US Fund Manager Blumberg Capital To Invest $100M In Indian Realty - Blumberg Capital Partners, a US-based realty fund manager, is planning to invest $100 million (about Rs 456 crore) in realty projects in India. It plans to invest in residential and commercial projects in smaller Indian cities, and will be a passive investor. The company did not have any time frame in mind, but is expecting to start investing within three years. The move is part of Blumberg Capital’s plan to diversify outside the US market. It is raising $1 billion from high net-worth individuals and institutions to start a real estate fund that will invest up to 30% in non-US assets, particularly in the Persian Gulf and India. ()

JSW Steel likely To Sell Stake To JFE - Sajjan Jindal promoted JSW Steel has nearly finalised a share sale agreement with Japan’s second-largest steel maker, JFE, after about six months of discussion. JSW Steel is likely to have an extraordinary general meeting (EGM) early next month to take board’s approval. JFE is likely to buy a 14.9% stake in the Indian company for Rs 1,600 a share. At this price, JFE would pay Rs 4,500 crore, which would be a 39% premium to Tuesday’s closing price of Rs 1,150. (BS)

Shriram Arm Orient Green Files DRHP For IPO - Orient Green Power Company Ltd (OGPL), an associate company of Shriram EPC Ltd (SEPC), has filed a draft red herring prospectus (DRHP) with SEBI for its proposed initial public offer (IPO). OGPL is engaged in power generation from renewable sources and has a portfolio of operating projects of 193.1 Mw. The company aims to expand its portfolio to 1,000 Mw in three years. The company is planning to raise around Rs 800 crore to support its Rs 4,000 crore investment plan. (BS)

Tilaknagar Nearing Liquors India Buy - Mid-sized spirits company Tilaknagar Industries Ltd (TIL), makers of Mansion House brandy brand, is reportedly in the final stages of discussion to acquire Hyderabad-based Liquors India Ltd, a distillery and bottling unit. VCCircle broke the story on May 12. The acquisition is likely to be completed over the next 2 to 3 months. In February, TIL struck a deal with Alcobrew Distilleries to acquire the latter’s six brands, which has reasonable presence in CSD (Army canteen) channels. (FC)

MSSL To Buy Partner’s Stake In JV - Motherson Sumi Systems Ltd (MSSL), an auto component maker, is buying 60% stake in Balda Motherson Solutions owned by its German JV partner Balda AG for an undisclosed sum. Motherson already owns 40% in plastic component producer, Balda Motherson Solutions, that was formed in 2006. The JV company had revenues of Rs 20 crore for the year ended March 2009. (ToI)

Kumar Birla To Convert Nuvo Warrants Early - Kumar Mangalam Birla, chairman of diversified Aditya Birla Group, is planning to convert preferential warrants into equity in Aditya Birla Nuvo, a holding company for retail, telecom and financial services, earlier than the deadline for conversion which ends in December 2010. Birla will spend Rs 425 crore to convert 1.05 crore warrants into equity, raising his stake in the holding company by 5% to 51%. This is part of company’s plan to infuse capital to grow the financial services business. Aditya Birla Nuvo plans to invest Rs 150 crore in the life insurance business. (ET)

Argonaut Ventures, Blue Star Diamonds Among BSE’s Top 20 Shareholders List - Oklahoma-based private equity firm Argonaut Ventures and jewellery firm Blue Star Diamonds are among the new entrants in the latest list of the top 20 shareholders of the Bombay Stock Exchange. These investors are learnt to have acquired the stakes through off-market deals from existing institutional or broker shareholders. (ET)

Leave Your Comment(s)