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News Roundup: BSNL To Go For Private Placement

10 February, 2010

Temasek Plans $3 Bn Hedge Fund – Singapore sovereign-wealth fund Temasek is planning to back a $3 billion hedge fund, which would be Asia’s biggest ever hedge-fund launch. This could also be the first instance of a sovereign fund making such a move while they are known to invest in hedge funds. The fund, which is expected to be named Seatown, will have a multi-strategy approach. (AsianInvestor)

BSNL To Go For Private Placement – With its initial public offer (IPO) or stake sale to a strategic investor fading due to  opposition from the unions, government is working on a proposal for a private placement of shares for Bharat Sanchar Nigam Ltd (BSNL).  The disinvestment could be up to 5-10% of the state-owned telecom utility’s equity.Two years back BSNL was valued at Rs 100,000 crore, so a 10% stake sale was expected to fetch over Rs 10,000 crore. (Business Standard)

Reliance Ups Stake In Fame India – Reliance Capital Partners, an ADAG company, has increased its stake in Fame India to 7.89% from 6.25%. The Group has also threatened regulatory action against the theatre chain. Reliance MediaWorks, the holding company of BIG Cinemas, said it would bring all relevant facts to the notice of all regulatory authorities, including the Securities and Exchange Board of India (Sebi), the Ministry of Corporate Affairs, the Reserve Bank of India and the Income Tax Authorities. (BS)

Sahara, Mukesh Ambani Eye Football Club Liverpool – Sahara Group’s Subroto Roy and RIL’s Mukesh Ambani have reportedly submitted bids to acquire a 51% stake in English football club Liverpool. Both the players have offered to take on Liverpool’s £237 million debt in exchange for the stake. The club’s owners are under pressure from Royal Bank of Scotland to pay off £100 million of the debt by July. (Times Online)

ExlService Eyes US Acquisitions – ExlService Holdings, an outsourcing and transformation services provider, is scouting for acquisitions in the US. The company is now looking to make acquisitions that will help the company grow competency in the insurance sector. ExlService has around $120 million (Rs 540 crore) in cash and has identified targets worth $20-70 million. (BS)

Devesh Kumar Joins Fortune Financial – Devesh Kumar has joined Fortune Financial Services (India) as the joint managing director and Group CEO with effect from February 8. Kumar is a post-graduate in Economics with around 25 years of experience in diverse entities at various levels. (BS)

Canbank Venture Capital To Raise Rs 500Cr Fund – Canbank Venture Capital Fund, a wholly-owned subsidiary of Canara Bank, plans to launch a Rs 500-crore for its fifth fund. The fund will focus on mid-sized companies across sectors. Canbank Venture Capital Fund has so far floated four funds with an aggregate corpus of Rs 120 crore. The funds has an investment period of six years and expects to announce investors later this month. (HinduBusinessLine)

CalPERS Looks At Infra Deals In India – California Public Employees Retirement System (CalPERS), one of the largest public pension funds in the US, is looking at infrastructure investments in India. It is also looking at increasing India allocations. CalPERS already has investments worth $1 billion (Rs 4,600 crore) in Indian equities. (BS)

Arcelor-Mittal Plans To Hike Stake In Uttam Galva –Arcelor-Mittal, the world’s biggest steelmaker, plans to increase its stake in Uttam Galva Steel. It plans to purchase an additional 4.9% stake in the company. Quite recently, Arcelor-Mittal has hiked its stake in Uttam Galva Steel to 34%. (Reuters)

Reliance Capital Sells 1.03 Mn Inox Shares – Reliance Capital Limited, a subsidiary of ADAG company, has sold 1.03 million shares in cinema chain Inox Leisure. Post this development, Reliance’s stake in the company has come down to 5.81%, it said in a filing to the National Stock Exchange. Earlier on February 5, Reliance has reportedly sold 3.1 million shares in Inox Leisure. (Team VCC)

Coal India To Meet Sebi For IPO On Feb 19 – State-run Coal India Ltd (CIL), along with the coal ministry and the Department of Divestment, will meet market regulator Sebi on February 19 to chart out the blueprint for the initial public offering (IPO). The firm is likely to reserve 1% of CIL’s equity that could be given to the 400,000 employees of the subsidiaries through the Employees Stock Purchase Scheme. (BS)


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News Roundup: BSNL To Go For Private Placement

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