Bharti Airtel is close to selling its operations in Sri Lanka to UAE-based telecom company Etisalat. The two companies have been negotiating for over five months now and have agreed on the broad contours of the deal. Sources close to the company, however, said Kohli is set to return to India in January and the deal could be announced before that. Bharti Airtel had announced the launch of its Sri Lanka operations in 2009 but the company has not been able to make Rsoads in terms of market share, with just under two million users. Airtel has invested over $300 million to roll out services in Sri Lanka but continues to make losses. (Business Line)
IDBI Bank plans to raise $5 billion through MTN route: IDBI Bank Ltd plans to raise $5 billion (Rs 3,089 crore) by selling medium-term notes (MTN), more than its earlier target, as it expects demand for foreign currency borrowings by Indian companies to increase. The bank will soon approach its board for permission to increase the size of its bond sale programme, said N.S. Venkatesh, head of treasury at IDBI Bank. The firm has so far raised $2.8 billion out of its earlier plan of selling $3.5 billion of MTN. (Live Mint)
Indian Overseas Bank plans to raise Rs 350 cr through QIP: State-owned Indian Overseas Bank is planning to raise Rs 350 crore ($56.5 million) through qualified institutional placement. The board at its meeting held on December 14 cleared the proposal to raise up to Rs 350 crore from issue of shares on preferential basis or QIP. The fund raising should be to the extent so that government holding is not diluted below 65%. (The Economic Times)
Siemens puts 12 Mumbai properties on sale for Rs 40 cr: Siemens has put its12 residential apartment properties in Mumbai on sale with a combined base price valuation of about Rs 40 crore ($6.45 million). The properties comprise flats at various Mumbai suburbs such as Bandra, Santacruz, Khar, Juhu, Versova, Chembur and Dadar. The size of the properties ranges from 800 to 1,700 sq ft, including 2BHKs, 3BHKs and row houses. The apartments will be sold through a closed bid or auction process. Real estate consultant Jones Lang Lasalle has been appointed by Siemens to divest these properties. (Business Line)
SBI hires Citi, HSBC for share sale: State Bank of India hired Citigroup Inc., Deutsche Bank AG and HSBC Holdings Plc. to arrange a Rs 9,576 crore ($1.5 billion) share sale to bolster its balance sheet, three people with knowledge of the matter said. JPMorgan Chase and Co., Bank of America Corp. and UBS AG, were also hired to manage the share sale, the people said. The government-run lender needs to raise more than Rs 1.2 trillion by March 2018 to comply with higher capital requirements under the Basel III rules. (Live Mint)
4-5 foreign coal assets on ICVL’s list: International Coal Ventures Ltd, a venture of public sector companies that includes NTPC, Steel Authority of India (SAIL) and NMDC for acquiring foreign coking coal reserves, has identified four-five assets, said C S Verma, chairman, SAIL. He added the joint venture’s board would meet later in the day here to take a call on the acquisitions. The company has been looking for coking coal reserves in Australia, the US and Mozambique for some time. (Business Standard)
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