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Roundup: Single Stake In Bourses May Go To 15%, Modi Reformats Spice

20 August, 2008

 

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Policy

Cap On Single Holding In Exchanges Go To 15% – Market regulator SEBI is examining a proposal to raise the equity holding limit in stock exchanges from 5 per cent to 15 per cent. The revised cap would be applicable for single investors, both local and foreign, reports Economic Times. The proposal is being examined by both SEBi and government to foster competition among bourses to prevent a monopoly.

TRAI Drops Carrier Access Code – The telecom regulator has decided against implementing the carrier access code (CAC), reports Financial Express. The official announcement is expected today stating that as long-distance (STD and ISD) tariffs are already quite low, there’s no need for CAC.

Private Equity           

General Atlantic To Buy 20% In Wockhardt – General Atlantic, US-based private equity giant, is close to picking up 20 per cent stake in Wockhardt Hospitals for $140-150 million. The Economic Times reports that though there are differences over the valuation and structure of the investment, the deal may still go through. Earlier this year, Wockhardt was planning to raise around Rs 688-762 crore by diluting 24 per cent stake through an IPO which failed to get enough subscribers.

Lehman Brothers To Sell Money Management Division To PEs – The troubled investment bank, is considering the sale of all or part of its prized money management division to private equity firms to raise billions of dollars of capital,International Herald Tribune. The report adds that Lehman has sent letters to private equity firms like KKR, J. C. Flowers, the Blackstone Group, the Carlyle Group and Apollo Management to evince their interest.

Mergers & Acquisitions       

Opto Circuits Acquires US Co For $70M – Medical devices major Opto Circuits has acquired US-based Criticare Systems, a non-invasive medical devices manufacturer, for $70 million. Opto borrowed $52 million to finance the overseas purchase, reports Economic Times. Opto acquired Eurocor, a German company, in 2006 and has anotherUS subsidiary Mediaid.

Godrej Sara Lee In Talks To Buyout Tortoise – Godrej Sara Lee has initiated talks with Bombay Chemicals to acquire the Tortoise brand of mosquito repellents, reports Economic Times. The valuation of the brand could be quite low given its sluggish growth rate in recent times.

Kirloskar To Acquire German Firm For $70M – Kirloskar Electric has acquired German co Lloyd Dynamowerke & Co (LDW), which manufactures motors, machines and drive systems for around $70 million. The acquisition has been done through Kirloskar’s newly-floated subsidiary in Netherlands called Kirsons BV, reports Economic Times.

Capital Markets       

PNB Close To Exiting AMC, Gilts Biz – The second largest PSU bank in the country is exiting its non-core businesses by divesting its 30 per cent stake in Principal PNB Asset Management Company and 74 per cent stake in PNB Gilts, reports Business Standard. The bank is in talks with US-based Principal Financial Services to sell stake in AMC, a deal which in likely to fetch Rs 180 crore valuing the company at Rs 600 crore. While four companies, including Edelweiss Capital and Goldman Sachs have joined the race to acquire PNB Gilts, which is valued around Rs 550-650 crore.

OIL India IPO In November – The PSU oil exploration firm plans to hit the capital markets with issue of 2.64 crore shares and plans to file a revised DRHP next month, Hindu Business Line. The pre IPO placement to IOC, BPCL and HPCL will also happen around the same time.

Astec LifeSciences IPO – The compnay, which is involved in manufacture and sale of active ingredients, intermediates and formulations for agrochemicals and pharmaceutical segment, has filed a DRHP with SEBI. The company plans to issue 75,00,000 equity shares of Rs 10 each and has appointed Global Securities Ltd as the lead manger for the issue, according to this report.

Doha Bank To Start AMC Operations – Doha Bank is planning an entry in to the NBFC sector by launching a asset management company next year. The activities will include brokerage to currency futures, reports Financal Express. Doha Bank had picked up 49 per cent stake in Select Securities and plans to pump $50 million in itsIndia operations.

Corporate

Spice Corporation Restructures Businesses – The $1.5 billion group is planning to consolidate it’s businesses under four major verticals – telecom, entertainment, financial and capital market services and IT. Flush with funds agter sellinf Spice Communication to Aditya Birla, BK Modi plans to infuse Rs 1,250 crore into businesses, set aside Rs250 crore for philanthropic activities, and give his children a clearly defined and more active role in running his business empire, reports Mint.

Mallya Gets Nod To Fly Abroad – Deccan Aviation has won the approval to start overseas flights from August 26, reports Business Standard. Vijay Mallya’s airline got the rights to fly seven times a week on the Bangalore-London route. Mallya had acquired Deccan Aviation last year.

Carlson, Sarovar May Part Ways – Global hospitality chain Carlson Hospitality may part ways with Indian partner Sarovar Hotels & Resorts, as the exclusive arrangement for Park Plaza and Park Inn ends in December this year. Carlson has 38 properties in the country now and may wnat to move out of the franchisee model now, reports Times of India.


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Roundup: Single Stake In Bourses May Go To 15%, Modi Reformats Spice

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