Google Capital, owned by internet search engine Google, is in race to buy a stake in Mumbai-based broadband service provider Tikona Digital Networks (TDN), joining rivals Yahoo and Microsoft Corporation, which have also evinced interest in the five-year old company that is seeking capital to roll out the fourth-generation or 4G network across five states. The US-based fund, which invests in late-stage companies, had done a technical and financial due diligence on TDN last month. CLSA Capital Partners is advising TDN. The broadband service provider has been in talks with funds for the past few months and is now in talks with an investor who brings “strategic value” to the company. (The Economic Times)
ONGC Videsh eyes additional 10% stake in Mozambique block: ONGC Videsh, fresh after buying Videocon’s 10% stake in the gas-rich Rovuma basin in Mozambique, has bid for an additional 10% stake in the basin held by US-based Anadarko Petroleum, the block’s operator. The company have put in a bid for Anadarko’s 10% stake. Anadarko is playing hard ball and demanding a higher valuation of close to $2.6 billion. Earlier this year, OVL and state-run Oil India had jointly bought Videocon’s 10% stake in the block for $2.475 billion. The two companies have cleared the last hurdle in this acquisition as none of the other consortium partners in the gas blocks exercised their pre-emptive rights on the stake holding within the given deadline. (The Economic Times)
Walmart Stores unlikely to convert $100 million loan into equity of Indian retail arm: Walmart Stores Inc is unlikely this year to convert the $100-million loan it extended to the holding company of Bharti Retail into equity, and has pulled out a key executive from front-end retail operations in the country, signalling the world’s largest retailer’s shifting priorities for the Indian market in recent months. In March 2010, the Mauritius unit of Walmart had invested $100 million through compulsory convertible debentures (CCDs) into Cedar Support Services Ltd, the holding firm of Bharti Retail, with an option to convert it into a 49% stake by September 30, 2013. But despite the government last year allowing foreign companies to hold 51% equity in retail ventures, Walmart is unlikely to exercise its option of converting the $100-million loan into equity, which would have in one stroke given retailer an indirect 49% stake in Bharti Retail. Walmart and Bharti are likely to seek a year’s extension from government authorities for converting the debentures into shares. (The Economic Times)
GMR Energy to float Rs 1,000 crore public offer: Bangalore-based GMR Infra is planning to raise equity by going in for an initial public offer of its power business, GMR Energy. The company is in talks with investment bankers and is likely to file a draft red herring prospectus (DRHP) by the end of the month. The issue size can be anything in between Rs 1,000-1,500 crore. The investment banks that are taking part in the deal are Merrill Lynch and Australian bank Macquarie. (Business Standard)
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