Gulf Oil to raise $100mn from overseas
Hyderabad: The shareholders of Gulf Oil Corporation Ltd at the annual general meeting on Wednesday have approved the proposal to raise funds of $100 million by issue of global depository receipts (GDR) or American depository receipts (ADR) or foreign currency convertible bonds (FCCB). The company has informed the stock exchanges that the members have also approved the appointment of Deloitte Haskins & Sells as auditors and M.S. Ramachandran as director.
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Indian private equity market estimated at $7bn in 2010: study
New Delhi: India's private equity market, which attracted $2.2 billion of investment capital last year, will reach at least $7 billion in 2010, the US-based global business consulting firm Bain & Company said in its study `India Private Equity Outlook'. Private equity investment stood at about $3.5 billion in the first half of the current year. The study found that two major economic forces driving the size of the Indian private equity market are a growing consumer class in the country and increasingly differentiated skill-sets. However, PE investments in the country through 2010 are expected to remain focussed on traditionally smaller growth-capital investments.

The study said that transformational mega-deal buyouts, similar to those in the US and other developed markets, are far more difficult to execute here given official limits on access to foreign leverage and the reluctance of family-controlled businesses to cede control. However, recent signs of a change in attitude could signal the emergence of a nascent buyouts market, the report added.
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