Mumbai:Carlyle India Advisors Pvt. Ltd, the Indian arm of the global private equity firm the Carlyle Group, has invested $27.7 million (Rs108 crore) in Chennai-based housing finance company Repco Home Finance Ltd, a subsidiary of Repatriates Co-operative Finance and Development Bank Ltd. Repco, which has a growth rate of 77%, will use the funds to expand its loan portfolio, according to a written statement.
SC stays proceedings against REL IPO
New Delhi: The Supreme Court on Wednesday stayed proceedings in the Gujarat high court that could impede Reliance Energy Ltd’s (REL) initial public offer (IPO) that is expected to kick-off on 15 January. Jagrut Grahak Suraksha Mahila Mandal and Rajkot SeherJilla Grahak Suraksha Mandal on 8 January had both filed applications in public interest in the Gujarat high court challenging Sebi’s approval granted to the IPO that will be the largest in India.
Appearing for REL, senior counsel Harish Salve, remarked that “PIL(Public Interest litigation) is becoming the surrogate weapon of corporate warfare.” He also argued that the organisations had ulterior motives in moving the court against the IPO. Malathi Nayak
Rangarajan to head panel on savings
New Delhi: The government has constituted a high level committee on estimation of savings and Investments under C. Rangarajan, chairman of the Economic Advisory Council to the Prime Minister.
Members of the committee include Kirit Parikh, Member, Planning Commission; Prof. Ravindra Dholakia, IIM, Ahmedabad and R.B. Barman, Executive Director, Reserve Bank of India
In the light of the higher growth path of the economy the committee will undertake a critical review of the available estimates of domestic and national savings and investment in the economy, both in the aggregate and its components with respect to data base, methods of estimation, reliability and interpretational significance.
It will also examine the feasibility of directly estimating household savings through integrated income and expenditure surveys. Staff writer
Aditya Birla Nuvo to raise Rs4,000 crore
Mumbai:The board of directors of Aditya Birla Nuvo Ltd, a flagship company of Aditya Birla Group, in an effort to to mop up funds to meet its investments and capital expenditure needs for its existing as well as new growth opportunities, approved the proposal to raise more than Rs4,000 crore over next 18 months through a preferential offer to the promoters at a price determined as per applicable Securities and Exchange Board of India guidelines.
The company would issue 2.05 crore warrants to the promoter/promoter group, the holder of which will get one equity share of Rs10 each of the company against each warrant in 18 months from the date of allotment.
The board has scheduled a meeting on 6 February to get shareholders’ approval of its preferential issue. Staff writer