25 Feb 2008
Opto Circuits India has signed a definitive agreement to buy US-based Criticare Systems.
According to a release issued by Opto to the BSE today, the deal is valued at Rs 280 crore ($70 million).
Criticare Systems is in the business of manufacturing vital sign monitors, anesthesia monitors and pulse oximeters, the release added.
Monday, February 25, 2008
HDFC to maintain stake in merged entity
Mumbai, Feb. 25
Housing Development Finance Corporation (HDFC), the promoter company of HDFC Bank, will have to raise Rs 3,900 crore in order to maintain its stake at 23.28 per cent post the merger of the bank with the Centurion Bank of Punjab, said Mr Deepak Parekh, Chairman, HDFC.
HDFC’s stake will come down to 19 per cent post the merger.
“We will decide on the mode of raising the money in the next fortnight or within a month’s time,” said Mr Parekh. HDFC Bank would also consider making a preferential offer to HDFC to enable it to maintain its percentage shareholding in the merged entity.
Housing Development Finance Corporation (HDFC), the promoter company of HDFC Bank, will have to raise Rs 3,900 crore in order to maintain its stake at 23.28 per cent post the merger of the bank with the Centurion Bank of Punjab, said Mr Deepak Parekh, Chairman, HDFC.
HDFC’s stake will come down to 19 per cent post the merger.
“We will decide on the mode of raising the money in the next fortnight or within a month’s time,” said Mr Parekh. HDFC Bank would also consider making a preferential offer to HDFC to enable it to maintain its percentage shareholding in the merged entity.
HDFC Bank, Centurion boards approve 1:29 share swap ratio
Mumbai, Feb. 25
Shareholders of Centurion Bank of Punjab would be eligible to exchange 29 shares into one share of HDFC Bank. This follows the board of directors of the two banks approving on Monday a share-swap ratio of 1:29.
HDFC Bank’s share closed at Rs 1,422.70, down by 3.5 per cent while Centurion Bank ended the day at Rs 48.25, lower by 14.45 per cent on the BSE on Monday.
The entire process of the merger would take about four months for completion. The merged entity will be known as HDFC Bank. Mr Rana Talwar, Chairman of Centurion Bank, has been offered a seat on the Board as non-executive director and Mr Shailendra Bhandari, Managing Director, Centurion Bank, has been invited to join as the Executive Director on the board post merger.
Mr Aditya Puri, Managing Director, HDFC Bank, said that the merger will create a larger entity and bring together the strengths of both banks in terms of technology, products, distribution, manpower and experience.
Talking about the impact of the merger on the bank’s margin, Mr Puri said that the merger would not have any negative impact on the margin or the growth rate of HDFC Bank in the medium or long term.
Merger to be complete in 4 months; will leverage strengths in technology, products
Shareholders of Centurion Bank of Punjab would be eligible to exchange 29 shares into one share of HDFC Bank. This follows the board of directors of the two banks approving on Monday a share-swap ratio of 1:29.
HDFC Bank’s share closed at Rs 1,422.70, down by 3.5 per cent while Centurion Bank ended the day at Rs 48.25, lower by 14.45 per cent on the BSE on Monday.
The entire process of the merger would take about four months for completion. The merged entity will be known as HDFC Bank. Mr Rana Talwar, Chairman of Centurion Bank, has been offered a seat on the Board as non-executive director and Mr Shailendra Bhandari, Managing Director, Centurion Bank, has been invited to join as the Executive Director on the board post merger.
Mr Aditya Puri, Managing Director, HDFC Bank, said that the merger will create a larger entity and bring together the strengths of both banks in terms of technology, products, distribution, manpower and experience.
Talking about the impact of the merger on the bank’s margin, Mr Puri said that the merger would not have any negative impact on the margin or the growth rate of HDFC Bank in the medium or long term.
