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US-based hedge fund Galleon has sold its entire holdings in leading investment banking and broking firm Edelweiss Capital through the open market route on Friday. The fund sold its 7% stake for Rs 256 crore through two bulk deals transacted on the Bombay Stock Exchange (BSE) on the day. Galleon’s exit from the financial services company is part of winding down of its funds, after its founder Raj Rajaratnam and five others have been charged with insider trading in the stocks of companies, including Google and Hilton Hotels. The hedge fund sold a total of 52.7 lakh shares which were bought by three entities — Privatebank IHAG Zurich, Reliance Mutual Fund and Edelweiss’ Employee Welfare Trust. The Edelweiss share price rose 0.9% to Rs 485.3 on Friday, while the deals were transacted at Rs 485. […]
GVK Airport Developers Pvt Ltd, a wholly owned subsidiary of GVK Power and Infrastructure Ltd, is in the process of acquiring the 17% stake of Larsen & Toubro (L&T) in Bengaluru International Airport Ltd (Bial). GVK Airport Developers had earlier this month acquired Zurich Airport’s 12% stake in Bial. The GVK group, which is looking for a larger role in India’s airport business, holds nearly 37% stake in Mumbai International Airport Limited (Mial)—the consortium that runs the Chhatrapati Shivaji International Airport. There were unconfirmed media reports earlier this month that the group was in talks for acquiring 13.5% more stake in Mial, from its South African consortium partner, Bidvest group. […]
Japanese firms NTT Group and Fujitsu Corp and L&T Infotech, subsidiary of engineering major L&T, are believed to be in a stiff contest to acquire investment firm General Atlantic's 18% stake in Patni Computer. “The Japanese firms are getting aggressive for this deal,” a source close to the development told DNA. L&T Infotech, which earlier fought a stiff bidding war for Satyam, is reportedly looking at investing $150-200 million for acquisition of firms.General Atlantic will open bids for selling its 18% stake in Patni Computer Systems in two weeks, CNBC-TV18 reported on Friday. Five bidders have offered to acquire its stake for $200-220 million, it said. The agency that represents General Atlantic in India refused to comment, saying it does not speak on future investments. […]
India Power Corp Ltd (IPCL), a consortium promoted by Srei Infrastructure Finance and Bhaskar Silicon Pvt Ltd, has bought 57.17% stake in Andrew Yule group firm Dishergarh Power Supply Company (DPSC) for Rs 172 crore. “IPCL emerged as the highest bidder by quoting Rs 710 a share,” Kallol Dutta, chairman and managing director, Andrew Yule said. DPSC unit Descon emerged as the second-highest bidder, Dutta said, with CESC Ltd coming in third. Of the 57% on sale in DPSC, Andrew Yule held around 15% while the rest was held by Life Insurance Corporation (30.61%) and United India Assurance (11.36%). “Out of the Rs 172 crore mopped up through the stake sale, around Rs 40 crore comes into Andrew Yule's kitty,” Datta said. […]
Scripps Networks picks up 69%, to launch more channels. US-based media company Scripps Networks Interactive has acquired a 69 per cent stake in NDTV Group’s programming subsidiary, NDTV Lifestyle. The latter operates NDTV Good Times, a lifestyle channel. The deal is for $55 million (around Rs 260 crore) and is expected to be completed by the end of the first quarter of 2010. NDTV Group would retain a 31 per cent stake in the joint venture, a company statement said. This comes within a fortnight of Scripps Network picking up a majority stake in Travel Channel, the leading international lifestyle television property, for over $1 billion. […]
Global private equity and real estate funds are looking to check into mid-market hotels with occupancy and room rates in major markets picking up in recent months. A slew of funds including Duet, Starwood Capital, Pacifica, Sun Apollo, Xander and Och-Ziff have renewed discussions with hospitality companies such as Red Fox and Lemon Tree; Roots Corporation, a wholly-owned subsidiary of The Indian Hotels Company that promotes its budget brand Ginger; and Berggruen Hotels, promoters of Keys, industry officials said. Industry watchers say hotel projects and low-income group housing projects are areas where many international asset class funds are looking to invest. […]
Will raise Rs 1,729 crore through sale in Belgian arm to reduce debt burden. Suzlon Energy today sold a 35.22 per cent stake in Hansen Transmission, its Belgium-based subsidiary, through a secondary placement of depository interest for $370 million (Rs 1,729 crore), as part of its efforts to retire mounting debt. AE-Rotor Holding BV (AERH), a wholly-owned indirect subsidiary of Suzlon Energy, which bought Hansen three years earlier, has completed a secondary placement of about 236 million of depository interest at 95 pence each, Suzlon said in a statement. With the sale, Suzlon’s holding in Hansen has declined to 26.06 per cent from over 61 per cent. The sale would not result in changes in the composition of the board in Hansen. […]
Petronet LNG Ltd is keen to acquire up to 10 per cent stake in ONGC Petro-additions Ltd which is setting up a cracker complex in Gujarat. Mr A K Balyan director (Human Resources and Business Development) of ONGC told reporters that “Petronet LNG has shown interest to acquire up to 10% stake in OPaL. The board will take a decision on the matter.” He said that the company is also looking to hit the capital market in the next year but has yet to decide on the amount of stake to be made public. […]
The Ruias’ Essar Group is to acquire a 51 per cent stake in the telecom operations of the Dhabi Group, an investment company led by Abu Dhabi’s royal family, in Uganda and Congo for around $150 million (Rs 692 crore). In Dhabi’s Warid Telecom Uganda and Warid Telecom Congo, Essar Telecom will invest for the growth capital that will help to enhance network and improve marketing. Upon completion of the investments, Essar will acquire a majority stake in both the assets, said the company in a statement. The agreements were signed by Sheikh Nahyan Mabarak al Nahyan, chairman of the Dhabi Group, and Prashant Ruia, Group Chief Executive of Essar in Abu Dhabi today. […]
UltraTech Cement, a unit of Indian conglomerate Aditya Birla Group, is absorbing sister unit Samruddhi Cement, to form the country's biggest cement firm, both companies said. The move, flagged in October, was approved by the boards of both companies on Sunday. The combined entity will be better placed to take on Swiss firm Holcim, which controls about a fifth of India's 200-million tonne cement market through ACC and Ambuja Cements. “The merger will achieve the group's objective of consolidating its cement business into a single entity, thereby creating a platform that will help in pursuing aggressive growth going forward,” Kumar Mangalam Birla, chairman of Aditya Birla Group, said in a statement on Sunday. […]
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