Patni Board To Meet Next Week On Sale - Patni Computer Systems Ltd.'s board is likely to meet early next week to consider a joint bid by Apax Partners LLP and iGate Corp. to buy a controlling stake in the company. The consortium of private equity firm Apax Partners and U.S.-listed iGate has bid close to Rs 500 a share to buy the combined 63% stake in Patni Computer. (Wall Street Journal)
Mumbai Angels Invests Rs 4.5Cr In Education Firm - Mumbai Angels has invested over Rs 4.5 crore in DEXL Education Services India Pvt Ltd, a tutoring institute that prepares students for examinations such as the IIT-JEE. The investment (of over $1 million) done in two stages has just been concluded and the money will be used to expand infrastructure, build a team, business promotion and working capital. (HinduBusinessLine)
SBT Rights Issue To Raise Rs 500Cr - The board of State Bank of Travancore (SBT) that met here on Tuesday decided to cap the size of the proposed rights issue at Rs 500 crore. The rights issue had been on its agenda for the past one year but could be brought up before the board only now. The bank will formally seek a Reserve Bank approval for the issue. This will be followed by filing of the draft prospectus with the Securities and Exchange Board of India. (HBL)
Union Bank of India To Raise $200M Through MTNs - Union Bank of India is planning to raise $175-200 million overseas through medium term notes in the next two months. The bank will use the money for funding the bank's Hong Kong branch's operations and has already started road shows. The bank is expecting a capital infusion of Rs 1,150 crore from the Government as the second tranche by March. (HBL)
Zensar Completes Acquisition - Zensar Technologies announced its wholly owned subsidiary has completed all the closing actions as required by the definitive agreement and has accomplished the acquisition of AKIBIA Group through merger process. Zensar's wholly owned subsidiary has signed definitive agreement agreements to acquire PSI Holdings Group, a limited liability company.(Myiris)