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News Roundup: Bharti-MTN Setback On Dual Listing

25 September, 2009

Sebi Approves Fortis’ Fund Raising Plan – Delhi-based Fortis Healthcare has received Sebi approval to raise funds by way of issue of equity shares. The company has planned to raise around Rs 997 crore. The proceeds of the issue would be used for funding greenfield projects, redemption of preference shares, repayment of short term debt, up gradation of existing facilities and part funding the 10 recently acquired hospitals from Wockhardt. (Hindu Business Line)

M&M May Buy Kirloskar’s Stake – Auto major Mahindra & Mahindra (M&M) is in talks with Kirloskar Oil Engines (KOE) to buy out its 17.39% stake in Swaraj Tractors. This is part of M&M’s plan to expand the disel engine business. M&M acquired a 33.2% stake in Swar)

Bharti-MTN Setback On Dual Listing – The proposed $23-billion Bharti-MTN deal received another setback as the government said dual listing, as sought by South Africa, may not be possible at this stage. Commerce and industry minister Anand Sharma stated that a policy change on full convertibility of the rupee on capital account is not possible at present. However, he stated that the government will be supportive of the initiative by an Indian company for an overseas transaction and acquisition.  ()

Emaar MGF Relooks At IPO – Delhi-based property developer Emaar MGF is re-looking at entering the primary markets with a public issue of shares soon. A board meeting will be held today to decide on fund raising, including a fresh IPO. Emaar has hired various bankers such as Kotak, UBS and Deutsche Bank for the proposed issue. (BS)

Jet Airways Gets Nod To Raise Rs 2,000 Cr – Jet Airways has received shareholder approval to raise additional capital up to Rs 2,000 crore. The airline has been talking to various bankers to raise this amount through qualified institutional placements (QIP). It plans to raise this capital in 2-3 months. Jet Airways suffered a net loss of Rs 225 crore for the quarter ended June 30, 2009 on a total income of Rs 2,428 crore. (DNA)

Raymond To Sell Stake In Apparel, Engg Arms To PE – Textile major Raymond is planning to sell stakes in its apparel and engineering subsidiaries to private equity (PE) funds to unlock value. The proceeds from the proposed equity sale will be used to fund expansion plans of the two subsidiaries. Raymond Apparel plans to set up 88 small-format stores in the next one year. (Economic Times)

BSNL Open To Joining Consortium For Zain – Bharat Sanchar Nigam Ltd (BSNL) is still open to joining the consortium to buy a stake in Kuwait’s Zain, but is sceptical about a little-known Indian company leading the deal. BSNL CMD Kuldeep Goyal said BSNL was still considering whether to join India’s Vavasi Group and a Malaysian businessman to buy a 46% stake in Kuwaiti telecom Zain. The deal, if finalised, would be valued at about $13.7 billion. (ET)

Gucci Exits JV With Murjanis – Luxury lifestyle brand Gucci has parted ways with its Indian franchisee Vijay Murjani, which is also the distributor of premium brands Calvin Klein, Tommy Hilfiger and French Connection in India. Gucci now has a franchise agreement with investment banker Ashok Wadhwa’s Luxury Goods Retail and is in the process of converting it into a 51:49 joint venture. (ET)

 


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News Roundup: Bharti-MTN Setback On Dual Listing

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