NSE May Sell 5% In NCDEX To Rival BSE - National Stock Exchange (NSE), the country's largest stock exchange, may sell 5% of its stake in National Commodity & Derivatives Exchange (NCDEX), to rival Bombay Stock Exchange (BSE). BSE is likely to pay Rs 35.5 crore for the 5% stake, valuing the exchange at Rs 710 crore, slightly lower than Rs 735 crore it was worth in September 2010 when sugar refiner Shree Renuka Sugars purchased 7% from Crisil. NSE has to cut its stake to comply with a government norm capping a stock exchange's holding in the over five-year-old commodity exchange at 5%. (Economic Times)
Mahindra May Raise Rs 200Cr PE For Two Wheeler Biz - Mahindra 2 Wheelers Ltd, an arm of Mahindra and Mahindra Ltd, is exploring raising around Rs 200 crore from private equity (PE) investors by divesting a minority stake. While the parent company has sufficient cash, the external funding is to nudge the two-wheeler maker to perform better. Mahindra 2 Wheelers, which came into being after the acquisition of Kinetic Motors in July 2008, hasn’t been able to gain traction in India’s one million-units-a-month two-wheeler market. (Mint)
Khazanah To Buy Sterling Hospital For Rs 650Cr - Malaysia’s sovereign wealth fund Khazanah Nasional is close to acquiring Ahmedabad-based Sterling Hospitals from private equity firm Actis and founder-promoter Girish Patel. Actis with 80% stake in the hospital chain has entered into a preliminary agreement with Khazanah, which now has exclusive rights for conducting due diligence ahead of clinching the deal. Khazanah may value Sterling at around Rs 650 crore. Actis had mandated JM Financial to find a potential suitor for Sterling where it first invested in 2006. (Times of India)
SAIL Bags Development Rights Of Afghan Mine - A seven-member consortium led by state-run Steel Authority of India (SAIL) has bagged the development right to mine three out of four iron ore reserves at Hajigak in Central Bamiyan province of Afghanistan. The Indian consortium had got the rights to mine B, C and D, having reserves of 930 million tonne, 357 million tonne and 175 million tonne respectively. Mine A has gone to a Canadian firm. (Business Standard)
Subex To Raise Rs 675Cr - Bangalore-headquartered Subex Ltd, a leading global provider of business support systems for communications service providers, today said it has obtained board approval to raise up to $135 million or Rs 675 crore. The company has two tranches of foreign currency convertible bonds with a total redemption value of $131 million that it needs to redeem in March and the current fund raising exercise is intended to meet that obligation. (Business Standard)
Biyani To Take FDI In Select Formats - Kishore Biyani, chairman of Future Group, the country’s largest retailer by size, will partner with foreign investors in certain selected formats and not across-the-board. Local players, such as Future Group, which have scale, will continue to grow despite international competition. It has formats from lifestyle, hypermarkets, home furnishings, electronics. It was widely believed that Biyani, a pioneer and trendsetter in Indian retail, is in talks with French retail giant Carrefour for a joint venture partnership. (Business Standard)
Shriram Group Reshuffles Top Deck - Shriram Group is positioning G S Sundararajan, one of the managing directors in Shriram Capital, to head its banking foray. At the same time, Shriram Transport Finance (STFC) managing director, R Sridhar, is relocating to Chennai to join as Shriram Capital’s third managing director. Sridhar would be replaced by U Revankar, currently the deputy managing director of Shriram Transport Finance. R Duravasan, managing director, Shriram Life Insurance, is expected to head Shriram City Union Finance (SCUF) after R Kannan, its managing director and one of the group’s senior directors, retires in March. (Business Standard)
