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News Roundup: Tulip, Global To Pick Up Stake In Qualcomm JV

29 July, 2010

Tulip, Global To Pick Up Stake In Qualcomm JV – Manoj Tirodkar-owned Global Holdings Corporation and Delhi-based enterprise wireless broadband company Tulip Telecom are expected to pick up a 13% stake each in a new company promoted by US-based Qualcomm Inc. The deal would be for a  combined consideration of around Rs 300 crore. The new joint venture would offer broadband wireless services in the country. (Times of India)

ABB Buys 23% In India Unit – ABB, a global power and automation technology group, has successfully increased its stake, through an open offer, from 52.11%% to 75% in its Indian subsidiary. During the three-week offer period, which closed on Tuesday, shareholders of ABB India tendered approximately 23% of the outstanding shares. (Business Standard)

ICICI Picks Up Stake In USE – ICICI Bank has joined the United Stock Exchange (USE) shareholder base by acquiring a 1.33% stake. The bank is a major participant in the forex market. A statement issued by USE pointed out that the move by India’s largest private sector bank further strengthens the bank shareholder base of the exchange, which is all set to launch operations in the currency derivatives segment. (BS)

Bajaj OIls Plans Rs 297Cr Issue – Bajaj Corp, a producer of hair oils, will raise up to Rs 297 crore through its initial public offering. The issue will open on August 2 and close on August 4 for qualified institutional buyers and August 5 for retail and high networth individuals. The price band for the issue has been fixed at Rs 630-660 a share and will constitute 15.3% of the post issue paid-up equity capital. (HinduBusinessLine)

Sequoia Close To Star Health Deal – Two private equity funds, ICICI Ventures and Sequoia Capital, will be picking up stake in the Chennai-based Star Health and Allied Insurance Company. ICICI Ventures has already put in Rs 100 crore and will invest a further Rs 20 crore. The deal with Sequoia Capital is at an advanced stage. The fund will invest Rs 130 crore. (HBL)

Patni Eyes Acquisitions Over $25M – Indian software services firm Patni Computer Systems is looking at acquisitions worth above $25 million and is hoping to close more than one deal in the current quarter ending September. Patni is expecting to spend $200-$300 million on acquisitions for the year ending December 31. An area of focus for acquisitions would be the product engineering space where it is seeing good growth. (Moneycontrol)

Cholamandalam Plans Rs 250Cr QIP – Cholamandalam Investment and Finance Company plans to raise around Rs 250 crore through qualified institutional placement (QIP) and preferential issues. The company plans to raise the funds to meet the regulator’s prescribed capital adequacy ratio of 15% from March 2011. (BS)

Lamba Research Acquires US CRO Firm – Ahmedabad-based Lambda Therapeutic Research Ltd, a Contract Research Organisation (CRO), today said it has successfully acquired the US-based veteran CRO, Biovail CRD. Biovail is one of North Americas’ oldest clinical pharmacology CROs. (HBL)


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News Roundup: Tulip, Global To Pick Up Stake In Qualcomm JV

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