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News Roundup: FIPB Defers Decision on Telenor Stake

09 June, 2009

Pantaloon to Raise Rs 1,000 Crore – Pantaloon Retail, the country’s largest retailer, today said it plans to raise as much as Rs 1,000 crore by selling shares to investors. The company board has given its approval for the fund raising plans. Pantaloon is expected to go in for a private placement of its shares with private equity (PE) companies within the next 45 days. Already, the company is in talks with leading PE firms such as Carlyle, Blackstone, Bain Capital, KKR and Goldman Sachs to raise funds. (Business Standard)

FIPB Defers Decision on Telenor Stake – The Foreign Investment Promotion Board (FIPB) has deferred the decision of allowing Norwegian telecom firm Telenor to hike stake in its Indian telecom joint venture Unitech Wireless up to 74% as the Ministry of Home Affairs has asked for more time to examine the deal. The proposal had come up before FIPB, which clears all major foreign investment proposals in India, last month and a decision on allowing the investment into the company was deferred. The applicant, Unitech Wireless, has sought permission to enhance foreign shareholding by Telenor Asia such that it may have direct and indirect foreign shareholding of up to 74%. (Business Standard)

TransUnion to Buy 27.5% More in CIBIL – US-based consumer credit reporting agency TransUnion is close to buying a 27.51% stake in Credit Information Bureau India (CIBIL) from its existing shareholders including HDFC, ICICI and Indian Overseas Bank (IOB) for Rs 96.28 crore. TransUnion already owns around 20% in CIBIL and the stake purchase will hike its holding to 47.5%. The transaction will value CIBIL at Rs 350 crore. (The Economic Times)

Chougules Eye Bigger Peg, May Increase Stake in Indage to 35% – Mumbai based Chougule family, promoters of Indage Vintners, intends to scale up their shareholding in the company as a precursor to divest the majority stake in the firm’s domestic winery business to a strategic investor. The Indage board will meet on Tuesday to consider a preferential issue of fresh shares and convertible warrants to promoters as well as some select investors. The board will also determine the size and price of the issue. (The Economic Times)

Dish TV Founders Sell 5.8% Stake – Founders of direct-to-home firm Dish TV have sold 5.8 per cent stake in the company to raise about Rs 270 crore. The founders have sold the stake to fund their share of the rights issue as the second tranche of the rights issue is due. The funds will, hence, be deployed back into the company for its payment. The company has sold about 5.51 crore shares at a price of Rs 49 a piece, aggregating to Rs 270 crore, through block deal counter of the stock exchanges. (The Economic Times)

 


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News Roundup: FIPB Defers Decision on Telenor Stake

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