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The government has decided to sell 30 per cent stake held through Telecommunications Consultants of India Limited (TCIL) in Bharti Hexacom Ltd . Minister of State for Communications and IT Sachin Pilot today informed the Lok Sabha that the government has approved in principle sale of the entire 30 per cent stake of TCIL in Bharti Hexacom. The sale should be at the right time to obtain the best price, he added. Bharti Airtel holds 70 per cent and TCIL holds the remaining 30 per cent in Bharti Hexacom. […]
Abbott India Ltd., a listed subsidiary of drug maker Abbott Laboratories, and Solvay India Ltd. have jointly announced on Wednesday they will merge at a swap ratio of 2:3 where every shareholder of Abbott Laboratories will receive three shares of Solvay India for two shares they own. This merger follows a global acquisition of Belgian-based pharmaceutical company Solvay SA by Abbott in 2009 in a 4.8 billion euro global deal. Anuj Mithani, director-healthcare, UBS Ltd. said, “We have used a bottom-up analysis by looking at various parameters including valuation of like companies in the sector and Abbott’s future plans.” […]
It was literally a big-bang event for Mahindra & Mahindra in Seoul on Tuesday. M&M said it would pay $463 million (around Rs 2,100 crore) for a 70 per cent stake in SsangYong. Of this, $378 million would be in new stock and the balance $85 million in corporate bonds. After completing all the acquisition procedures and repayment of claims, the corporate rehabilitation process is likely to be finalised by March 2011. “The coming together of M&M and SsangYong will result in a global UV (utility vehicle) player. With its financial capability, M&M offers competence in sourcing and marketing while SsangYong has strong capabilities in technology,” Dr Pawan Goenka, President of M&M's Automotive and Farm Equipment Sectors, said in a release. […]
Valuemart Retail (India) (Valuemart) that Valuemart have acquired 573,950 equity shares of Residency Projects & Infratech representing 59.86% of the total paid up equity of the company from the existing promoters. The acquisition was done on Nov. 18, 2010 as an off market transaction vide share purchase agreement dated Nov. 18, 2010. The stock had underperformed the market over the past one month till Nov. 23, 2010, 0.00% compared with the Sensex`s 2.35% decline. It underperformed the market in past one quarter, 0.00% as against 6.97% rise in the Sensex. […]
Sonalika has joined the race to pick a stake in the sick public sector enterprise Scooters India (SIL). The company is in talks with the department of heavy industry which is scouting for a strategic partner for Scooters India following the recommendation of the Board for Reconstruction of Public Sector Enterprises (BRPSE). Sonalika Group chairman L D Mittal confirmed that he is negotiating with the government for purchasing a stake. “It is still at an initial stage, so I can't say how much we will pick up. But yes we are examining the options,” Mittal said. […]
Global private equity firms Bain Capital, Advent International and Apax Partners are in the race to buy stakes in Gitanjali Group's subsidiaries, the Economic Times paper reported on Friday, citing two people familiar with the matter. Mumbai-based Gitanjali is negotiating to raise around $100 million from the stake sales to cut debt, the report said. “The stake sale is part of a restructuring exercise within the group and could involve hiving off of one of the company's business units,” the report quoted one of the persons as saying. Gitanjali Gems, the flagship of the group sells jewellery under the Gili, Nakshatra, Asmi and D'Damas brands in India. Apart from diamond and jewellery, the group has presence in infrastructure and retail sectors. Mehul Choksi, chairman of the Gitanjali group, could not be immediately reached for a comment by Reuters. […]
Dabur India Ltd today acquired 100% equity in Namasté Laboratories LLC and its three subsidiary companies — Hair Rejuvenation & Revitalization Nigeria Limited, Healing Hair Laboratories International, LLC, and Urban Laboratories International, LLC along with its South African arm – for $100 million, in an all-cash deal. This marks Dabur’s entry into the fast-growing $1.5-billion ethnic hair care products market in U.S., Europe and Africa. “This acquisition is in line with our strategy to build a global presence in the international FMCG market,” Dabur India Ltd. Chairman Dr. Anand Burman said. “The Namasté Group has a complementary product mix that can be easily integrated with Dabur and will also serve as a gateway to the US market for our portfolio of consumer products. This transaction will also enhance our profitability, increase stakeholder value and substantially add to Dabur’s already strong presence in Africa, serving as one of the key pillars in strengthening our competitive position in the African continent.” […]
Acquiring the investment banking business of Enam Securities will bolster Axis Bank's equity underwriting business, where it is currently positioned at number 16. By getting the expertise of Enam, an old hand in Indian investment banking business, Axis Bank will make it to the top three of the investment banking league table. Enam is ranked third in the Bloomberg league tables for domestic equity offerings. It is behind Citi and Kotak Mahindra Capital. This year has been a record year in terms of fund-raising. Indian companies have raised over Rs 1 lakh crore through 140 deals topping Rs 78,200 crore raised in 2007. […]
Financial Technologies, a promoter of MCX-SX, has sold 4.4 lakh shares of its rival,the National Stock Exchange, for Rs 167.2 crore. The identity of the buyer is not known, as the company has not disclosed this information in its communication to both the BSE and the NSE. After the sale by the firm, which is promoted by Jignesh Shah, who is also the promoter of MCX, a commodity bourse, its stake in NSE has come down to 10,000 shares. In August 2007, Financial Technologies bought 4,50,000 NSE shares, or about one per cent of the stock exchange, from ICICI Bank for Rs 125 crore. The company has now made a profit of Rs 42.2 crore from the sale at Rs 3,800 per share […]
Sahara India Pariwar , the conglomerate run by Indian billionaire Subrata Roy, is all set to buy the landmark Grosvenor House hotel in central London, which was once home to the Duke of Westminster. According to the Sunday Times, Royal Bank of Scotland, which took control of the property in 2001 when it paid 1.2 billion pounds for 12 Le Meridien hotels as part of a sale- and-leaseback deal, has agreed to sell Grosvenor House Hotel to Subrata Roy for a knock-down price. The five-star hotel will be sold for about 470 million pounds, the report said. Sahara is believed to be taking advice from consultants DTZ and Blandford Goldsmith on the real estate deal. […]
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