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News Roundup: Big TV, Carlyle in Talks to Raise $50-100 Million

02 July, 2009

Tech M Now Has 42% Stake in Satyam – On the conclusion of the mandatory open offer to shareholders of Satyam Computers, the new owner, Tech Mahindra, has a little over 42 per cent stake in the company, as against the original plan of acquiring a total of 51 per cent of the equity. The response to the open offer for 20 per cent of Satyam shares – TM had earlier bought 31 per cent by outbidding others – was poor, as the secondary market price was well above Rs 70 per share during the period of open offer (between June 12 and July 1), where the price laid down was Rs 58 per share. (Business Standard)

Govt Defers Decision on UB’s Proposal to Raise Rs 708 Crore – The government has deferred its decision on UB Group’s proposal for raising Rs 708 crore by issuing convertible warrants to FirStart Inc, on the recommendation of Foreign Investment Promotion Board (FIPB). According to sources, FIPB had deferred decision on the proposal at its meeting on June 19, saying the Department of Revenue (DoR) had not supported it and DIPP was still examining it. ()

Big TV, Carlyle in Talks to Raise $50-100 Million – Big TV, the Anil Ambani group’s direct-to-home services provider, is in final stages of negotiations with Carlyle Group, the global private equity major, to raise around $50-100 million (Rs 240-Rs 480 crore). This is part of the company’s plan to raise $200 million (Rs 960 crore) mainly through equity, for which it has appointed Deutsche Bank as the lead arranger. The DTH service provider intends to use the proceeds for corporate purposes, including expansion of services. (Business Standard)

SpiceJet Appoints Seema Chandra as CFO – SpiceJet has announced the appointment of Seema Chandra as Chief Financial Officer with effect from July 1. Seema brings with her over 25 years of solid, stable work experience, having worked with various corporates including HT Media, Nestle India and Ranbaxy. Her last assignment was as CFO of Mascon Global. (Business Standard)

City Union Bank to Raise Rs 300 Crore Via QIP – The board of directors of Kumbakonam-based City Union Bank (CUB), at its meeting held on June 30, 2009, gave its approval to raise 300 crore through QIP. The money will be used to fund its expansion plan and to increase the networth to Rs 1,000 crore over the next two years. The old generation private bank based in Tamil Nadu is planning to open 70 branches of which 50 per cent would come up in southern states. Currently, it has a branch network of 208. (Business Standard)

ICICI Puts Rs 200 Crore Realty on Sale – ICICI Bank is selling a clutch of commercial and residential properties. The space, totalling 1.39 lakh sq ft, is spread across Mumbai, starting with a 6,800 sq ft commercial space in Apeejay House, Fort. Brokers value the total property at over Rs 200 crore. The biggest chunk is the 65,845 sq ft ‘A’ wing building of Mafatlal Chambers at N M Joshi Marg in Lower Parel. Another 31,773 sq ft in the basement and third floor of the ‘B’ wing of the same building has also been put on the block. Also for sale are 32 residential flats in Sundaram-I, Raheja Complex in Malad East, totalling 26,660 sq ft built-up area. (DNA Money)

Quatrro Eyes Stake Sale, Seeks FIPB Clearance – Quatrro BPO Solutions has filed an application to the Foreign Investment Promotion Board (FIPB) for issuing shares to raise funds. Quatrro has been looking to raise around $300-400 million to add to its war chest for acquisitions in verticals such as legal, healthcare and insurance. It has already lined up, and has commitment of, about $300 million from investors, which can be increased depending on the target company. It is also close to finalising an acquisition valued at more than $100 million. (DNA Money)

DE Shaw May Exit 60% in DLF Assets – US-based private equity investor D E Shaw is looking to sell only 60% of its investments in DLF Assets (DAL), the company floated by the promoters of DLF Ltd, according to sources familiar with the deal.Shaw had invested $400 million as convertible preference shares into DAL in 2007 with assurances from the developer of a public listing in 2008.However, with the worldwide real estate market collapsing in 2008, the investor negotiated with the cash-strapped DLF promoters to provide them an exit route. (DNA Money)

JSW Group May Revive IPO Plans – The JSW group may revive its initial public offering (IPO) plans for its two companies, JSW Cement and JSW Energy. The group is reworking on draft red herring prospectuses (DRHPs) and may hit the market in a year. JSW Energy is looking to raise Rs 5,000 crore from the stock market to fund its Rs 12,000 crore, 4000 mw power plant projects. (DNA Money)


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News Roundup: Big TV, Carlyle in Talks to Raise $50-100 Million

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