New BoM plan

Mumbai, June 9: Bank of Maharashtra (BoM) is planning to enter the non-life insurance business by picking up a 15 per cent stake in the proposed non-life venture of Chennai-based Shriram Group and South Africa’s Sanlam for Rs 15 crore. The Shriram-Sanlam combine’s proposed joint venture is awaiting the Insurance Regulatory and Development Authority’s approval.

Vishal Retail

Ahmedabad, June 9: Vishal Retail hopes to raise Rs 110 crore through an initial public offering to fund its expansion plans. The issue will be made through 100 per cent book building. At least 60 per cent of the net issue will be allotted on a proportionate basis to qualified institutional buyers, company officials said today.

Essar Global

Mumbai, June 9: Essar Global has received the Canadian government’s approval to acquire Algoma Steel for 1.85 billion canadian dollars (Rs 7,097.94 crore). The company has obtained the approval through its wholly owned subsidiary Essar Steel Holdings under the Investment Canada Act.