Merger to be complete in 4 months; will leverage strengths in technology, products
Saturday, February 23, 2008
Blackstone - Gokaldas
Blackstone stake in Gokaldas at 67.88%
February 21, 2008
The Blackstone group has increased its stake in Bangalore-based Gokaldas Exports to 67.88% after the open offer at Rs 275 per share.
According to a release issued by Gokaldas to the BSE today, Blackstone had offered to acquire 6.875 million shares (20% of the equity share) in the open offer.
Blackstone has been able to acquire 6.113 million shares (17.78%). Post-offer, the shareholding of the group is 23.334 million shares (67.88%).
The board of directors of Gokaldas, which met today, approved the appointment of Akhil Gupta, Richard Saldanha and Mathew Cyriac as additional directors.
Madanlal J Hinduja has resigned as managing director from February 21, but will continue as non-executive chairman. Rajendra J Hinduja has been appointed managing director for one year from February 21, according to the release.
February 21, 2008
The Blackstone group has increased its stake in Bangalore-based Gokaldas Exports to 67.88% after the open offer at Rs 275 per share.
According to a release issued by Gokaldas to the BSE today, Blackstone had offered to acquire 6.875 million shares (20% of the equity share) in the open offer.
Blackstone has been able to acquire 6.113 million shares (17.78%). Post-offer, the shareholding of the group is 23.334 million shares (67.88%).
The board of directors of Gokaldas, which met today, approved the appointment of Akhil Gupta, Richard Saldanha and Mathew Cyriac as additional directors.
Madanlal J Hinduja has resigned as managing director from February 21, but will continue as non-executive chairman. Rajendra J Hinduja has been appointed managing director for one year from February 21, according to the release.
Boards approve HDFC Bank and Centurion Bank of Punjab Merger
Mumbai, Feb. 23 The boards of HDFC Bank and Centurion Bank of Punjab have approved in principle a merger between the two banks.
In a joint statement, the banks said the merger will be subject to “satisfactory due diligence, a fair share-swap ratio, requisite statutory, regulatory and corporate approvals, including those from the Reserve Bank of India, the stock exchanges and shareholders of both banks.”
In a joint statement, the banks said the merger will be subject to “satisfactory due diligence, a fair share-swap ratio, requisite statutory, regulatory and corporate approvals, including those from the Reserve Bank of India, the stock exchanges and shareholders of both banks.”
Friday, February 22, 2008
Ranbaxy Laboratories Ltd - Demerger
New Delhi, Feb. 19
Pharmaceutical major Ranbaxy Laboratories Ltd on Tuesday said its board has approved the hiving off of its research and development unit New Drug Discovery Research (NDDR) into a new subsidiary called Ranbaxy Life Science Research Ltd (RLSRL).
As per the de-merger scheme shareholders will get one share of the new entity for every four shares held by them at present. The company said that the spin off will result in cost savings of about $25 million in the current year.
http://www.thehindubusinessline.com/2008/02/20/stories/2008022051360200.htm
Pharmaceutical major Ranbaxy Laboratories Ltd on Tuesday said its board has approved the hiving off of its research and development unit New Drug Discovery Research (NDDR) into a new subsidiary called Ranbaxy Life Science Research Ltd (RLSRL).
As per the de-merger scheme shareholders will get one share of the new entity for every four shares held by them at present. The company said that the spin off will result in cost savings of about $25 million in the current year.
http://www.thehindubusinessline.com/2008/02/20/stories/2008022051360200.htm
HCL Tech buys US-based CapitalStream for $40 m
HCL Tech buys US-based CapitalStream for $40 m
All-cash deal to help company to enhance role in financial services
20 Feb 2008
HCL Technologies Ltd, India’s fifth largest IT services company, on Wednesday acquired US-based CapitalStream Inc, in an all-cash deal of about $40 million, to enhance its presence in financial services sector.
http://www.thehindubusinessline.com/2008/02/21/stories/2008022151220400.htm
All-cash deal to help company to enhance role in financial services
20 Feb 2008
HCL Technologies Ltd, India’s fifth largest IT services company, on Wednesday acquired US-based CapitalStream Inc, in an all-cash deal of about $40 million, to enhance its presence in financial services sector.
http://www.thehindubusinessline.com/2008/02/21/stories/2008022151220400.htm
HDFC Bank to consider merger with Centurion Saturday
Friday, February 22, 2008
HDFC Bank to consider merger with Centurion Saturday
The HDFC Bank announced that its board of directors will meet Saturday to consider a possible merger with the Centurion Bank of Punjab (CBoP).
