October 2008
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Telenor to buy into Unitech arm

Norway-headquartered global telecom major Telenor is close to buying a substantial stake in Unitech Wireless, the telecom arm of the realty major Unitech, for about $1.5 billion. In case the deal goes through, for Unitech it would be Telenor over Telecom Italia. On the other hand, for Telenor, this deal would mean preferring Unitech Wireless over Datacom Solutions, the telecom company jointly owned by Videocon and Vinay Maloo (formerly of HFCL group) which is fast losing its early-mover advantages because of disputes between the two shareholders, sources said. […]

Geojit Financial to form JV in Oman

Geojit Financial Services Ltd said on Monday its board has approved forming a joint venture in the Sultanate of Oman in which it would invest 32 million rupees. The JV, in which Geojit would have a 51 per cent stake, would be formed with The Financial Corp Co. SAOG, it said in a statement. The JV will offer brokerage services and distribute financial products, it added. Separately, Geojit said its consolidated net profit for the quarter to September declined 58.27 per cent to 52.2 million rupees, while revenue dipped 0.82 per cent to 506.1 million rupees. (ET) […]

PE investments fall at $3 Billion last three months

Private equity (PE) investments in India witnessed a decline for the last three months ended September though the number of deals has increased. A latest data from Venture Intelligence, a research service focused on the private equity and venture capital space, reveals during this period PEs invested about $3 billion in 116 Indian companies, which was lower compared to the same quarter last year when the investment reached at $4.2 billion being invested across 115 deals, but higher compared to the immediate previous quarter ($2.9 million across 80 deals). Simultaneously, there is a rapid increase in venture capital deals, which has a lower deal size compared to PE investments. Venture Intelligence finds that the VC investments have touched at $20 million and deals have gone up to 50 in the September-ended quarter. […]

Pyramid Saimira buys 24.9% investor stake at Rs 200/sh

The promoters of Pyramid Saimira have bought Ravichandran and Nirmal Kotecha's 24.9% stake at Rs 200 per share. Commenting on this stake buy, PS Saminathan, CMD, Pyramid Saimira said the promoters have bought the stake way above the current market price, as the current price is not a reflection of the company's worth. “Both Ravichandran and Nirmal Kotecha entered the company at Rs 10-15 per share. This was at an early stage in the evolution of the company. They have stayed with the company and have been good investors. So, it is a normal investment exit as they are making a profit.“ Post acquisition, Saminathan will hold 51% in the company. […]