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News Roundup: Fitch Withdraws Tech Mahindra Rating on Satyam EoI

21 March, 2009

Fitch Withdraws Tech Mahindra Rating on Submitting Satyam EoI – Tech Mahindra, which confirmed it had submitted a detailed Expression of Interest (EoI) on Friday, suffered an immediate fallout because of the risk it was undertaking in bidding for the software company. Fitch, a credit rating agency, said it had withdrawn Tech Mahindra’s national issuer rating of AAA due to uncertainties on the final closure of the Satyam deal, the financing, and consequent financial impact on the company. The firm had $110 million (Rs 550 crore) of cash on its books as on December 31, 2008. (The Economic Times)

Telenor Seals Deal with Unitech Wireless, Pays It Rs 1,250 Crore – Norway-based Telenor Group has completed Unitech Wireless transaction and made the first investment of Rs 1,250 crore to mark its formal entry into the lucrative Indian telecom sector. After this investment, Telenor’s ownership stake in Unitech Wireless is 33.5%. Earlier this week, Telenor had said it would take 67.25% of the company instead of the earlier planned 60% because of certain economic developments in India. Out of Rs 1,250 crore, Unitech Wireless will repay Rs 380 crore to the parent realty company, Unitech, which had invested about Rs 1,000 crore in the telecom JV in the form of debt. As part of the overall deal, Telenor will inject a total of Rs 6,120 crore of new equity into Unitech Wireless, which will result in a shareholding of 67.25%. ()

Avesthagen Splits Business into Four Entities – Bangalore-based R&D driven biotechnology company, Avesthagen has restructured its operations into four independent profit and loss (P&L) entities as it wants these units to take care of their own financial requirement. Some of its subsidiaries will be brought under these P&Ls. The existing areas of the company’s business, namely bionutrition, bioagri and biopharma, will be three P&L entities, while the fourth one will be the diagnostics and drug discovery work, which Avesthagen wants to get into.(The Economic Times)

Fidelity’s Arun Mehra Steps Down – Fidelity’s London based fund manager, Arun Mehra, who manages over $1 billion in India Focus Fund, one of the largest India dedicated fund from fidelity, has quit under controversial circumstances. According to sources, some of his investment strategies had not gone down well with the top management.Teera Chanpongsang will now take over the management of Fidelity Funds’ India Focus Fund. Mehra had been with fidelity for nearly 12 years. He joined fidelity as ana analyst in Hong Kong in 1997 and moved to UK as a team leader. Thereafter he relocated to India as a fund manager from where he again moved to the UK in 2006. (The Economic Times)

Safexpress Open to Acquisitions – Logistics services provider Safexpress, which has undertaken Rs 1,000 crore capex plan, said it is open to domestic acquisitions. The Delhi based company has not made any acquisitions in its 12 years of existence in the field, though it has emerged as a major player during the course. (Financial Express)

 


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Telenor Completes Acquisition of 49% Stake in Unitech Wireless

Telenor Completes Acquisition of 49% Stake in Unitech Wireless

Ruchika Sharma 9 years ago
Telenor Asia Pte has acquired an additional 15.5% stake in Unitech Wireless in...
Tech Mahindra Raises $175 M Of Debt To Fund Satyam Acquisition

Tech Mahindra Raises $175 M Of Debt To Fund Satyam Acquisition

TEAM VCC 9 years ago
Indian software services group Tech Mahindra, which is awaiting regulatory...
Unitech - Telenor Deal To Close In January 2009

Unitech – Telenor Deal To Close In January 2009

Madhav A Chanchani 9 years ago
The Unitech – Telenor telecom deal, which was earlier expected to close by...
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News Roundup: Fitch Withdraws Tech Mahindra Rating on Satyam EoI

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