Bank of India re-enters the asset management business after nearly a decade, will exploit its branch network to sell its own MF products, in addition to third-party products.
Swedish engineering company joins the ranks of companies seeking to delist from local bourses. Shareholders will reap a windfall, though they lose a good company in the process.
Axis Bank’s business will get a leg-up after acquiring Enam’s financial services business. The deal structure has been modified to meet RBI’s conditions, but the consideration remains all-stock.
Apollo Global Management has closed the Welspun Corp at Rs 225/share, although the share has dropped sharply since June, taking up the premium from 33% earlier to 74%.
Hotel Leelaventure wants to become ‘asset-light’, has sold its Kovalam hotel in Kerala to a Bahrain-based Indian industrialist, but will manage the property.
Hinduja Global’s share rose by 2.6%, as investors cheered its acquisition of a Canadian BPO company On-Line Support Inc. The acquisition adds about 28% to revenues.
Sebi has ushered change into India’s M&A landscape. Acquirers will find the going easier, and open offers may become less frequent. Minority shareholders should fret but there is something for them too.
Dr Reddy’s and Fujifilm Corporation are setting up a joint venture to sell generic drugs in the lucrative Japanese pharmaceutical market. The first drugs will hit shelves only 3-4 years from now.
United Phosphorus spreads its wings in Brazil by acquiring a 51% stake in an agrochemical company with revenues of Rs 580 crore revenues. Investor reaction is mild.
