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News Roundup: Blackstone Bids For Service Apartments Firm

20 February, 2009

Panoramic In Talks With PEs – Hospitality major Panoramic Universal is looking to team up with private equity players to develop two exclusive properties in Hyderabad and Jaipur. The company is in talks with private equity players for raising Rs 50 crore. Panoramic has also recently acquired three hotels in the country taking its total chain to 11 across India, US and New Zealand. (Economic Times)

Blackstone Bids For Service Apartments Firm – Private equity major Blackstone has bid around Rs 230-240 crore to buy out southern realty major Prestige Group’s serviced apartment business. the apartments are managed by the international luxury hospitality brand Oakwood. Prestige’s asking valuation at Rs 300 crore. This space has seen investor interest with Bangalore’s HummingBird Suites raising $4 million from Helion Ventures. (ET)

Inflation Falls Below 4% – Inflation fell to a to a 13-month low of 3.92% for the week ended February 7 on the due to a sharp fall in the prices of edible oils and manufactured products. The inflation had reached a 16-year peak of 12.91% in August 2008. (ET)

Another Stimulus Maybe Announced – Finance Minister Pranab Mukherjee has said that he would discuss the possibility of another set of fiscal and monetary measures to counter the economic slowdown with officials and the Reserve Bank of India. This comes on backdrop of a lackluster budget which has disappointed industry for lacking stimulus measures.

(Business Standard)

Jubilant Organosys’ Lackluster FCCB Buyback – Noida-based Jubilant Organosys’ offer to buy back all of its outstanding foreign currency convertible bonds (FCCBs) worth $241 million received an unenthusiastic response as its investors tendered only 20% of the value of the bonds. The company had offered to buy all the FCCBs but received bids worth only $48 million. (BS)

Kunal Dasgupta Quits As Sony CEO – Multi Screen Media CEO Kunal Dasgupta has resigned from the company. Multi Screen Media operates the Hindi general entertainment channel Sony. He was with Sony since 1995. Dasgupta has said that he is leaving for personal reasons and he has other plans chalked out already. (ET)

Subramaniam Opposes Fresh Subhiksha Audit – Subhiksha founder and MD R Subramaniam has opposed the appeal by shareholder ICICI Venture for a fresh independent audit. He said that private equity fund had itself hand-picked Deloitte Haskins & Sells as the company auditor. ICICI Venture had asked government to step in and order a larger probe into the running of the company, which the government is considering. (ET)

 


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News Roundup: Blackstone Bids For Service Apartments Firm

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