This has been said in an official communique issued to the Bombay Stock Exchange (BSE) Friday evening by the HDFC Bank.
According to banking circles, the merger talks between the two entities have been doing the market buzz for the past six months. Unofficial estimates peg the value of CBoP's assets in the range of Rs.1,200 billion ($30 billion).
Once merged, the proposed new entity will rank below the ICICI Bank but above the Axis Bank, formerly known as the UTI Bank.
The merger is likely to be worked out on the share-swap deal on CBoP's current price of Rs.57 per share. HDFC Bank's share price closed today at Rs.1474.95, down by 4.40 per cent.
Frantic activity has been witnessed following a marathon meeting last Wednesday between HDFC Bank's Aditya Puri and CBoP chairman Rana Talwar along with chief executive Shailendra Bhandari.
The meeting gave rise to hectic media speculation, which boosted the CBoP's price by seven percent early Friday morning, but declined later during the intra-day fluctuations.(Indiaenews)
HDFC Bank to consider merger with Centurion Saturday
The HDFC Bank announced that its board of directors will meet Saturday to consider a possible merger with the Centurion Bank of Punjab (CBoP).
This has been said in an official communique issued to the Bombay Stock Exchange (BSE) Friday evening by the HDFC Bank.
According to banking circles, the merger talks between the two entities have been doing the market buzz for the past six months. Unofficial estimates peg the value of CBoP's assets in the range of Rs.1,200 billion ($30 billion).
Once merged, the proposed new entity will rank below the ICICI Bank but above the Axis Bank, formerly known as the UTI Bank.
The merger is likely to be worked out on the share-swap deal on CBoP's current price of Rs.57 per share. HDFC Bank's share price closed today at Rs.1474.95, down by 4.40 per cent.
Frantic activity has been witnessed following a marathon meeting last Wednesday between HDFC Bank's Aditya Puri and CBoP chairman Rana Talwar along with chief executive Shailendra Bhandari.
The meeting gave rise to hectic media speculation, which boosted the CBoP's price by seven percent early Friday morning, but declined later during the intra-day fluctuations.(Indiaenews)
Thursday, February 21, 2008
Siva Ventures Limited acquires Norwegian Shipping firm
Siva Ventures Limited acquires Norwegian Shipping firm J.B. Ugland Shipping for Rs. 1,200 Crores
19 Feb 2008
(from India Press Release by Perfect Relations)
Siva Ventures Limited (SVL), the flagship company of the USD 2 Billion Sterling Infotech Group announced the acquisition of the Norwegian shipping firm J.B. Ugland Shipping AS (JBUS) from J.B. Ugland Holding AS for a total consideration of approximately US$ 300 million (INR 1,200 Crores).
The transaction was agreed in January 2008 and closed on 15 February 2008. As part of the transaction the incumbent management of JBUS, led by its CEO Mr. Bjorn Bergsland, will continue to manage the company. And as part of the negotiated deal the company has the rights to use the brand name of JBUS for 3 years and will continue trading under the J.B.Ugland name following the acquisition.
This acquisition will propel the Sterling Group’s business plans within the shipping and logistics industry.
