Saroj Poddar-controlled Zuari Fertilisers and Chemicals is keen to sell its 16.43% stake in Mangalore Chemicals & Fertilizers (MCF) by February, which may lead to Deepak Fertilisers and Petrochemicals Corp, another stakeholder in the company, taking over the firm from Vijay Mallya’s UB Group. The company was geared to make an exit from MCF at a handsome profit. “Something will have to happen in the next one month or so,” a source said. The opportunity is likely to be grabbed by Sailesh Mehta-run Deepak Fertilisers, which was eyeing on MCF to enter the Southern market. Having reached the threshold market acquisition level of 24.46 per cent stake on July 3, 2013, Deepak Fertilisers was waiting for an opportune moment to go in for an open offer. (Business Line)
MCX Stock Exchange to go for rights offer, plans fresh audit: The board of MCX Stock Exchange (MCX-SX) has opted for a rights offer and appointed a chartered accountant firm to audit its books since inception. The board also accepted Sebi’s recommendation for an MD & CEO of the bourse, appointed an internal committee to suggest various cost-reduction measures, to review and renegotiate its existing contracts and agreements, and also to suggest various market making options that could boost turnover. The MCX-SX board gave nod for a rights offer, in the ratio of one share for one held, to the existing shareholders, release from the exchange said. It has also called for a meeting with the bourse’s institutional shareholders on January 13 to get their opinion. After this meeting, the formal process for the rights issue will start, it said. (The Times of India)
Coromandel Engg board gives nod for rights issue: Coromandel Engineering has approved a rights issue of shares, according to information provided by the company on the BSE. The Rights Issue Committee of its board at a meeting held on Friday, approved the rights issue at INR 20 a share, including a premium of INR 10. The ratio will be 91 shares for every 10 equity shares held on the record date, January 15, 2014. Currently, the promoters hold 74.61% stake in the company. (Business Line)
GlaxoSmithKline seeks FIPB nod to hike stake in Indian arm: UK-based drug major GlaxoSmithKline Plc is knocking at the FIPB’s doors to raise stake in its India arm by acquiring an additional 24.33% for around INR 6,400 crore ($1.02 billion). The proposal will come up before the meeting of the Foreign Investment Promotion Board (FIPB), headed by economic affairs secretary Arvind Mayaram, on 10 January. According to people in the know of the development, the Singapore subsidiary of the UK-based pharma firm will be buying 24.33% stake or 2.06 crore equity shares in GlaxoSmithKline through an open offer. After purchase, the holding of the promoter group companies in the Indian subsidiary will go up to 75% from the current 50.67%. GlaxoSmithKline is already majority owned and controlled by the GSK Group. (Live Mint)
MTR eyes spreading its aroma in California: The management of MTR is understood to be in advanced discussions with a local partner in California for a franchise agreement for setting up an MTR restaurant. As and when MTR finalises its plans to set up shop in California, it will join another famous Indian restaurant – Saravana Bhavan – which is located in Sunnyvale, California. It is further understood that a clutch of private equity investors have been approaching MTR to pick up a stake, though the promoters are not ready yet. (Business Standard)
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