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News Roundup:FIPB Clears Providence-Idea Deal, Pharma Chain Gets $25M

27 August, 2008

Mergers & Acquisitions

 

FIPB Gives Nod To Daiichi-Ranbaxy Deal –  The nodal body on foriegn investment has approved the acquisition of Ranbaxy by Japan’s Daiichi Sankyo and the deal would now have to be cleared by the Finance Minister and the Cabinet Committee on Economic Affairs. According to a , since the FDI inflow involved in the deal is more than Rs 600 crore, clearance has to be given by CCEA.

Reliance Capital To Spin Off Mortgage Biz – Anil Ambani’s Reliance Capital has is reported  to be spinning off its home loans business into a new company, Reliance Home Finance Pvt. Ltd. The home loans business currently operates with consumer finance business and Reliance has sought approval of the mortgage market regulator National Housing Bank. 

Nortel May Sell Sasken Stake To Sundaram – The  largest non-promoter shareholder in Bangalore-based IT firm Sasken Communication Technologies, is selling its stake in the company to Sundaram BNP Paribas, according to this report. Nortel currently owns 9% stake in Sasken, while Sundaram has already picked up 3.38% stake.  

Tata Sons To Sell 2% Stake In TCS – The holding company for Tata group firms, which holds 75% in Tata Consultancy Services, may sell 2% of this stake. This sale may fetch upto Rs 1,630 crore. According to this report the proceeds will be used to part finance Jaguar-Land Rover takeover and for the $2 billion (Rs 8,400 crore) GSM rollout by subsidiary Tata Teleservices.   

Controls & Switchgear Acquires Partners Stake – Power equipment maker Controls & Switchgear Group (C&S) has acquired 50% stake held by its partner Gewiss SpA (Italy) in Controls & Switchgear GEWISS India Pvt Ltd, according to a report. C&S had recently raised Rs 100 crore in private equity funding from GE Commercial Finance India.  

 

Private Equity

 

Gaurdian Lifecare Raises $25 million – The pharmaceutical retail chain has raised Rs100 crore by off-loading about 30% stake to an unnamed private equity fund and the amount will be used for store expansions. According to this report,  Gaurdian operates more than 100 pharmacies in several cities and plans to add 150 outlets by March.

Promoters, Shareholders to Sell Stake In Firstsouce – ICICI Bank and two major shareholders of Firstsource Solutions, Aranda Investments and Metavante have put their combined 68% in the BPO firm up for sale. According to this report they are asking for Rs 1,865 crore, or Rs 64 a share. Warburg Pincus-controlled WNS Holdings and Genpact are said to be the suitors. 

FIPB Clears Providence’s Investment In Idea – FIPB has cleared the Aditya Birla Telecom’s proposal to infuse foreign equity amounting to $640 million by issue of compulsorily convertible preference shares. Idea Cellular, which owns ABTL, has 45% foreign holding at present. 

 

Public Equity

 

My Home Picks 10% In Pennar – JR Realtor Service, which is promoted by My Home Group has picked up 10.28% stake in Hyderabad-based Pennar Industries through a block deal. According to this report, JR Realtor acquired 1.3 crore shares by JR Realtor Service at Rs 32.30 a share from Spinnaker Capital and Deutsche Securities.  earlier this year My Home Group had divested 50-per cent stake to Irish co CRH for $456 million. 

Goldman Sachs Plans G-Sec Arm – The investment banking giant is planning to register as a primary dealer with RBI so that it can start trading in goverment securities. Accordind to a report, Goldman plans to invest $50 million in this venture over the next two years. This is the fourth independent arm of Goldman since its breakup with Kotak mahindra in 2006. It already operates a merchant banking & brokerage services, asset management and corporate lendinf arm in India. 

 


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Bruhadeeswaran R 1 year ago
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News Roundup:FIPB Clears Providence-Idea Deal, Pharma Chain Gets $25M

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