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Real estate major Sobha Developers is in talks with private equity players such as JP Morgan, Actis and IL&FS for selling stakes in some of its projects to raise much-needed fund for the development. The Bangalore-based firm is also planning a qualified institutional placement (QIP) to reduce debt burden by almost Rs 800 crore this fiscal, said sources. The capital raised through QIP is aimed at paying off its debt while roping in financial investors at special purpose vehicle (SPV) level is about kick-starting certain projects with near-term development horizon. Sobha Developers carries a debt of Rs 1,850 crore and the promoters, who hold a 87% stake, may be open to diluting their holding by 26% to raise cash. Sobha is looking to raise up to Rs 1,500 crore via the QIP route in the coming weeks. The exact quantum of the mop-up would be announced soon. […]
Indian state-run power generator NTPC said on Monday it was buying a 44.6 percent stake in Transformers and Electricals Kerala Ltd from the Kerala state government. The country's largest power producer said the stake was valued at 313.4 million rupees ($6.4 million), although the final price was subject to valuation of assets as at end March 2009. Transformers and Electricals Kerala makes and repairs heavy duty transformers. (Forbes) […]
LIC will divest its stake in UTI Asset Management Company (UTI AMC) along with other shareholders in the company. “UTI AMC has decided to rope in a strategic partner. The deal is yet to be frozen, and has not come to a critical stage. But all the four partners will take the same decision. We will be acting in unison. We will offload stake in equal proportion,” said Vijayan. […]
Prominent investor C Sivasankaran has re-entered the fledgling Indian telecom industry by acquiring a 51% stake in Chennai-based telecom firm S Tel, three-and-a-half years after it pulled out of Aircel. The deal size is estimated to be around Rs 1,150 crore, said a person close to the development. Sivasankaran’s investment arm Sterling Infotech Group (SIG) has bought the stake in S Tel, that has licences to operate in several northern and eastern states, from two private equity firms — Skycity Foundations and Telecom Investments. S Saravana, Mr Sivasankaran’s 22 year old son, has joined the S Tel board, post the transaction. ET on May 2 reported that Siva was looking for a presence in India’s telecom space and was in talks to acquire a majority stake in S Tel. […]
Mahindra Holidays and Resorts India (MHRIL)has priced its initial public offering (IPO) at a price band of Rs 275-325, nearly 32 per cent discount to the price at which it sold over 3 per cent stake to State Bank of India (SBI) and Nylim Jacob Ballas India Fund last year. In a pre-IPO stake sale during January 2008, MHRIL sold 2.11 per cent stake to SBI and 1.05 per cent stake to Jacob Ballas at Rs 478 per share. It raised Rs 120 crore through the transaction, which valued the company around Rs 4,000 crore. Post IPO stakes of these two investors will go down marginally to 1.96 per cent and 0.98 per cent, respectively. […]
Direct-to-home (DTH) television service provider Big TV Ltd, a unit of the Reliance-Anil Dhirubhai Ambani Group, is setting out on a content acquisition spree to win an edge over rival such as Dish TV India Ltd, Tata Sky Ltd, Airtel DTH and Sun Direct DTH Service.Big TV is looking to sell a minority stake and Behl confirmed that it is in talks with global DTH service providers and also a few private equity funds. Foreign Investment Promotion Board norms permit upto 49% foreign equity in the DTH sector. Foreign Investment Promotion Board norms permit upto 49% foreign equity in the DTH sector. Big TV plans to sell a stake of up to 49% to foreign private equity companies and global DTH service providers, the Business Standard reported in April, citing investment banking officials it didn’t name as saying the company expects to raise about Rs8,000 crore. […]
The board of directors of Federal Bank and Catholic Syrian Bank is expected to meet in a month's time to discuss a merger of the two south-based lenders. Reports quoting sources close to the deal said the acquisition price will be fixed when the boards meet next. Thailand-based NRI, Surachan Chawla, holds a 21 per cent stake in privately-held Catholic Syrian Bank, while Federal Bank holds a minority 4.99 per cent stake in CSB. In fact, Chawla reduced his 34 per cent stake in CSB to 21 per cent at the instance of the Reserve Bank of India, in 1994. Chawla also then agreed to sell his stake to Federal Bank. […]
Canadian investment firm Urbana Corporation has said it is looking to buy a 5 per cent stake in India's largest bourse National Stock Exchange (NSE), for an estimated Rs 600 crore. For the intended acquisition, Urbana's investment firm Caldwell Investment Management has signed an agreement with leading financial intermediary IL&FS to identify the banks and institutional shareholders of NSE, who are interested in selling their equity. Earlier this month, another overseas fund Norwest Venture Partners signed an agreement to acquire a 2.11 per cent stake in NSE from IL&FS Securities Services for Rs 250 crore, valuing the exchange at over Rs 12,000 crore. […]
Three overseas financial giants have evinced interests to pick up 26 per cent stake in UTI AMC, where four stakeholders including LIC and SBI have 25 per cent stake each. “Three overseas players have evinced interests to pick up the 26 per cent stake in UTI AMC. However, no concrete decision has been taken yet,” a top UTI AMC source told media. The source, however, did not reveal the identity of the interested parties, nor the value of their bids. […]
Bennett, Coleman & Co Ltd (BCCL) has acquired a stake in G J Freedom Fashions (GJFFL), a subsidiary of Gini & Jony – one of India's leading garment manufacturers, retailers & distributors of premium lifestyle kidswear. “Gini & Jony'' business activities primarily includes designing, manufacturing, branding and distribution of garments and lifestyle accessories for kids, under various brands through exclusive brand outlets (EBOs), large format stores (LFS), dealer distributor network (MBOs) and factory sales outlets (FSO). Brand “Gini & Jony'' is one of the leading kidswear brands in the country. […]
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