Mr. Sivasankaran, Group Chairman, Sterling Infotech Group, commenting on the rationale for their entry into the shipping industry and this transaction said, “I believe that the shipping industry, especially the bulk commodities segment – both tankers and dry bulk carriers – will increasingly revolve around the broader Asian commodities story. In particular, the bulk shipping tonnage demand from India is likely to see explosive growth on the back of the increased raw material demand for the new power and oil refining projects coming up in India, a large number of which are based on imported raw materials. We believe this transaction brings two of the most critical success factors for exploiting this opportunity – the Sterling Group’s presence and relationships with the businesses in India which will be users of tonnage and the reputation of the JB Ugland name in the global shipping industry combined with the management’s acclaimed skills in the sector.”
Commenting on the transaction, the Chairman of JBUH, Mr. Johan Benad Ugland said “I am very proud of having developed a company attracting interest from a global player such as Siva Ventures. Along with China, we believe India will be one of the main growth engines of the overall world economy in the coming years. In this respect, it will be important for Norwegian companies to further strengthen the business relationships with Indian companies. We believe this transaction contributes to this.”
Standard Chartered Bank, continuing their long association on successful deals with the group, advised SVL on the acquisition. JBUH was advised by Pareto, a leading Norwegian investment bank.
19 Feb 2008
(from India Press Release by Perfect Relations)
Siva Ventures Limited (SVL), the flagship company of the USD 2 Billion Sterling Infotech Group announced the acquisition of the Norwegian shipping firm J.B. Ugland Shipping AS (JBUS) from J.B. Ugland Holding AS for a total consideration of approximately US$ 300 million (INR 1,200 Crores).
The transaction was agreed in January 2008 and closed on 15 February 2008. As part of the transaction the incumbent management of JBUS, led by its CEO Mr. Bjorn Bergsland, will continue to manage the company. And as part of the negotiated deal the company has the rights to use the brand name of JBUS for 3 years and will continue trading under the J.B.Ugland name following the acquisition.
This acquisition will propel the Sterling Group’s business plans within the shipping and logistics industry.
Mr. Sivasankaran, Group Chairman, Sterling Infotech Group, commenting on the rationale for their entry into the shipping industry and this transaction said, “I believe that the shipping industry, especially the bulk commodities segment – both tankers and dry bulk carriers – will increasingly revolve around the broader Asian commodities story. In particular, the bulk shipping tonnage demand from India is likely to see explosive growth on the back of the increased raw material demand for the new power and oil refining projects coming up in India, a large number of which are based on imported raw materials. We believe this transaction brings two of the most critical success factors for exploiting this opportunity – the Sterling Group’s presence and relationships with the businesses in India which will be users of tonnage and the reputation of the JB Ugland name in the global shipping industry combined with the management’s acclaimed skills in the sector.”
Commenting on the transaction, the Chairman of JBUH, Mr. Johan Benad Ugland said “I am very proud of having developed a company attracting interest from a global player such as Siva Ventures. Along with China, we believe India will be one of the main growth engines of the overall world economy in the coming years. In this respect, it will be important for Norwegian companies to further strengthen the business relationships with Indian companies. We believe this transaction contributes to this.”
Standard Chartered Bank, continuing their long association on successful deals with the group, advised SVL on the acquisition. JBUH was advised by Pareto, a leading Norwegian investment bank.
Fortis Healthcare buys Chennai hospital
Fortis Healthcare buys Chennai hospital for south India launch
19 Feb 2007
The Ranbaxy-promoted Fortis Healthcare Ltd and Oscar Investments Ltd (OIL) Tuesday completed acquiring 62.17 percent of the equity of Chennai-based Malar Hospitals Ltd (MHL) for Rs.346.8 million ($8.7 million).
The acquisition has paved the way for Fortis Healthcare, leading hospital chain of north India, to launch itself in Southern India
'The completion of the acquisition process is an important milestone in our national rollout plans,' Shivinder Mohan Singh, CEO and managing director of Fortis Healthcare, said.
'Malar Hospital is well established in Chennai, and enjoys strong brand equity in the south, which is an advantage, as it is our first entry into the region,' Singh said in a statement.
