Halcyon Finance Acquires Two Iron-Ore Mines - Halcyon Finance and Capital Advisors Pvt. Ltd. has acquired two mines in Goa and Karnataka in a partnership with an undisclosed Indian iron-ore miner. The transactions were closed for an aggregate of $200 million. The two mines have total estimated iron-ore reserves of close to 115 million tons. The Goa mine is expected to provide about one million ton of iron ore a year and the Karnataka mine 2.5 million tons. The combined valuation for the transactions was about $2 per ton of ore reserves and resources. (MarketWatch)
BNP To Up Stake In SBI Life To 49% - BNP Paribas Assurance, the joint venture partner in SBI Life Insurance, may raise its stake to 49% in the JV at market value as and when regulations allow. Foreign partners can now hold up to 26% stake in an insurance company. A proposal to increase FDI to 49% is lying with the parliamentary standing committee. The company reported 33% increase in net profit to Rs 384 crore during the fiscal year 2010-11 from a year-ago period. New business premium income of the company grew by 7% to Rs 7,572 crore. (Economic Times)
Religare To Raise Rs 800Cr Through Rights Issue - Financial services firm Religare Enterprises said it has got board approval to raise Rs 800 crore through issue of equity shares on rights basis to fund the expansion of its various subsidiaries. The issue would hit the market by June-July. Last month, the company, owned by billionaire brothers Malvinder and Shivinder Singh, said it might raise up to Rs 2,500 crore for expansion, including investments in insurance business and acquisitions. (Moneycontrol)
DHL Offers To Buy Damani Stake In Blue Dart - DHL Express, the promoters of Blue Dart Express, approached Radhakishan Damani last week to secure his backing for the proposed delisting of Blue Dart. Radhakishan Damani owns a 5.5% stake in Blue Dart and is the second largest shareholder in the logistics major. The pricing being quoted by RK Damani for tendering his shares is between Rs 2250 - Rs 2300 per share. (Economic Times)
Emami Paper In Talks To Buy Newsprint Mills - Emami Paper Mills Ltd. (EPML), a supplier to India’s largest selling English newspaper, is in talks to buy newsprint producers as part of its plan to almost triple capacity in about three years as local supply lags demand. The company may buy newsprint mills with a total capacity of as much as 100,000 tons a year. Emami Paper said in January it planned to raise $450 million from internal accruals, borrowings and a share sale to spend on expansion. Part of this money may be used for any acquisitions. (Bloomberg)
GVFL To Make First Close On Infra Fund At Rs 500Cr - With the Gujarat Venture Finance Limited (GVFL) receiving first tranche of Rs 200 crore from the state government, the venture capital (VC) firm is now aiming to raise around Rs 500 crore of its Rs 1000-crore infrastructure fund - Golden Gujarat Growth Fund Series-1 by June 30, 2011. GVFL is in talks with domestic and international funding institutions like private equity companies, banks, insurance firms and pension funds to raise the remaining funds. The first closure is expected by June 2011 with available funds of Rs 500 crore and the final closure will take place after a year, in June 2012. (Business Standard)
Orix Now Looks To Up Stake In IL&FS - Japan’s Orix Corporation, which was in talks with Reliance Industries (RIL) to sell its 23.87% stake in Infrastructure Leasing and Finance Company (IL&FS), is now keen to increase stake in the company. It has started talks with institutional shareholders in this regard. Three financial institutions, LIC, Housing Development Finance Corporation (HDFC) and State Bank of India (SBI), together hold a little over 45% in IL&FS. (Business Standard)
Cox & Kings To Raise Rs 1500Cr - Travel services provider Cox & Kings today said its board has approved a proposal to split its stock besides plans to raise up to Rs 1,500 crore through issue of fresh shares or other instruments. The board has also approved increasing borrowing limit to Rs 1,500 crore from the current Rs 1,000 crore. The board has also approved issue of further shares, convertible instruments or any other instruments not exceeding Rs 1,500 crore. (Business Standard)
Camlin Stock Up On Stake Sale Talk - The sudden surge in Camlin stock on Wednesday renewed market speculation that its promoters were selling a stake in the company. The stock on the BSE gained 7.2% to Rs 74, with the majority of the gains coming during the last hour of the trade. Market players are speculating that the promoters of the country’s leading stationary makers and owner of one of the trusted brands in the segment could sell out to a Japanese company at a price between Rs 107 and Rs 110 per share. Other than the promoters, Golden Oak Mauritius holds 9.9% in the company while Anagha Advisors hold 9.8%. A Mauritius arm of Morgan Stanley holds 2% in Camlin. (Times of India)