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NRI investor C Sivasankaran has decided sell a 6.3% stake in the Chennai-based S Tel to the Bahrain-based Bahrain Telecommunications (Batelco). The deal size is valued at Rs 125 crore, considering that Batelco Millennium India (BMIC), a Batelco-controlled company incorporated in Mauritius, had earlier acquired a 42.7% stake in S Tel for Rs 875 crore, valuing the company over Rs 2,000 crore then. However, Batelco may have had to pay a premium for acquiring this additional 6.3% stake in S Tel. […]
Zain shareholders have agreed to sell a 46% stake in the company to various other investors, although very few details have been confirmed at this time. In a statement to the Kuwait Stock Exchange, National Investments said that it would sell its 10.86 percent stake in Zain for a price of 2 dinars ($6.97) a share, and will lead a group of other shareholders in selling their stakes. It has been reported that a group led by the little known, privately held Vavasi Group and Malaysian billionaire Syed Mokhtar Al-Bukhary may buy the take, valued at US$13.7 billion. The Indian-Malaysian group signed a “transaction agreement” yesterday – and it is reported that India's state controlled BSNL and MTNL will also join the consortium, although that has not been confirmed yet. […]
The Times of India Group is likely to acquire a 10 per cent stake in film production and distribution company K Sera Sera Productions. The Times Group, which is a part of Bennett Coleman & Co. Ltd, has shown interest and in-principle agreed to subscribe the warrants of the company. K Sera Sera board of directors will be meeting on 7 September to consider the issue of convertible warrants to The Times Group up to 10 per cent of the capital of the company. […]
Salon chain Naturals’ is looking for a Rs 100-crore PE infusion to go national. The amount will be raised in two tranches of Rs 50 crore each, for a 25-30% stake in the company. It is gleaned from sources that Aditya Birla Group’s private equity arm Aditya Birla Private Equity Fund, Peepul Capital and TVS Capital are in the fray. Confirming that all the three funds had approached the company, the 40-outlet chain Naturals promoter CK Kumaravel said it has appointed Veda Corporate Advisors to finalise the transaction. “The private equity partner would be decided upon by the month-end and the deal inked by December,” he told ET. […]
Mumbai-based Time Technoplast has notified that it has entered into an agreement to acquire majority stake in Kompozit-Praha, Czech Republic, for $5.20 million. The company signed a memorandum of understanding (MoU) with Kompozit-Praha, a composite cylinder manufacturing company, to acquire 70 per cent stake in latter. […]
The financial services unit of Larsen & Toubro Ltd is in talks to buy Cholamandalam DBS Finance's domestic mutual fund operation, two sources familiar with the matter said. “We are working on their behalf,” one source said, referring to L&T Finance, a wholly owned unit of L&T. “We can't share details at the moment. Let's wait for the transaction.” Officials at Cholamandalam DBS, a joint venture between India's Murugappa Group and Singapore's DBS Bank that run DBS Cholamandalam Asset Management, could not be immediately reached for comment. Another source said Edelweiss Capital was the advisor for the asset manager. […]
ArcelorMittal on Friday said that it plans to launch a tender offer today for the acquisition of 29.4% shares in Uttam Galva Steels Limited , an Indian producer of cold rolled steel, galvanized products and colour coated coils & sheets. For the year ended 31 Match 2009 Uttam Galva had a turnover of USD890m and net profit after tax of USD21m. The tender offer is priced at INR120 per share, which reportedly represents a 27% premium over the two weeks volume weighted average and of 85% over the six month volume weighted average. The spurt in the shares may make the offer unattractive to individual shareholders, Uttam Galva Director Ankit Miglani said. The Miglani family will sell more shares to ArcelorMittal should the offer be unsuccessful, he said in a phone interview today. […]
Infrastructure Leasing and Financial Services (IL&FS) said it will not be picking up a stake in Amalgamated Plantations Private Limited (APPL), a company created in 2007 to hive off its 24 North Indian tea plantations, leaving Tata Tea with close to 50 per cent in a business in which it wanted to reduce exposure. Hari Sankaran, managing director, IL&FS said, “After the markets went topsy-turvy, we decided not to make any new investment till the markets return to stability.” According to the original plan, IL&FS and International Finance Corporation (IFC) were supposed to buy 20 per cent each in APPL and Tata Tea was supposed to hold 20 per cent, depending on worker participation. […]
Maytas Properties, a closely held realty firm run by Rama Raju, younger son of the defamed founder of Satyam Computers B Ramalinga Raju, may rope in a strategic investor or a collaborator to stay afloat. Rama Raju, who has been charged of defrauding customers, is understood to be scouting for a strategic investor who may find the firm’s land bank attractive. The company could be valued at around Rs 3,500 crore, according to analysts. […]
Infrastructure Leasing & Finance (IL&FS) has been handed control of rival Maytas Infra amid cancelled contracts and deep financial distress at a company which was once overseen by the son of the dis-graced founder of the erstwhile Satyam Computer Services. The government will wind down its role in Maytas Infra after having run it for about six months, a period when it failed to effectively arrest the cancellation of contracts that the company had won before the Satyam financial scandal erupted in January. […]
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