Essar Tele To Buy Majority In Dhabi’s African Assets - Essar Teleholdings has sealed a deal with the Dhabi Group to buy a controlling stake in the UAE firm’s African telecom assets for an undisclosed amount. It will acquire a controlling stake in Warid Telecom’s (the vehicle for the Dhabi Group’s telecom operations) operations in Uganda and Congo.  The deal will be announced in the next couple of days. (ET)

L&T Sells Stake in Mahindra Satyam - The Hyderabad-based IT services firm saw 27.2 million shares, or about 2.31% stake change hands Rs 114.9 per share on the BSE. An official at leading engineering and construction firm Larsen & Toubro, who did not want to be named, said the company was the seller. L&T, which owns 81 million shares in Mahindra Satyam, could have raised Rs 310 crore from this sale. (Reuters)

ArcelorMittal Acquires 13.8% Stake In Czech Arm – Steel tycoon ArcelorMittal would acquire additional 13.8% stake in its Czech arm ArcelorMittal Ostrava for $404.3 million. It has signed an agreement to acquire a 13.881% stake in ArcelorMittal Ostrava from a subsidiary of PPF Group, an international financial and investment group in Central and Eastern Europe. The deal will be completed next year, which will result in exit of the minor shareholder from the company. (Mint)

Govt To Sell 5% NTPC Stake For $1.7B – The government of India plans to sell 5% stake in power major NTPC to raise upto $1.7 billion. The stake sales will be completed by March next year. Last week, the government mandated more sales of shares by state firms and changed the rules on how it can use the proceeds, as it seeks to boost revenues and rein in a widening budget deficit. Since August, the government has raised about $1.8 billion by selling share in two state firms -- NHPC and Oil India. (Reuters)

Pramod Jain’s Open Offer For Golden Tobacco - Pramod Jain, a minority shareholder in Sanjay Dalmia-controlled cigarette-maker Golden Tobacco Ltd (GTL), made an unsolicited open offer to acquire another 25% equity in the company at Rs 101 a share. The offer will open on December 30 and close on January 18, 2010. It follows the acquisition of 6.47% stake in the company by Pramod Jain, Pranidhi Holdings and JP Financial Services. (BS)

Kalanithi Maran To Buy Star Aviation - Media baron Kalanithi Maran is close to acquire Star Aviation for over Rs 1,000 crore. This marks his entry into a struggling industry by buying an airline that is yet to start operations. Maran, who runs the Sun Network with interests in television, radio and newspapers, is buying the regional carrier in his personal capacity.  Star Aviation is owned by a Dubai-based NRI, Syed Mohammad, who owns a business empire estimated to be worth $3.8 billion, including an aircraft leasing company. Star Aviation is expected to start operation in January or February 2010. (ET)

Tata Steel Offers To Swap $875M Of Securities – Steel major Tata Steel has approved an exchange offer for an existing $875 million of securities into foreign currency convertible bonds (FCCBs), in a move to reduce costs and ease repayment. It gives an option to extend the repayment schedule by two years. With the swap, there would be an $875 million reduction in the company’s outstanding debt, assuming full acceptance of the offer. (BS)

Cox & Kings Sets Price Band - Travel operator Cox & Kings (India) Ltd has set a price band of Rs 316-330 a share for its 18.49-million share initial public offer. The issue opens Nov. 18 and closes Nov. 20, the company said in a statement. (Reuters)

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