He said the group welcomes the hospital and its employees and would 'upgrade the facilities by adding key super-specialties to it. We would also look at expanding footprint in the south soon'.
The 180-bed Malar Hospitals is a multi-specialty hospital focusing on comprehensive healthcare in the areas of gastroenterology, neurology, gynaecology, paediatrics, diabetics, orthopaedics and nephrology.
After the present deal, the total equity share capital held by Fortis is 48.83 percent while OIL's holding stands at 13.34 percent.
Malar Hospitals' Director Nithya Ramamurthy said: 'Fortis is known for the quality of its clinical and patient care. We are proud that Fortis will now own and manage this hospital. The patients of Malar and the southern region will gain immensely from the enhanced care, which can now be assured.'
Started its operation in 1996, Fortis has a presence in Delhi, Jaipur, Noida, Mohali (near Chandigarh), Amritsar, Faridabad, Raipur and Srinagar.
It currently has a network of 13 hospitals, primarily in North India, and 16 satellite and heart command centres, including one heart command centre in Afghanistan. (Indiaenews)
19 Feb 2007
The Ranbaxy-promoted Fortis Healthcare Ltd and Oscar Investments Ltd (OIL) Tuesday completed acquiring 62.17 percent of the equity of Chennai-based Malar Hospitals Ltd (MHL) for Rs.346.8 million ($8.7 million).
The acquisition has paved the way for Fortis Healthcare, leading hospital chain of north India, to launch itself in Southern India
'The completion of the acquisition process is an important milestone in our national rollout plans,' Shivinder Mohan Singh, CEO and managing director of Fortis Healthcare, said.
'Malar Hospital is well established in Chennai, and enjoys strong brand equity in the south, which is an advantage, as it is our first entry into the region,' Singh said in a statement.
He said the group welcomes the hospital and its employees and would 'upgrade the facilities by adding key super-specialties to it. We would also look at expanding footprint in the south soon'.
The 180-bed Malar Hospitals is a multi-specialty hospital focusing on comprehensive healthcare in the areas of gastroenterology, neurology, gynaecology, paediatrics, diabetics, orthopaedics and nephrology.
After the present deal, the total equity share capital held by Fortis is 48.83 percent while OIL's holding stands at 13.34 percent.
Malar Hospitals' Director Nithya Ramamurthy said: 'Fortis is known for the quality of its clinical and patient care. We are proud that Fortis will now own and manage this hospital. The patients of Malar and the southern region will gain immensely from the enhanced care, which can now be assured.'
Started its operation in 1996, Fortis has a presence in Delhi, Jaipur, Noida, Mohali (near Chandigarh), Amritsar, Faridabad, Raipur and Srinagar.
It currently has a network of 13 hospitals, primarily in North India, and 16 satellite and heart command centres, including one heart command centre in Afghanistan. (Indiaenews)
Reliance Communications acquires Ugandan telecom firm
Anil Ambani-led Reliance Communications Ltd (RCL) Thursday announced it has acquired Ugandan telecom service firm Anupam Global Soft Ltd (AGSL).
AGSL holds a public infrastructure provider licence and a public service provider licence issued by Uganda Communications Commission, RCL said.
According to a statement to the Bombay Stock Exchange, RCL said that under the existing licences, it targets to offer mobile, fixed line, Internet and national and international long distance services, in addition to WiMax and Wi-fi services in Uganda.
The acquisition, made through a subsidiary of RCL, marks the first step in the company's plans in the international mobile communications market.
The statement also said AGSL has already been allotted radio frequencies and plans to launch its mobile services by end 2008.
RCL will invest $500 million in establishing a fully Internet protocol (IP)-enabled integrated telecom network in Uganda to capture the significant growth potential in this emerging African market, the statement said.
Punit Garg, president of global business at RCL, said: 'The Uganda telecom market is similar to what India was 8 years back. Our expertise in managing among the world's largest integrated telecom network and deep understanding of diverse consumer segments makes us confident to achieve a significant position to add further value for our 2 million shareholders.'
