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India's largest hospital chain, Apollo Hospitals Enterprise Ltd, is eyeing a stake in unlisted Wockhardt Hospitals Ltd, a senior company official said on Tuesday. Wockhardt Hospitals, promoted by the founders of drug maker Wockhardt Ltd, has been trying to raise money through an equity sale since its initial public offer was withdrawn last year on poor investor response. “Currently, we are just examining the books, and we are looking at the hospitals, their performance and complete valuation and diligence exercise,” Suneeta Reddy, Apollo's executive director-finance, told news channel NDTV Profit. […]
IndiGo Airlines Pvt. Ltd., a low-fare Indian carrier, denied Monday reports it is in talks to sell a stake or merge with another domestic airline company. Indigo's statement came after local media reports the airline has been in talks with rival budget carrier SpiceJet Ltd. to form an alliance or sell a stake. “As a matter of company policy, we do not comment on market rumors,” IndiGo President Aditya Ghosh said in the statement. “However, on this occasion, we feel it is necessary to categorically state that there is absolutely no truth or basis to any of these rumors, market speculation or media reports.” […]
The board of Maytas Infra Limited met here on Friday under the chairmanship of K Ramalingam, and Anil K Agarwal, O P Vaish and Ved Jain all government-nominated directors along with Teja Raju, vice-chairman and whole-time director and B Narasimha Rao, the whole-time director, according to a company release. The board had extensive discussions on the business plan, orders in hand and under execution. More importantly, it also had discussions with bankers as well as the chairman of IL&FS Infrastructure Leasing and Financial Services (IL&FS), Ravi Parthasarathy, amid reports that it appears set to take over Maytas Infra soon. Interestingly, IL&FS owns a 37% stake in Maytas Infra. […]
In a move that signals a fresh round of consolidation in the recession-hit aviation industry, budget carrier SpiceJet may pick 7.5 per cent stake in another low-cost airline IndiGo. “SpiceJet is in talks with IndiGo to purchase 7.5 per cent equity in the airline,” an industry source said on condition of anonymity, but key officials of both SpiceJet and IndiGo refused to comment on what they called rumours and market speculation. SpiceJet is also looking for a position on the IndiGo Board, the source said, adding that “they are still discussing what the price should be”. SpiceJet chief executive officer Sanjay Aggarwal said, “We do not comment on such rumours and speculations”. […]
Future Group has announced that it will acquire a 60 per cent stake in Dhar & Hoon.The acquisition will be made by group company Future Brands, which is headed by Santosh Desai. The acquisition would enable the agency to work extensively in new media like the retail, mobile and the internet space. Speaking about the deal, Desai said, “The acquisition is in line with the objective of Future Brands to offer a full range of branding services to group companies as well as business partners. The new entity will be branded D&H Blurb Communications.” “The objective is to build a brand that comes from Indian reality and to build our overall service offering for our brands and clients. We are looking at aligning some brands with Dhar & Hoon as the creative custodian for those brands. I personally feel that the agency has a potential to grow as an independent agency.” Desai added. […]
Tech Mahindra Ltd. was named the successful bidder for a one-third stake in Satyam Computer Services, effectively gaining control and likely catapulting it into the heavyweight league of software-services businesses. Venturbay Consultants Pvt. Ltd., a unit of Tech Mahindra, will pay 17.6 billion rupees ($351 million) for 302.76 million Satyam. The 58-rupee-a-share-offer is a 23% premium to Satyam's closing price of April 9. The decision ends a prolonged search to select a strategic investor for Satyam. It comes three months after former Chairman B. Ramalinga Raju unveiled the bombshell that prompted India's largest corporate-account fraud inquiry. […]
Once quoted at a price of Rs 542 per share, Satyam Computer on Monday went under the hammer for Rs 58 a share- about one-tenth of the level the IT company enjoyed about a year-ago, when no one had any inkling about the scam being perpetuated there. Tech Mahindra, which emerged as a winner in the race to acquire fraud-hit Satyam Computer, has bid the highest price of Rs 58 per share and would have to shell out an aggregate of about Rs 2,889 crore for 51 per cent stake in the company. Based on the bid price, market capitalisation of the expanded equity base of Satyam would be around Rs 5,600 crore. Months before the scam at Satyam had come to light with confessions of its founder and former chairman B Ramalinga Raju, the Satyam scrip had hit a 52-week high of Rs 542 in May last year. The IT firm's market capitalisation had been over Rs 36,600 crore at that time. […]
Unitech Ltd, the country’s second-biggest real estate developer, plans to raise as much as $250 million (Rs 1,250 crore) through private placement of shares to qualified institutions, company officials said, to repay part of its debt of over Rs 8,000 crore. The New Delhi-based developer plans to raise the funds by the end of this month, a company official, said declining to be identified. The company is planning to reduce Rs 1,000 crore of debt on its books by June this year. Unitech Managing Director Sanjay Chandra and key officials of the company have been in Mumbai over the past couple of days to gauge investor sentiment. The real estate company has hired UBS and IDFC as arrangers for issue. A Unitech spokesperson declined to comment. […]
The Wadia group is buying out 60.86 lakh shares of Britannia via Leila Lands, a subsidiary of Bombay Burmah based in Mauritius from its equal JV partner French foods giant Groupe Danone. Danone will sell its 25.48% stake in Britannia to the Wadias on April 14, the Wadias said this in a statement to the exchanges. The move finally resolves the two-year long dispute between the Wadias and the French company over control of the biscuit company and will now lead the Wadias to gain complete control over Britannia. (ET) […]
Piramal Healthcare Ltd's chairman on Monday said he was not in merger talks with any firm, including Sanofi-Aventis, after a paper reported the French firm's plans to buy Piramal had failed. A proposed deal by France's Sanofi-Aventis to buy a majority stake in Piramal had fallen through on differences over valuation, the Economic Times reported on Monday, citing two people familiar with the development. “It is an incorrect report,” Ajay Piramal told Reuters. “There was no discussion of this nature with any company, including Sanofi.” In Februray, a source had told Reuters that GlaxoSmithKline Plc and Sanofi-Aventis were bidding for the Indian drug maker, with the sale price going as high as $1.5 billion. […]
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