November 2009
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Apollo to take 11% in Dish TV via GDR

US-based Apollo Management will take a 11 per cent stake in the expanded equity of Dish TV, making its first media investment in India. Apollo will pump in $100 million to subscribe to Dish TV's GDR (Global Depositary Receipt) issue. Dish TV has priced its GDR at Rs 39.80 per share of Re 1 each. was the first to report that Dish TV would be going in for a GDR issue as it plans to raise up to $200 million to fund its expansion programme. […]

RIL's bid for LyondellBasell would be over $12 billion

The proposed acquisition of LyondellBasell by Reliance, if it goes through, will be a winning bet for RIL as the company has enough cash reserves to fund the deal, which in turn will further boost its core businesses, say experts. Analysts of leading global investment banks like Credit Suisse, Goldman Sachs, CLSA and Citi have said the RIL-LyondellBasell deal would be value accretive for the Indian petrochem giant, besides the deal comes at a time when valuations are still low following the global economic slump. Credit Suisse in a research report said: “While it is still early days, such an acquisition is one way of using RIL's large cash, and increase earnings visibility beyond the ramp up of KG D6.” […]

GVFL picks up stake in iNurture

Venture capital company, GVFL has announced an investment of Rs 11 crore in Bangalore-based iNurture Education Solutions Limited. Based out of Ahmedabad, the erstwhile Gujarat Venture Finance Limited made its sixth investment from the Rs 450-crore SME Technology Fund. Talking about the investment, Mihir Joshi, managing director of GVFL said, “What triggered the Rs 11 crore investment in iNurture was India's education sector and its potential. The sector offers assured demand growth, recession proof nature, and negative working capital. Today's growing economy expects students to be market ready. Government's recent policy directions and openness to adapt to this need allows players like iNurture to play a formidable role in this sector.” […]

DoT nod for Russian govt's 20% stake in Sistema Shyam

The Department of Telecom has 'no objection' to the Russian government picking up 20 per cent stake in telecom service provider Sistema-Shyam for a little over $676 million (Rs 3200 crore). “SSTL (Sistema-Shyam Telecom Ltd) is permitted to bring in foreign equity by issue of fresh shares as per the Lock-In principles of the DoT,'' the department said, responding to a Foreign Investment Promotion Board (FIPB) query where the proposal has bee n pending. A DoT note to the FIPB said SSTL has sought approval for FDI up to 20 per cent by the Federal Agency for State Property of Russian Federation into the company by subscription of up to 66.27 crore fresh equity shares of nominal value of Rs 10 a share at t he rate of Rs 49.31 per share approximately for an investment of up to USD 676 million dollar. […]

PNB, Union and Axis buy stake in Experian Credit

Experian is the second credit bureau in the country to confirm conditions after Credit Information Bureau of India. Seven financial institutions, including Punjab National Bank (PNB), Union Bank of India and Axis Bank have picked up stake in the newly-formed credit bureau, Experian Credit Information Company of India. Experian is the second credit bureau to confirm conditions after Credit Information Bureau (India) (CIBIL), which is the only functional credit bureau at present. Experian said it would now apply to the Reserve Bank of India (RBI) for a final license and commence operations within six months of receiving it. […]