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News Round Up: NBFCs Can Raise $10Mn in Forex; Adlabs To Demerge Radio

01 November, 2008

M&As
PTC Mulls Stake Buy In Power Gen Projects: State-owned power trading company PTC India is eyeing picking up stakes in power generation projects across India. They have floated a company for making asset-based investments in power generation projects. This will help them in gaining higher returns and address regulatory uncertainty.

Adlabs Films To Demerge Radio Biz: ADAG promoted Adlabs Films has approved a proposed demerger of its radio business into Reliance Unicom. The face value of an equity share of Reliance Unicom Ltd, to be issued to the Adlabs Films’ shareholders in consideration for the proposed demerger, is Rs 5.

Tata Motors Promoters’ Stake Hiked By 9% After Rights Issue: Tata Group has hiked its stake in Tata Motors by 9% to 42% through subscription of the under-subscribed portion of the rights issue. Tata Motors had launched two simultaneous and unlinked rights issue in October in order to raise Rs 4,145 cr. Of this, the rights issue with full voting shares, priced at Rs 340 a share, raised Rs 2,185 crore, while the portion with differential voting rights (DVR), priced at Rs 305 a share, collected Rs 1,960 crore.

Godrej Consumer Promoters May Consider Hiking Stake: The founders of Godrej Consumer Products in the company after SEBI eased regulations for creeping acquisitions by allowing company owners, who hold 55% or more to raise their stake to up to 75% by buying up to 5% of their shares each year from the open market.

Capital Markets

NBFCs Allowed By RBI To Raise $10 Mn In Foreign Currency: After easing norms for mutual funds and banks, RBI is now set to help cash-strapped NBFCs by allowing a majority of them to raise up to $10 mn through short-term foreign currency loans. The RBI would allow systemically important non-deposit taking NBFCs to raise resources for refinancing short-term liabilities on a temporary basis. NBFCs have been barred from booking fresh assets out of resources raised through short-term foreign currency loans.

Spicejet Posts Q2 Net Loss Of Rs198 Cr: Low cost airline SpiceJet posted a net loss of Rs198 cr for the second quarter ended 30 September. The airline had posted a net loss of Rs 37.7 cr in the same quarter of the previous financial year. Total revenues stand at Rs 363.3 cr in the second quarter, up from Rs 271.3 cr in the same quarter of the previous financial year. There was a 53% growth in operating revenue and 43% growth in revenue per flight in comparison to same quarter last year.

Hiring Scene
Aegis BPO Looks To Hiring 1,000 Every Month: Aegis BPO Services, an Essar group firm plans to add about 1,000 employees every month taking the workforce numbers to 35,000 by end of this fiscal, even though the outsourcing industry is hiring slowly. It has very recently acquired US-based PeopleSupport Inc, and expects to report 35% organic growth this financial year. The acquisition was done at $250 mn and was funded by internal resources.

IATA To Stop Selling Tickets Of 16 Airlines, To Affect 10 Lakh Employees: The IATA Agents Association of India will stop issuing tickets of 16 airlines, including Air India, Jet Airways, Kingfisher and Air France from tomorrow. This step is to protest against the proposed move by airlines to stop paying commission to travel agencies for sale of tickets despite the fact that over 90% of the airlines’ tickets are sold through the travel agents. With this step by airlines, nearly one lakh travel agencies are facing the threat of closure, which will affect about 10 lakh employees.


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News Round Up: NBFCs Can Raise $10Mn in Forex; Adlabs To Demerge Radio

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