Elaborating on the expansion and network plan, the statement informed that RCL plans to connect the African continent with rest of the world by laying a submarine cable system through its arm Reliance FLAG. It will spend $1.5 billion in building a 115,000 km fully IP-enabled optic fibre network. (Indiaenews)
AGSL holds a public infrastructure provider licence and a public service provider licence issued by Uganda Communications Commission, RCL said.
According to a statement to the Bombay Stock Exchange, RCL said that under the existing licences, it targets to offer mobile, fixed line, Internet and national and international long distance services, in addition to WiMax and Wi-fi services in Uganda.
The acquisition, made through a subsidiary of RCL, marks the first step in the company's plans in the international mobile communications market.
The statement also said AGSL has already been allotted radio frequencies and plans to launch its mobile services by end 2008.
RCL will invest $500 million in establishing a fully Internet protocol (IP)-enabled integrated telecom network in Uganda to capture the significant growth potential in this emerging African market, the statement said.
Punit Garg, president of global business at RCL, said: 'The Uganda telecom market is similar to what India was 8 years back. Our expertise in managing among the world's largest integrated telecom network and deep understanding of diverse consumer segments makes us confident to achieve a significant position to add further value for our 2 million shareholders.'
Elaborating on the expansion and network plan, the statement informed that RCL plans to connect the African continent with rest of the world by laying a submarine cable system through its arm Reliance FLAG. It will spend $1.5 billion in building a 115,000 km fully IP-enabled optic fibre network. (Indiaenews)
Centurion to Merge with HDFC Bank
22 Feb 2008 Economic Times page 1
Mr. Bhandari will join the board of the new bank. Rana Talwar is likely to be its nonexecutive chairman.
Mr. Bhandari will join the board of the new bank. Rana Talwar is likely to be its nonexecutive chairman.
Wednesday, February 20, 2008
Citi buys 14.5 percent of Globe Capital
Citi buys 14.5 percent of Globe Capital for Rs. 168 crores.
HT 20 Feb 2008
The PE arm of Citigroup, Citi Venture Capital International has picked up around 14.5 percent in the Delhi Based Glbe Capital for Rs. 168 crore($42 million). The company's total valuation comes to Rs. 1000 cr.
Ashok Aggarwal, chairman of Globe Capital said that the company will utilise the proceeds for expanding into the retail segment and margin financing.
Globe capital has reported a net profit of Rs. 70 cr on a gross income of Rs. 130 cr in the first nine months of 2007.
Promoters presently hold 75 per cent stake after the citi transaction.
HT 20 Feb 2008
The PE arm of Citigroup, Citi Venture Capital International has picked up around 14.5 percent in the Delhi Based Glbe Capital for Rs. 168 crore($42 million). The company's total valuation comes to Rs. 1000 cr.
Ashok Aggarwal, chairman of Globe Capital said that the company will utilise the proceeds for expanding into the retail segment and margin financing.
Globe capital has reported a net profit of Rs. 70 cr on a gross income of Rs. 130 cr in the first nine months of 2007.
Promoters presently hold 75 per cent stake after the citi transaction.
Bombay HC approves Bajaj Auto Demerger
HT 20 Feb 2008 Page 25
the Bombay High court has sanctioned the demerger of Bajaj Auto Ltd.s automobile and financial services businesses into two separate entities. Bajaj Holdings and Investment Ltd would administer the two tahd three wheeler manufacturing business. Bajaj Finserv Ltd. would be responsible for the company's financial services business including insurance and autofinance.
the Bombay High court has sanctioned the demerger of Bajaj Auto Ltd.s automobile and financial services businesses into two separate entities. Bajaj Holdings and Investment Ltd would administer the two tahd three wheeler manufacturing business. Bajaj Finserv Ltd. would be responsible for the company's financial services business including insurance and autofinance.
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