Newbridge to buy 49% in Shriram for $100 mn

An EGM of the three truck finance firms has been convened on October 17 to consider the issue of equity shares to the holding company by way of preferential allotment, he said. The board also decided to tap the GDR market to raise $60 million ‘‘at an appropriate time’’ after merging the three truck finance firms into one. The merger would be completed by mid-November, said R. Sridhar, MD, Shriram Transport Finance.

The holding company would hold about 45 per cent stake in the merged entity Shriram Transport Finance. The public holding in the merged entity would be at around 30 per cent. Citicorp Finance (India), UTI Bank, RCL, FMO (Netherlands-based development FI) and Chryscapital would hold the remaining stake.

Matrix acquires 43 per cent in Swiss firm Explora

MUMBAI: Matrix Laboratories Ltd has acquired 43 per cent stake in Switzerland-based Explora Laboratories S.A, a technology platform company. The acquisition will help the company accelerate its entry into high potential growth and niche areas such as cortico steroid and anti-cancer segments, it informed BSE. ‘‘Our investment in Explora makes business sense as this company can add synergy to Matrix in the area of anti-cancer and steroids, the two therapeutic segments in which we are not present at the moment,’’ said Rajiv Malik, CEO, Matrix Labs. PTI