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Bharti-MTN deal stretch gets longer

A deal between Bharti Airtel and South Africa’s MTN to create a transcontinental mobile behemoth may miss the stipulated deadline even as a team of officials from the Indian company travels to Johannesburg next week to try and crystallise financial terms that could include a sweetened offer. All efforts are on to seal the $24-billion deal by the last week of this month, but it may take a few days more as the two sides attempt to satisfy South African regulatory queries, mainly related to the management structure, two people with knowledge of the situation said. [...]

PE invite into housing sector in the works

The government is preparing guidelines for the participation of private equity (PE) funds in housing sector under the Rajiv Gandhi Awaas Yojana, minister of state for urban development Saugata Roy said. The scheme aims to make a slum-free India in five years with construction of over 10 lakh houses. “The ministry, in consultation with the Planning Commission, is currently processing guidelines to ensure PE’s participation in the Yojana,” he said at a national conclave on private equity in infrastructure organized by Assocham. The government wants to harness private funds to provide affordable housing to millions of households under the scheme, he added. [...]

Avesthagen plans pre-IPO of USD 50 Mn from PE investors, IPO Next year

Biotechnology company Avesthagen Ltd plans to raise Rs 850-950 crore next year, and this includes a revived public issue plan and overseas funds. Of this, the company would raise Rs 600-700 crore from an initial offer in the first half of 2010. “[Funding] is going to be on two channels. In addition, we are also looking at raising a PE/pre- IPO overseas fund of $50 million [around Rs 250 crore], perhaps early next year, and have appointed US investment bankers to look into it,” Dr Villoo Morawala-Patell, Founder and Chairman and Managing Director of Avesthagen, told Business Line.Dr Patell said she would retain the promoter stake of 32 per cent. Of the ten-odd investors, private equities hold 28 per cent. They include ICICI Ventures, Fidelity and New York Life Investment Management India Fund. [...]

Siva Group to sell 6.3% stake in S Tel to Batelco

NRI investor C Sivasankaran has decided sell a 6.3% stake in the Chennai-based S Tel to the Bahrain-based Bahrain Telecommunications (Batelco). The deal size is valued at Rs 125 crore, considering that Batelco Millennium India (BMIC), a Batelco-controlled company incorporated in Mauritius, had earlier acquired a 42.7% stake in S Tel for Rs 875 crore, valuing the company over Rs 2,000 crore then. However, Batelco may have had to pay a premium for acquiring this additional 6.3% stake in S Tel. [...]