| Log in

News Roundup: Unitech May Be Mulling a Second QIP to Raise $300 Mn

18 June, 2009

Fortis Leads Race for Wockhardt Hospitals – Fortis Healthcare, which is owned by former Ranbaxy promoters Malvinder Singh and Shivinder Singh, has emerged as the lead bidder to acquire a part of Wockhardt Hospitals. Fortis became the front-runner after the Chennai-based Apollo Hospitals Group retracted its plans to buy three of the 12 hospitals owned by Wockhardt Chairman Habil Khorakiwala and family.The deal with Fortis, either for buying two-three hospitals or picking up a minority stake of about 25%, may happen within 3-4 weeks. (The Economic Times)

Unitech May Be Mulling a Second QIP For Raising Around $300 Million- Real estate giant Unitech, which raised $325 million through a QIP in April, may be mulling another QIP to raise around $250-300 million. The company is learnt to have taken a shareholders approval on the matter in its last EGM just two days ago. Unitech’s current promoter holding is 51% and the company has an allotment of 22.75 crore warrants that is convertible in the next 18 months. Post the warrant conversion, the stake could go up from 51% to 56%. If Unitech goes for a second QIP, the company will have to issue 22 crore shares to maintain its promoter holding at 51%. Unitech has an approval to issue upto 100 crore shares. (MoneyControl.com)

Wockhardt Sells its German Subsidiary – Debt-ridden Wockhardt Ltd today said it had sold its German subsidiary Esparma to Mova GmbH, a subsidiary of German drug major Lindopharm. Although the company did not disclose the deal size, sources said it was worth Rs 120 crore. The sale of the German subsidiary is a part of the company’s restructuring strategy that involves raising of fresh capital by divesting its smaller operations and non-core businesses. (Business Standard)

Govt may sell 10% in CIL – In a bid to restart the disinvestment process, the government is planning to sell up to 10% of its stake in the state-owned Coal India Ltd (CIL), the country’s largest coal producer. The move is a part of a government’s proposal, where proceeds from the stake sale of major public sector undertakings (PSUs) will be used to bridge the fiscal deficit. (Business Standard)

Skidata forms JV with Mumbai’s Hinditron – Austria-based Skidata AG, a part of the Swiss francs 1-billion (around Rs 4,400 crore) Kudelski Group of Switzerland, has formed a joint venture (JV) with Mumbai-based Hinditron group to provide access technology for cars and people in India. Skidata will have a 49% stake in the company, Skidata India, with Hinditron owning the remaining 51%. Skidata also has an option to gain a majority stake of Skidata India by acquiring a further 2% from Hinditron over the next two years. The JV will focus on the domestic market and Saarc region. (Business Standard)

Hindalco May Buy Australian Coal Mine for Rs 385 Crore – Hindalco Industries is close to acquiring a coal mine in Queensland, Australia, in a deal estimated at $70-$80 million (about Rs 336-385 crore). The flagship of the Aditya Birla group, which has been scouting for coal mines in Queensland for some time, is reliably learnt to have shortlisted one mine in the region with reserves of around 120 million tonnes. (The Economic Times)

Tata Comm May Sell 26% Stake in Internet Arm – Tata Communications may sell a minority stake in its unit, Tata Communications Internet Services (TCISL), as it looks to rope in a strategic partner with proven experience in WiMax operations to bolster its capabilities in the emerging wireless technology. The company, which operates one of the largest undersea cable networks in the world that carry voice and data traffic across continents, may sell a 26% stake in its wholly-owned subsidiary. Companies, such as South Korea Telecom, Korea Telecom and US-based Sprint Nextel, were already in talks to partner the Indian firm. (The Economic Times)

Michelin to Invest Rs 7,000 Crore in India – Michelin & Cie, the world’s second-largest tyre maker, is looking to invest up to Rs 7,000 crore ($1.48 billion) in India over a 10-year period to make and market radial tyres and tubes in the country. The French tyre giant has sought government approval to acquire 100% stake in a new company Michelin India Tamil Nadu Tyres formed in April 2009. This company will set up the proposed greenfield unit, which would absorb investment worth Rs 4,000 crore in the first phase running into 2016. (The Economic Times)

 


Leave Your Comment
Fortis Healthcare Readies Fresh Fund-Raise

Fortis Healthcare Readies Fresh Fund-Raise

Madhav A Chanchani 7 years ago
Leading hospital group Fortis Healthcare Ltd has firmed up its fund-raising...
Fortis co-promoter gives up executive role to join sect

Fortis co-promoter gives up executive role to join sect

Bhawna Gupta 2 years ago
Shivinder Singh, billionaire co-promoter of Religare and Fortis Group, is to...
Unitech Mops Up $575 Mn Via Private Placement; Buyers Not Known

Unitech Mops Up $575 Mn Via Private Placement; Buyers Not Known

Pallavi S 8 years ago
Real estate major Unitech has just raised $ 575 million (Rs 2,800 crore) through...
No Comments

News Roundup: Unitech May Be Mulling a Second QIP to Raise $300 Mn

Powered by WordPress.com VIP