and institutions in trying to palm off the convertible securities of Emaar MGF Land.  Citibank International invested $150 million in convertible securities issued by Emmar MGF three years ago, which came up for conversion in June this year. Citi has approached players like HDFC for offloading the papers at a discount. (Economic Times)

Tata Steel In Talks With Thailand Co For Tesside Sale – Tata Steel Ltd. is planning to offload UK based Teesside Cast Products unit and is already in talks with Thailand’s Sahaviriya Steel Industries for the proposed deal. Citigroup was appointed as investment banker for the deal. (Economic Times)

Maveric Eyes PE Funding For Acquisitions – Global software testing services company Maveric Systems is raising $25 million through a private-equity to pursue inorganic growth plans in Europe. The Chennai-based firm is eyeing buyouts of two European companies in the software testing and validation space. Promoters currently hold 70% of the total equity in the company. (Business Standard)

Shriram To Buy Citi Financial – The Shriram Group is planning to buy Citi Financial India, a non-banking finance company (NBFC). The due diligence has started and Shriram Group is expected to conclude the deal in a week. The acquisition would be either through their consumer finance company or the proposed housing company. (BS)

SKS IPO subscribed 13.69 Times – The initial public offering (IPO) of SKS Microfinance was oversubscribed 13.69 times at its close today. The success is likely to spur other companies in this space to come out with IPOs like Spandana Sphoorty Financial, SHARE Microfin and Asmitha Microfin. (BS)

Uflex Sells Solid Waste Biz – Uflex is exiting the solid waste processing business by selling 70% stake in AKC Developers to its joint venture partner Hanjer Biotech for Rs 98 crore. Uflex plans to focus on its core business area, flexible packaging products. Uflex had picked majority stake in AKC Developers in 2007-08 and has invested 43 crore till date. (Economic Times)

Cox & Kings Eyeing Overseas Buys – Cox and Kings Ltd has received shareholder approval to raise up to Rs 20 billion for overseas acquisitions is “actively working” on multiple acquisitions in US, Europe and China. The company may look at a minority stake deal in China instead of a complete buyout.

Narayana Hrudayalaya Plans Rs 450Cr Capex – Narayana Hrudayalaya, the cardiac care healthcare company, is understood to be looking at a Rs 450 crore expansion which to expand its presence in allied health services sector like diagnostic, dental and skin care. Narayana Hrudayalaya may be looking at raising private equity at the SPV levels to fund this aggressive expansion. (BS Via Sify)

Citi To Offload Convertibles In Emaar MGF – Citi Bank has been knocking at the doors of large banks and institutions in trying to palm off the convertible securities of Emaar MGF Land.  Citibank International invested $150 million in convertible securities issued by Emmar MGF three years ago, which came up for conversion in June this year. Citi has approached players like HDFC for offloading the papers at a discount. (Economic Times)

Tata Steel In Talks With Thailand Co For Tesside Sale – Tata Steel Ltd. is planning to offload UK based Teesside Cast Products unit and is already in talks with Thailand’s Sahaviriya Steel Industries for the proposed deal. Citigroup was appointed as investment banker for the deal. (Economic Times)

Maveric Eyes PE Funding For Acquisitions – Global software testing services company Maveric Systems is raising $25 million through a private-equity to pursue inorganic growth plans in Europe. The Chennai-based firm is eyeing buyouts of two European companies in the software testing and validation space. Promoters currently hold 70% of the total equity in the company. (Business Standard)

Shriram To Buy Citi Financial – The Shriram Group is planning to buy Citi Financial India, a non-banking finance company (NBFC). The due diligence has started and Shriram Group is expected to conclude the deal in a week. The acquisition would be either through their consumer finance company or the proposed housing company. (BS)

SKS IPO subscribed 13.69 Times – The initial public offering (IPO) of SKS Microfinance was oversubscribed 13.69 times at its close today. The success is likely to spur other companies in this space to come out with IPOs like Spandana Sphoorty Financial, SHARE Microfin and Asmitha Microfin. (BS)

Uflex Sells Solid Waste Biz – Uflex is exiting the solid waste processing business by selling 70% stake in AKC Developers to its joint venture partner Hanjer Biotech for Rs 98 crore. Uflex plans to focus on its core business area, flexible packaging products. Uflex had picked majority stake in AKC Developers in 2007-08 and has invested 43 crore till date. (Economic Times)

Cox & Kings Eyeing Overseas Buys – Cox and Kings Ltd has received shareholder approval to raise up to Rs 20 billion for overseas acquisitions is “actively working” on multiple acquisitions in US, Europe and China. The company may look at a minority stake deal in China instead of a complete buyout.

Narayana Hrudayalaya Plans Rs 450Cr Capex – Narayana Hrudayalaya, the cardiac care healthcare company, is understood to be looking at a Rs 450 crore expansion which to expand its presence in allied health services sector like diagnostic, dental and skin care. Narayana Hrudayalaya may be looking at raising private equity at the SPV levels to fund this aggressive expansion. (BS Via Sify)


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News Roundup: Tata Steel In Talks With Thailand Co For Tesside Sale

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