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Mergers & Acquisitions | 2 February 2012

Miglani Group Acquires 24.5% Stake In Lloyds Steel For R190Cr

by Irfan Khan
 
@irfan
Miglani family, co-owners of Uttam Galva Steel is acquiring 24.5% stake in Lloyds Steel for R190Cr. The shares were bought through it's two group entities - @Ultimate_Logistics Pvt Ltd and @Siddharth_Holdings Pvt. Ltd.

Both the entities are owned by Ankit Miglani.

Lloyds Steel is also issuing 4,92,61,802 equity shares to SBI against part conversion of it's existing loan.

According to DNA, Lloyds currently requires close to R600Cr of working capital to run its steel plant and its cash flows cannot complement its need. The whole exercise of issuing equity shares will help the company raise close to R227Cr.

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Aanjaneya Lifecare Acquires Apex Drugs & Intermediates For R250Cr

Aanjaneya Lifecare has acquired Hyderabad based API manufacturer - Apex Drugs & Intermediates. The acquisition was valued at R250Cr, with debt of R185Cr and equity dilution of R65Cr.

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FreeCharge Secures Series B Funding

Freecharge, an online platform for recharge, utility payments, promotions and couponing, has raised $33 Mn (c.INR 2,000 Mn) from existing investor Sequoia Capital India along with new investors Belgium-based investment firm Sofina and Russian Internet and technology investor ru-Net. The Series B infusion will be taken to build up its transactional advertising offerings.

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