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News Roundup: Jaguar Land Rover To Raise £1 Billion By Sept

11 May, 2009

Jaguar Land Rover To Raise £1 Bn – Jaguar Land Rover (JLR), which Tata Group acquired, is planning to raise up to £1 billion by September to keep the company afloat without the British government’s help. The cash-starved firm has appointed Citigroup as the financial advisor. Earlier Tata Group chairman Ratan Tata said that the acquisition of steelmaker Corus and JLR were made at an “inopportune time”. (Times of India)

Government May Alter Pres Notes 2, 3, 4 – After announcing an easing of FDI policy, the government is likely to significantly change the controversial Press Notes 2, 3 and 4. The changes will be made in order to close loopholes that give firms leeway to exceed limits on foreign direct investment (FDI) in various sectors. (Business Standard)

Temasek, GIC Stake In ICICI Bank Under Scanner – Market regulator Securities and Exchange Board of India (Sebi) has been asked by finance ministry and the Reserve Bank of India to check whether a proposal by Temasek Holdings and Government of Singapore Investment Corporation (GIC) to increase their stakes in ICICI Bank would trigger the mandatory open offer. Under the SEBI takeover code if an entity buys over 15% stake in a firm, it will have to make an open offer to buy an additional 20%. While Temasek holds an 8% stake in the bank, GIC has a 2.3% stake. (BS)

Unitech Wireless Awards Contract – Unitech Wireless, the telecom venture of Unitech Ltd in which Norway’s Telenor has bought a majority stake, has awarded a telecom infrastructure project worth $400 million to Huawei and Alcatel-Lucent. While about $225 million has gone to Huawei, and the rest to Alcatel Lucent. The company has signed an MoU with the two infrastructure providers for design, installation and management of its GSM network. (DNA)

Investors Seek $1 Bn Compensation – Investors have approached consumer court in New Delhi for compensation against low trading price of fraud hit Satyam Computer Services Ltd. These investors are seeking compensation of Rs 4,987.50 crore (about $1 billion). The case has been filed by Midas Touch Investors’ Association on behalf of three lakh shareholders who lost money. (ET)

 


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News Roundup: Jaguar Land Rover To Raise £1 Billion By Sept

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