Insecticides India In Talks To Raise PE Funding - Insecticides (India) Ltd is in talks with private equity investors to raise Rs 70-100 crore this year for its expansion, by diluting 7-8% of the promoter stake in the company. The Delhi-based pesticide maker has lined up investment plans worth Rs 125 crore for the next two years for augmenting capacity and launching products. The company reported sales of Rs. 521.8 crore and a net profit of Rs. 33 crore for the year ended 31 March. (Mint)
Bolloju Appointed Deutsche Bank Inda Interim CEO - Shrinath Bolloju will succeed Gunit Chadha as the chief executive officer for Deutsche Bank’s India business. Bolloju, currently chief operating officer of the bank in India, has been appointed for an interim period. The Reserve Bank of India had approved the appointment. Chadha has relocated to Singapore after he was named as the co-chief executive of Deutsche Bank’s Asia-Pacific operations. (Business Standard)
Piramal Sets Up M&A Team With Eyes On Pharma - Piramal Healthcare Ltd, which sold its pharmaceutical formulations business for Rs.17,600 crore to the US drug maker Abbott Laboratories in 2010, is on the prowl to build its pharma business again. The company has set up a mergers and acquisitions (M&A) team to buy pharma companies, led by chief operating officer Vijay Shah. The M&A team is already in talks with some contract manufacturing companies in Europe and the US for possible acquisitions. (Mint)
PNB Reowrks Deal With Metlife - Punjab National Bank (PNB), which had proposed to buy 30 per cent in MetLife Insurance for Rs 1, has reworked the sale agreement amidst the insurance regulator’s discomfort with the deal structure. The existing partners (apart from MetLife International) will sell stake to MetLife, which will be offered to PNB. (Business Standard)
EIH Arm To Raise Rs 110Cr From Rights Issue - EIH Associated Hotels Ltd, a part of the Oberoi Group, plans to raise Rs 110 crore by issuing equity shares on a rights basis to its existing shareholders. It plans to utilise the amount for repayment of loans and general corporate purposes. (Business Standard)
Zoroastrian Co-op Bank Buys Surat Bank - Mumbai-based urban cooperative bank, Zoroastrian Co-operative Bank Limited (ZCBL) has acquired Surat-based City Co-operative Bank Limited making the former a multi-state scheduled urban cooperative bank. The ZCBL has been authorised by the statutory authorities to acquire the Surat-based City Co-operative Bank. (Business Standard)
UTI AMC Restarts Process To Look For CEO - India's oldest mutual fund, UTI, which has been without a chief for 15 months now, has re-started the process of appointing a chairman and managing director. The board of UTI has given headhunting consultant Egon Zehnder India a fresh mandate to find candidates with professional qualifications and at least 20 years of experience in financial markets. (Economic Times)
Adidas Asked Us To Cook Books, Say Former India Heads - The two former executives of Reebok India, at the centre of an alleged 870-crore alleged fraud, have accused German sports goods maker Adidas of attempting to hammer down the valuation of the Indian unit, as part of its strategy to reduce its payout to the minority shareholder in the company. (Economic Times)