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Indian media baron Kalanithi Maran has made an open offer to shareholders of SpiceJet Ltd. to raise his stake in the budget airline to a controlling 57.73%, manager to the offer Enam Securities Pvt. Ltd. said Monday. Mr. Maran–founder of Sun TV Network Ltd.–made the mandatory open offer for an up to 20% stake after agreeing to purchase 37.73% of SpiceJet, the nation's second-biggest low-fare airline by market share. Maran's Kal Airways Pvt. Ltd. Saturday agreed to buy the 37.73% stake, totaling 156.5 million shares, from SpiceJet founding firm Royal Holdings Services Ltd., affiliates of U.S. billionaire Wilbur L. Ross and India Asset Recovery Fund Ltd. at 47.25 rupees apiece for a total of 7.39 billion rupees ($158.2 million). Mr. Maran's Sun TV owns more than 20 television channels and 42 radio stations in south India. […]
Anil Ambani-led Reliance Communications (Rcom), which received market regulator SEBI approval to raise up to $1 billion via an initial public offering of its tower unit Reliance Infratel, may first go for a stake sale in its tower unit to improve the telecom firm's valuations, according to a Livemint report. The stake sale in the towers business would precede the proposed disinvestment of as much as 26% of Reliance Communication to strategic or private equity investors, the report quoted an unidentified person as saying. […]
The country's largest lender, State Bank of India, has bought back a nearly 13.84 per cent stake in its investment banking arm, SBI Capital Markets, from the Asian Development Bank for an undisclosed amount. The transaction makes SBI Caps a wholly-owned subsidiary of SBI. ADB, which bought the stake in 1997, decided to exit as it wanted to invest in “other development activities and ventures” in the country and felt that it has achieved its initial goal of “giving a fillip” to the local firm, SBI Caps Managing Director and CEO S Vishvanathan said. “ADB sold its stake to State Bank in March as it wanted to invest in other development activities. The deal has made SBI Cap as the wholly-owned subsidiary of State Bank,” Visvanathan told PTI here, but declined to divulge the valuation amount. […]
Petrochemicals-to-refining conglomerate Reliance Industries Ltd, which agreed to buy a telecoms company last week, will now make a foray into power sector, the Economic Times said. The largest listed Indian company, with a market value of about $73 billion and controlled by billionaire Mukesh Ambani, has identified power, telecommunications, financial services and pharmaceuticals for investments in the near future, the newspaper said. “The company will venture into power after telecom,” it quoted an unnamed person familiar with the discussions as saying.The newspaper said Ambani would unveil new plans at the company''s annual general meeting in Mumbai on June 18. Details of Reliance's entry into power will unravel by the month-end as bidding opens for the country's ultra-mega power projects, it said. The paper said a Reliance Industries representative declined comment. […]
Delhi-based kidswear brand Gini & Jony is planning to spread its wings by opening more stores in India. It plans to raise up to Rs 150 crore through a private equity investor for the expansion. The kidswear firm is geared up to launch almost 100 stores to tap the targeted consumers. Currently, the company has 235 exclusive stores in the country. The core attraction for the financial investors in taking the stake in the apparel firm would be 17-18 per cent profit margin. The market for the kids’ garment is calculated to be around Rs 21,000 cr. The company also has plans to raise the funds through public issue of shares in the coming 18-24 months. The company recorded revenue of Rs 280 crore in the last fiscal. […]
Mukesh Ambani-led RIL entered the telecom arena, hitherto forbidden to it, with a bang, announcing a Rs 4,800 crore acquisition of Infotel that only hours earlier emerged as the sole winner of pan-India broadband spectrum. The acquisition of 95 per cent stake, through fresh equity infusion, values Mahendra Nahata group's Infotel at over Rs 5,000 crore, follows a truce arrived at between Mukesh and his younger brother Anil on May 23 wherein the warring brothers scrapped a non-compete agreement to allow each other's business flexibility. As a result of the acquisition, it would be imperative on part of cash-rich RIL to pay the government Rs 12,872 crore within this month for pan-India spectrum won by Infotel, but no official comment was made on this aspect. […]
The auto component maker Ashok Minda Group has recently roped in the PE group Dynamic Oribts and has pumped fresh Rs 125 crore into the business to fulfil the expansion plans of the company. Dynamic Orbits Managing Director B. L. Bajaj said that the PE group is working on plans to raise close to Rs. 100 to 125 crore for the business as it will be used for the expansion plans and acquisition by the company. In fact, the company also said in a statement today that the Rs 1,800-crore group is aiming for expansion plans and acquisitions to keep up with the rising demand of OEMs in the country. […]
Diversified business conglomerate Essar Group Sunday said it will acquire Avaya's 59.13 percent stake in converged communication solution provider AGC Networks for Rs.206.19 crore ($44.5 million). 'The Essar Group will acquire Avaya's entire 59.13 percent stake in BSE/NSE-listed AGC Networks for USD equivalent of Rs.206.19 crore, or Rs.245 a share, subject to customary Indian regulatory requirements and completion of the open offer,' it said in a statement. The acquisition will help catapult Aegis, in which Essar Services Holdings Ltd (ESHL) invests, into top-tier of solution integrators (SI) space. […]
Rabobank is said to be planning of selling its stake in Indian private sector bank, Yes Bank. It currently has 15.9 per cent stake in it. Rabobank, which is Netherlands based, is planning for the exit strategy since it wants to open its own branch in the country. Till now, it was hoping to grab a piece of the Indian banking sector through the partnership but has since felt that it is not getting enough out of the partnership. Because of this, the 110 year old bank which is also into the business of dealing with agriculture, decided to go solo. Also, the Indian regulations say that for a foreign entity to open its branch in India it needs to have some stake in domestic bank. […]
controlling stake in Over-The-Counter Exchange of India (OTCEI) from some of the exchange’s existing institutional investors, according to officials close to the development. The officials said that R-ADAG put in a bid of Rs 90 crore and that there was close competition between MCX-SX and ADAG for acquiring control of the exchange. However, when contacted an ADAG group official declined to comment. Apart from the two, the BK Modi group had also expressed interest in buying an equity stake in the Mumbai-based exchange that was incorporated in 1991, three years before NSE was established. The rules on ownership of stock exchanges restrict a single investor’s shareholding at 5%. According to officials, the entity acquiring a controlling stake in OTCEI will have to approach market regulator Sebi for greater clarity on this issue. […]
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