June 2010
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BSE in control of CDSL, buys 16% more

The Bombay Stock Exchange (BSE) has acquired the controlling stake in Central Depository Services Ltd (CDSL) by purchasing 16 per cent more from three banks, people with direct knowledge of the deal said. Asia’s oldest stock exchange has bought a 7.5 per cent stake from HDFBA, 4.5 per cent from Bank of Baroda (BoB) and 4 per cent stake from Bank of India(BoI), taking its holding in the depository to 54.5 per cent, these people said. The deal was struck at Rs 50-55 per share, valuing CDSL at Rs 522-575 crore. […]

Saudi Binladin Group makes 20% open offer for Maytas Infra

SBG Projects Investments, a part of Saudi Arabia-based Saudi Binladin Group (SBG), today made an open offer to acquire an additional 20 per cent stake in Maytas Infra at a price of Rs 195.72 per share. SBG Projects has made an open offer to acquire 1,54,23,236 shares, representing 20 per cent stake in the infrastructure company, at Rs 195.72 per share, Maytas Infra, initially promoted by the kins of disgraced Ramalinga Raju of Satyam, said in a public announcement. The offer price is at a 7.32 per cent discount from Friday's closing price of Rs 211.20 on BSE. On June 19, Mauritius-based SBG Projects Investments had acquired 20 per cent, or 1,54,59,133 equity shares, in Maytas Infra, from the present promoter IL&FS at Rs 195.30 per share leading to an investment of around Rs 300 crore. […]

Reliance Communications to sell Infratel stake to GTL, private equity firm

The Reliance Anil Dhirubhai Ambani Group plans to reduce its stake in its telecom tower business, Reliance Infratel Ltd., to 20%-25% from 95%, through sales of stakes to GTL Infrastructure Ltd. and a private equity investor, livemint.com reported Monday, citing two bankers familiar with the plan. The transactions will combine cash and stock, the website reported the bankers as saying, on condition of anonymity. The sale will take place in three stages: 54,000 telecom towers operated by Reliance Infratel and 32,000 GTL Infrastructure towers will be hived off into a special purpose vehicle; the SPV will then sell a stake to a private equity investor; the SPV will then issue shares to Reliance Communications Ltd. and GTL Infrastructure shareholders, and subsequently seek a stock market listing, the website reported one of the bankers as saying. […]

RIL plans to buy 26% stake in PSL

Reliance Industries, or RIL, is planning to buy a 26% stake in India-based Pipavav Shipyard, or PSL, reported The Economic Times. SKIL Infrastructure Group is the promoter of PSL, and holds a 39.5% stake in the company. In March 2010, the group had bought a 19.6% stake from Punj Lloyd, the other major shareholder, through a negotiated deal at INR49.8 per share. Subsequently, it gave an open offer to public for 20% which received weak response. The non-promoter shareholding in PSL is 60.44%, out of which 43% is owned by domestic and foreign institutional investors. Major investors include Trinity Capital which owns 6.89%, New York Life Investment Management India Fund II which owns 4%, Citadel which owns 3.45%, and IL&FS which owns 5.35%. […]