Ambit RSM merges tax practice with PriceWaterhouseCoopers

Indian accounting firm Ambit RSM Private Limited and global accounting major PriceWaterhouseCoopers (PwC) are merging to form India’s largest accounting firm with a total staff strength of around 4000 people. The deal size has not been disclosed. RSM Advisory Services Private Limited, the taxation advisory arm of Ambit RSM Private Limited, would merge with PwC’s tax practice effective April 1; the combined operations would be under the common brand of PwC. RSM managing partner Ashok Wadhwa will not join the combined firm and will continue to manage the Ambit group of businesses. The Ambit Group comprises of Ambit Corporate Finance, Ambit Capital and the new joint ventures of Ambit with TV18 and Centurion Bank of Punjab for online broking and with Nikko Asset Management for asset management business in India. Current revenues of PwC are at about Rs. 650 crores and would scale up to Rs. 800-900 crores post-merger. RSM has some large clients such as General Electric, Wal-Mart, Microsoft, Sony, British Airways, Bayer Group, Visa, Dell Computer, and in India companies from the Tata Group.

Read the article in The Economic Times.
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Ambit RSM up for sale; may tie with UK-based accounting firm BDO International

Cinemax India Limited IPO priced at Rs. 135 to Rs. 155

One of India’s leading theatre chains, Cinemax India Limited, is coming out with an Initial Public Offering (IPO) with an issue of 8.92 mn shares of Rs. 10 each at a price band of Rs. 135 – Rs. 155 per share. The issue comprises a fresh issue of 7 mn shares and an offer for sale of 1.92 mn shares by existing shareholders. The net issue will constitute 31.86% of the fully diluted equity share capital of Cinemax India Limited.

The capital raised from the issue will be deployed to set up several theatres in various locations across India. As a part of their expansion plans, over the next two years, they propose to set up 19 theatres at identified key locations in which a total seating capacity of approximately 15,864 seats will be created.

Enam Financial Consultants Private Limited, JM Morgan Stanley Private Limited, Edelweiss Capital Limited and Ambit Corporate Finance Private Limited are the Book Running Lead Managers to the IPO. The shares will be listed on The Bombay Stock Exchange and The National Stock Exchange of India.

Read the press release here.