February 2009
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Cos approaching PE funds for FCCB buyback

Companies seeking to take the buyback route for FCCBs (foreign currency convertible bonds) amid sharp fall in the bond prices are approaching private equity investors to fund buy, an investment banker said. The Reserve Bank had recently relaxed norms for companies opting for buyback of FCCBs. Over a dozen listed Indian entities have already approached the RBI for approving the buyback and many more are finalising their plans. Jefferies India, a subsidiary of the US-based Jefferies Group, Managing Director and Country Head Sidharth Punshi said that over 200 companies have raised $20 billion in FCCBs over the last few years. After the recent meltdown, majority of the FCCBs have been trading at a discount of 30-70 per cent to the issue price, he said. [...]

DLF to raise up to Rs25 bn from PE investment

DLF Ltd, India’s top listed real estate firm, hopes to raise Rs20-25 billion ($408-510 million) from private equity (PE) investment in its property trust in the March quarter, its vice chairman Rajiv Singh said on Monday. Rajiv Singh said property prices could fall by up to 15% in the next three months. New Delhi-based DLF on Saturday reported a 69% fall in quarterly profit to Rs6.71 billion ($137 million), while its revenue fell by 59%.(Livemint) [...]

Helion Venture to invest Rs 20 cr in GETIT Info

Helion Venture Partners on Monday announced an investment of Rs 20 crore in GETIT Infoservices (P) Ltd, producer of yellow pages and directories in India. Helion Advisors Director, Rahul Chandra said the investment would be directed towards expanding GETIT's service offerings across multi-access channels. As a result of this investment, Chandra would join the Board of GETIT. [...]

Kamat Hotels approves 60% stake divestment

Kamat Hotels India today said it has decided to divest its 60 per cent stake in the subsidiary, Concept Hospitality Ltd to other group of shareholders. The company in a filing to the Bombay Stock Exchange said that the board at its meeting held on February 1, decided to divest its stake in its subsidiary. Further, the company has authorised the Executive Chairman and Managing Director to do all necessary acts, deeds and to sign necessary documents in this regard, the filing added.(Business Standard) [...]

Spice buys Cellucom`s Indian arm in share-swap deal: report

According to the share-swap deal, Cellucom will take 26% stake in Spice Group’s mobile retail venture HotSpot while Spice Corp will buy 100% shares in Cellucom. Spice Group has reportedly bought 100% stake in the Indian arm of Cellucom, a Dubai-based mobile retail chain. According to the share-swap deal, Cellucom will take 26% stake in Spice Group’s mobile retail venture HotSpot while Spice Corp will buy 100% shares in Cellucom. [...]