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News Roundup: Big FM to List in Two Months

04 June, 2009

Big FM to List in Two Months – To infuse funds for its business expansion and to independently manage the operations, Big FM, the country’s single-largest private FM radio company in terms of number of licences to operate radio stations (45), will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) within the next two months. It will be the second FM radio operator to have listed on the BSE, after Entertainment Networks India Ltd that operates its radio business under the Radio Mirchi brand. After listing, Reliance Unicom will be the holding company of the Big FM brand. Reliance Unicom may go in for an initial public offer (IPO), too, say industry sources. (Business Standard)

Grupo Mexico Offers $2.9 Billion to Regain Control of Asarco – Grupo Mexico SAB, the parent of American copper producer Asarco, has offered $2.9 billion to regain control of the bankrupt entity, says a media report. Indian copper producer Sterlite Industries, which is part of the Vedanta Group, is looking to acquire Asarco for about $1.7 billion. (Business Standard)

Cisco to Invest $2 Billion in Modi’s GIFT – Coming out of the shadows after almost a year, the contours of Gujarat Chief Minister Narendra Modi’s ambitious Rs 73,000-crore Gujarat International Finance Tec-City (GIFT) project have started emerging in a big way. The state government has roped-in American networking and technology giant Cisco Systems as one of its strategic partners. It has signed an MoU with Cisco to make an investment in GIFT and help it evolve its technology platform. The American giant is likely to invest over $2 billion in the project.  (Business Standard)

NHPC Likely to Float Rs 1,670 Crore IPO in August – Hydro power firm National Hydroelectric Power Corporation (NHPC) Ltd is likely to launch its much-awaited Rs 1,670-crore initial public offer (IPO) by August to part finance its expansion plans. . NHPC plans to issue 10 per cent of its new equity shares in the public offer, while the government alongside will divest its five per cent stake in the company. According to the listing norms by market regulator Sebi, independent directors should form 50 per cent of a board which is headed by an executive chairman. (Business Standard)

US Court Clears S Kumars’ Bid for Obama’s Tailor – A US bankruptcy court on Wednesday approved a raised bid from Emerisque Brands and its partner Indian apparel maker S Kumars Nationwide Ltd (SKNL) to acquire Hartmarx Corp, making way for the sale of the Chicago-based maker of President Barack Obama’s suits. A US judge in Chicago designated Emerisque and SKNL North America as the stalking horse bidder, implying that their offer would be accepted if no higher bids emerge. A stalking horse bid is an attempt by a debtor to maximise the value of its assets as part of or before a bankruptcy court-approved auction process. (Business Standard)

Religare Rights Issue Price May Be Raised to Rs 400 – Financial services firm Religare Enterprises is expected to revise its rights issue price from Rs 355 to around Rs 400. If the size of the issue remains unchanged at Rs 1,850 crore, the company will have to issue a smaller number of shares. According to Religare spokesperson, pricing and other details have not been finalised and will be decided closer to the issue date, in consultation with our merchant bankers. (The Economic Times)

Anand Mahindra Ceases to Be Promoter of Kotak Bank – Private sector lender Kotak Mahindra Bank today said Anand Mahindra has ceased to be a promoter of the bank but will continue to be associated with the lender as a non-executive director. The board had approved of the ceasing of Mahindra as a promoter following a request from him. Mahindra and his family members held 3.68 per cent stake in Kotak Mahindra Bank and the holding would now come under public shareholding disclosure. (Business Standard)

GVK Power to Raise Rs 2,500 Crore Via QIP Route – GVK Power & Infrastructure on Wednesday said it was planning to raise around Rs 2,500 crore through a qualified institutional placement with a green-shoe option to retain upto Rs 500 crore in case of an over-subscription. This will result in an equity dilution of 22-26% in the holding company and the money will be used for investment in seven subsidiaries. (The Economic Times)

RIL’s German Arm Files for Insolvency – Reliance Industries’ German textile arm, Trevira, has filed for insolvency following business slowdown in Europe. The company makes high-value branded polyester fibres and filament yarns for the apparel, home textiles and automotive industries as well as hygiene and technical applications. RIL had acquired it in 2004 for 80 million euros. It had grown steadily since and turnover touched nearly 325 million euros last calendar when the recession struck. (Hindu Business Line)

Aptech Sells Stake in China JV Company – Education and training services company Aptech has successfully completed sale of its 50% equity interest in joint venture company in China. As part of the deal, Aptech will get 22% stake in the Chinese holding company Beijing Jadebird IT Education Company Ltd (BJBC), Aptech said in a filing with the Bombay Stock Exchange. (Hindu Business Line)

REpower Raises €600 Million Loan – Germany-based REpower Systems, in which India’s Suzlon Energy holds 83.43%, has signed an agreement for a syndicated loan of €600 million. A statement issued by REpower on May 26 said the agreement was signed with a consortium of 12 banks and financial institutions, including Bayerische Hypo-und Vereinsbank AG, Deutsche Bank AG, Dresdner Kleinwort, HSH Nordbank AG and The Royal Bank of Scotland Plc. (DNA Money)

Speciality Restaurants Eyes stakes in Sagar Ratna, Little Italy  – Food services company Speciality Restaurants, that owns restaurant chains such as Mainland China and Oh! Calcutta, is in talks with Delhi-based Sagar Ratna Hotels and Mumbai-based Little Italy Food Express to acquire at least 51% stake in them, said a person with direct knowledge of the development. The discussions between Speciality Restaurants and Sagar Ratna Hotels, a chain of outlets specialising in south Indian cuisine, are at advanced stages of talks and the deal is expected to be closed in two months. However, the deal with fine-dining restaurant chain Little Italy Food Express may take time as both the companies are negotiating on valuation. (The Economic Times)

 


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News Roundup: Big FM to List in Two Months

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