UK’s Pearson Eyes Stake In Manipal Global – UK publishing and media giant Pearson and a few private equity firms have approached India’s leading education services company Manipal Global for a stake buy. Manipal wants to raise debt and equity to buyback existing financial investors IDFC and Capital International at a valuation in excess of $850 million. Manipal Global, in which technology billionaires Azim Premji and N R Narayana Murthy too are investors, would need about $150 million after it shelved its initial public offering (IPO) plans. (Times of India)
Adani Eyes Mozambique Coal Assets For $400M – Adani Enterprises, the Gujarat-based Adani group’s flagship firm, is in discussions with the Mozambique-based NCondezi Coal to acquire a minority stake in its coal assets. The deal with the AIM-listed NCondezi is expected to be in the range of $350-400 million (Rs 2,000-2,200 crore). Standard Chartered Bank is advising NCondezi on finding a partner. (Business Standard)
Tata Steel Sells 50% In Dutch Company – Tata Steel on Monday agreed to sell its 50% stake in Dutch ferrous and non-ferrous metals recycling firm HKS Scrap Metals Co to Euro Scrap Alliance (ESA), a unit of Germany’s TSR, for an undisclosed amount. HKS Scrap Metals has annual sales of about 400 million euros and employs about 180 people in six locations in Holland. (Times of India)
Gujarat Pipavav Raises Rs 350Cr From QIP, Preferential Allotment – Gujarat Pipavav Port Ltd has raised Rs 350 crore through a qualified institutional placement (QIP) and a preferential issue of shares to its promoter. The QIP was of 34 million shares at Rs 58.45 apiece, aggregating Rs 199.48 crore. The preferential issue was of 25.8 million shares to promoter APM Terminals Mauritius Ltd at Rs 58.45 apiece, aggregating Rs150.52 crore. (Mint)
IGL Eyes Stake In Central UP Gas – Delhi’s monopoly compressed natural gas company Indraprastha Gas is eyeing a majority stake in Central UP Gas Ltd (CUGL), which operates city gas businesses in Bareilly and Kanpur. GAIL and Bharat Petroleum Corp have stakes of 25 per cent each in CUGL. Institutional investors Asian Development Bank, IL&FS and Infrastructure Development Finance Company hold 20 per cent, 15 per cent and 15 per cent stake, respectively, and are looking for an exit. (Business Standard)
ITV Media Acquires NewsX For Undisclosed Sum – Information TV (ITV), which operates Hindi news channel India News, on Monday said it had acquired English news channel NewsX for an undisclosed sum. ITV is part of the New Delhi-based Piccadilly Group of Companies that has multiple interests in print as well as electronic media. Jehangir Pocha, who along with Nai Duniya’s Vinay Chhajlani had bought NewsX from INX Media in 2009. (Business Standard)
South Indian Bank To Raise Rs 500Cr – Carlyle Group-backed South Indian Bank on Monday said it would raise up to Rs 500 crore through private placement of shares. The board decided to raise the paid-up capital by way of a QIP (qualified institutional placement) issue of equity shares, with an issue size (including premium) not exceeding Rs 500 crore. (Business Standard)
PPG Forms JV With Asian Paints – PPG Industries has received the necessary approvals from Indian authorities to expand its coatings joint venture by creating a second joint venture with Asian Paints, India’s largest coatings company. While financial terms were not disclosed PPG and Asian Paints will expand their current 50-50 joint venture to serve India’s industrial liquid, marine, consumer packaging and transportation coatings customers. (Economic Times)
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