Gateway Distriparks (GDL), which holds 74% equity in its unlisted subsidiary company Gateway East India (GEIPL), Visakhapatnam, has acquired the balance 26% equity from the other shareholders in GEIPL. With this acquisition, GEIPL has become a wholly owned subsidiary company of GDL. GDL has paid a consideration of Rs 46.8 million to acquire 11.70 lakh equity shares of face value of Rs 10 each in GEIPL, constituting 26% of its paid up equity capital. This acquisition will enable GDL in expanding the scope of its operations and consolidate its presence in the eastern and southern region of India. […]

Bollywood actor Shilpa Shetty and London-based NRI businessman Raj Kundra on Tuesday bought a 12 per cent stake in the Indian Premier League (IPL) team Rajasthan Royals. The couple has invested $15.4 million in the team, which was bought by London-based Emerging Media Group for $67 million. Shilpa called it a strategic business investment and said: “I completely relate to Rajasthan Royals. My story is similar to the team's journey to the top. It is an honour to be a part of Rajasthan Royals.” “Whenever the team needs me I will always pitch in. I will be the moral support of my team. The team needed an Indian owner and so I am here,” she added. […]

Kamat Hotels India today said it has decided to divest its 60 per cent stake in the subsidiary, Concept Hospitality Ltd to other group of shareholders. The company in a filing to the Bombay Stock Exchange said that the board at its meeting held on February 1, decided to divest its stake in its subsidiary. Further, the company has authorised the Executive Chairman and Managing Director to do all necessary acts, deeds and to sign necessary documents in this regard, the filing added.(Business Standard) […]

Unitech, India’s second biggest realty firm by market cap, is in talks with three private equity players to sell about 20-26% of its equity for an estimated Rs 2,500 crore, according to a company official. The funds would go into diluting its debt load, which is currently at Rs 8,000 crore. A Unitech board meeting on Saturday approved the proposal to offload stake in the company, and the management is in talks with international private equityfunds such as TPG Axon, SUN Apollo and Bergruen Holding, said the official who didn’t want to be identified. The company would also raise Rs 750 crore by selling its five-star hotel in Gurgaon and an office complex in south Delhi’s Saket business district. “This will make it one of the most under leveraged real estate companies in the country,” he said. For its planned stake sale, Unitech has hired UBS Advisor, which had earlier helped the company in its telecom venture, Unitech Wireless Ltd. […]

Delhi-based Bhushan Steel has acquired 9.5% stake of cash strapped real estate firm Unitech promoter, Chandra family, in Bhubaneswar-headquartered Orissa Sponge Iron & Steel for about Rs 23 crore, confirmed a top executive of Bhushan Steel. Bhushan Steel already owns 6% in Orissa Sponge. Prior to the acquisition, Chandras share in Orissa Sponge stood at 12.11%. The acquisition, which has increased Bhushan Steel's stake in Orissa Sponge to 15.5%, fetched the Chandras Rs 118 per share. Orissa Sponge's scrip moved up 5% to Rs 111.95 on the BSE on Thursday. The speculation around Chandra's stake sale in Orissa Sponge has been in the market for the past two months, as financial situation at Unitech worsened. Since sales in the real estate sector have plummeted and private equity is not flowing into the sector, companies are finding it difficult to raise funds to execute their expansion plans, said a person in knowledge of the development. […]