BackDeals Buzz: Daiichi writes to regulators to block Fortis stake sale talks
In other news, China's Geely Holding is buying an 8.2% stake in Swedish truck maker AB Volvo from activist investor Cevian Capital for around $3.3 billion
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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Tata Steel appoints i-banks for $2 billion rights issue to be launched in January
Tata Steel Ltd has appointed a bunch of domestic investment banks to manage its proposed rights issue of about $2 billion (Rs12,800 crore), reports Mint, citing three people aware of the development. Read more
K. Raheja to invest Rs1,200 crore to develop IT parks in Chennai
K. Raheja Corp., a commercial property developer, is investing as much as Rs1,200 crore in building around 3 million square feet of office space in Chennai as part of its plan to ramp up its business in the southern part of the country, reports Mint, citing a senior company official. Read more
Cairn India acquires 51% stake in AvanStrate from Carlyle Group
Cairn India Holdings Ltd, a unit of metals and mining firm Vedanta Resources Plc, has acquired a controlling equity stake in Japanese company AvanStrate Inc. for $158 million, Vedanta said on Wednesday, reported Mint. Read more
Mitsubishi-led Japanese consortium to buy 20% stake in Cube Highways
Mitsubishi Corp. on Wednesday said that a Japanese consortium led by it, which includes East Nippon Expressway Co. Ltd (NEXCO East) and Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development (JOIN), has agreed to acquire a 20% stake in Cube Highways and Infrastructure Pte. Ltd, reports Mint. Read more
Rabobank PE Fund buys 40% stake in Olive Bar and Kitchen for Rs100 crore
Rabobank-sponsored private equity (PE) fund has picked up about 40% stake in Olive Bar and Kitchen Pvt. Ltd for a consideration of Rs100 crore. India Agri Business Fund II became a significant investor in Olive by buying a stake from Aditya Birla Private Equity along with a few other selling shareholders, reports PTI. Read more
SBI gets nod to raise Rs8,000 crore to meet Basel III capital norms
The country’s largest lender State Bank of India (SBI) on Wednesday said its board has approved raising Rs8,000 crore through sources including masala bonds to meet Basel III capital norms, reports PTI. Read more
IL&FS Financial Services ties up with J&K Bank to finance Rs20,000 crore hydropower projects
IL&FS Financial Services Ltd has tied up with state-owned Jammu and Kashmir (J&K) Bank Ltd to finance hydropower projects in Jammu and Kashmir, reports Mint, citing senior executives of the two institutions. Read more
Aion-JSW Steel files Rs3,500 crore resolution plan for Monnet Ispat
The Aion Capital-JSW Steel consortium, which last week emerged as the frontrunner to acquire bankrupt Monnet Ispat and Energy, submitted a Rs3,500-crore resolution plan that involves paying Rs2,500 crore to lenders and an equity investment of Rs1,000 crore, backed by a letter of comfort from ICICI Bank, reports The Economic Times, citing two top bankers. Read more
Daiichi writes to regulators to block Fortis stake sale talks
Japanese drug maker Daiichi Sankyo, locked in a legal battle with the promoters of Fortis Healthcare, has alerted regulatory bodies and the stock exchanges against any potential stake sale in the hospital chain, saying such a transaction would violate a Supreme Court order, reports The Economic Times. Read more
National Insurance IPO deferred to next financial year
Government-owned National Insurance has postponed its initial public offering (IPO) of equity to the next financial year (beginning 1 April), reports Business Standard. Read more
China’s Geely acquires Cevian’s 8.2% stake in Swedish truck maker Volvo
China’s Geely Holding , which already owns the Volvo Car Group, is buying an 8.2% stake in Swedish truck maker AB Volvo from activist investor Cevian Capital for around $3.3 billion, reports Reuters. Read more
Barclays expects $ 1.3 billion write-down after US tax reform
Barclays expects to take a write-down of about £1 billion ($1.34 billion) on its annual post-tax profit as a result of the US tax overhaul, the bank said in a statement on Wednesday, reports Reuters. Read more
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