Binani Cement in Talks with FIIs for Raising Rs 1,500 Crore – Binani Cement plans to raise Rs 1,500 crore for its new projects. The cement major is in talks with a few foreign institutional investors (FIIs) for the same. Currently, J P Morgan holds 15% stake in Binani while Credit Suisse, through a Mauritius-based company, holds another 9.11%. Binani has also acquired 25 acres of land in Gujarat to set up a 2.5 million tonne per annum (MTPA) cement and grinding plant for Rs 800 crore. (The Economic Times)
Neyveli Lignite Plans to Raise Rs 1,850 Crore – Neyveli Lignite Corp’s board has approved its plan to raise up to Rs 1,850 crore worth capital through various means. The board has given an in-principle approval to raise Rs 12.50 billion either through local- currency term loan or external commercial borrowings or by way of issuing bonds. The company also plans to raise 5 billion rupees through secured non-convertible taxable by way of private placement, with an option to retain oversubscription of 1 billion rupees. ()
DIAL May Not Be Able to Raise Rs 2000 Crore Through Auction – The Delhi international airport (DAIL) may falls short of its expectations to raise over Rs 2,000 crore through an auction. DIAL had called for bids for commercial development of 12 plots including nine for hotels around the Delhi airport to raise the amount. The suggested reason for this is the lack of aggressive bidding as big real estate and hotel companies have not participated due to low business sentiment. (The Economic Times)
Satyam stakes fall to 5.13% from 8.27% – Satyam Computers’ Chairman and founder, B Ramalinga Raju’s stake has fallen to 5.13% from 8.27% at the end of September quarter. This fall is a result of lenders selling the shares pledged by Raju with them, for non-payment of margin calls on the shares. Of the remaining 5.13% stake (around 3.45 crore shares) with the promoters, around 2.19 crore shares (or roughly 63% of the holdings) are still pledged with various lenders. (The Economic Times)
Geojit Exits Commodities Business – Geojit Commodities, which is a fully owned subsidiary of Geojit Financial Services (GFSL), has discontinued dealing in commodities since January 1 following regulatory problems. The decision to exit commodities business had been finalised in may 2008 to enable an open offer by its joint venture partner BNP Paribas Securities Asia after the French banker compensated it with Rs 40 crore. (Business Standard)
Bhel to Form JVs with Sheffield Forgemasters and Toshiba – State-owned power equipment manufacturer, Bharat Heavy Electricals (Bhel) is close to signing agreements with two foreign companies for joint ventures in forging and transmission sectors. The giant is expected to sign a memorandum of understanding with UK’s Sheffield Forgemasters. A team from Sheffield Forgemasters would be arriving on January 9. The joint venture will manufacture forging equipment to cater to the super-critical segment the civil nuclear power market. The company is also close to signing a pact with Japan’s Toshiba for equipment manufacturing and engineering, procurement and construction business in the transmission sector. (Business Standard)
GMR Energy Offered 33.53% Stake in SA Firm – GMR Energy, the subsidiary of GMR Infrastructure, has been offered a 33.53% stake in South Africa-based Homeland Energy Group after the Indian firm decided to exit from the latter’s subsidiary. As per the offer, GMR could sell back its 10 per cent stake in Homeland Mining & Energy SA to the parent company. Homeland Energy group’s shareholders have approved the issuance of 75.79 million shares to GMR Energy at Canadian $0.46 per share. At the offer price, the 33.53% would cost $28.29 million for GMR. (Business Standard)
BSNL to Invest Rs 1600 Crore in Broadband Infrastructure – Bharat Sanchar Nigam (BSNL), the State-owned telecom operator, is planning to invest Rs 1,600 crore in infrastructure facilities. The telecom operator had received an order from the government to roll out eight million broadband connections for which BSNL would invest Rs 1,600 crore. Besides this, BSNL is planning to add 9 million connections by end of 2009 and planning 3 million customers every year. The company also plans to launch Nova Net PC, a new range of personal computers, in association with Chennai-based Novatium Solution. (Business Standard)
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