Indiabulls Housing Finance buys back Amaprop’s 42.5 percent stake in subsidiary for $42.5 mln
19, said a market source on Monday. JP Morgan is the lead manager on the sale. Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters.
Amaprop, a US-based private equity firm, had invested in Indiabulls Finance, a non-banking finance company, in 2005 for around Rs 130 crore. This means it will encash around 2x in Indian currency in its eight-year old investment though on repatriation its returns would translate into 41 per cent gains in US dollar terms. With the buyback, Indiabulls Finance has become a wholly owned arm of Indiabulls Housing Finance, one of the largest private housing finance firms in the country. Indiabulls Housing Finance has a loan book of Rs 37,000 crore (having grown at a CAGR of 26 per cent in the last five years).
FMC Corporation Announces New Finance Leadership
12, 2013 /PRNewswire/ — FMC Corporation FMC today announced that Chuck Thomas has been elected vice president of Finance. The company also has named Nicholas Pfeiffer corporate controller. He will assume the position from Graham Wood, who will retire from FMC on October 1, 2013. Thomas brings 30 years of FMC finance experience to his new role, having most recently served as the Agricultural Solutions group controller. As vice president of Finance, he will have executive responsibility for financial planning and analysis, budgeting, external reporting, internal controls and compliance. Thomas will report to Paul Graves, executive vice president and chief financial officer. “Chuck is an exceptional leader with deep business experience, financial acumen and broad knowledge of our company,” said Graves. “For more than a decade, he has been part of the management team that transformed FMC Agricultural Solutions into one of the industry’s most profitable and fastest growing providers of crop protection products. I look forward to working with Chuck as we continue to transform FMC Finance into an organization that can support the company’s rapid growth.” Pfeiffer is a seasoned finance leader with nearly 20 years of experience in a variety of corporate accounting, controls and SEC regulatory roles. He has led FMC’s external reporting group since 2004, and most recently served as assistant corporate controller. Pfeiffer, who previously held accounting positions at Comcast Corporation, Safeguard Scientifics and KPMG, will report to Thomas. “Nick is uniquely qualified to assume the role of corporate controller,” Graves said. “He brings a high degree of discipline, integrity, and experience to this critical position, and has worked for nearly a decade under an exceptional mentor in Graham Wood. The transition of chief accounting officer responsibilities to Nick will be transparent.” Graves praised Wood’s 30 years of leadership and contributions to FMC. “Graham has been a remarkable executive, and a unique finance leader whose expertise is as deep as it is broad,” said Graves. “He has held nearly every major role in FMC Finance at many locations around the world, but Graham’s most significant mark on the company is his leadership and steady guidance when FMC split off its machinery business in 2001. He’s credited with building a new Corporate Controllers group following the split, and introduced new governance protocols and processes that have benefited the company to this day. We wish him continued good health and happiness in his retirement.” About FMC Corporation FMC Corporation is a diversified chemical company serving agricultural, industrial, environmental, and consumer markets globally for more than a century with innovative solutions, applications and quality products. In 2012, FMC had annual sales of approximately $3.7 billion. The company employs approximately 5,700 people throughout the world, and operates its businesses in four segments: FMC Agricultural Solutions, FMC Health and Nutrition, FMC Minerals and FMC Peroxygens. For more information, visit http://www.FMC.com .