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News Roundup: Lenders May Block Wockhardt-Abbott Deal

16 September, 2009

Tata Motors To Sell Finance Arm Stake – Debt ridden Tata Motors is planning to sell about 10-15% stake in Tata Motors Finance to deleverage the balance sheet. India’s largest commercial vehicles manufacturer said it would sell equity stakes in various subsidiaries as part of a plan to reduce the company’s Rs 24,000-crore debt. The stake could fetch upto Rs 200 crore. Tata  Capital, the group’s finance arm, could end up buying the stake. (Economic Times)

Lenders May Block Wockhardt-Abbott Deal – Overseas lenders of drug maker Wockhardt have threatened to block the pharma company’s $130-million (Rs 630 crore) deal to sell its nutrition business to US company Abbott. The banks claim that they got a raw deal from the corporate debt restructuring (CDR) package. The package reportedly favours Indian banks. (ET)

Telenor Expects India Ops Loss At Rs 15,500 Cr – Norwegian telecom major Telenor has said that its Indian arm, Unitech Wireless, will suffer Rs 15,500-crore losses in

the first five years of operation. Telenor is picking up a 67.27% stake in Unitech Wireless in a phased manner. The firm has also cut its capital expenditure by over 30% to Rs 2,500-3,200 crore. (ET)

Thinksoft Global IPO To Open On Sept 22 – Thinksoft Global Services, a Chennai-based financial software testing company, is entering the capital market with an initial public offering. The company plans to raise up to Rs 47.3 crore through the issue. Out of the total funds raised, the company will invest Rs 16 crore to set up a new testing centre in Chennai. The price band of the issue has been fixed at Rs 120-130 per share and the issue will open on September 22, 2009. (Hindu Business Line) 

GSPC Lines Up Rs 5,000 Cr IPO – Gujarat State Petroleum Corporation (GSPC) plans to raise around Rs 5,000 crore through an initial public offer (IPO). The proposed IPO will happen in the next few months. GSPC will utilize the amount across several projects including exploration of gas at KG basin, development of Cambay onshore and offshore projects, offshore block in Egypt and setting up an LNG terminal with a capacity of producing around 7 million metric tonnes LNG per annum. (DNA) 

Bartronics Readies Funds For UID – Bartronics, a leading player in the RFID, smart card and biometric solutions space, plans to raise equity of about Rs 600 crore. The company will invest the amount in implementing a government project to prepare unique identification (UID) cards for Indian citizens.  The company currently has an equity base of about Rs 29 crore and is evaluating options including a qualified institutional placement, private equity and infusion by promoters. (DNA)


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News Roundup: Lenders May Block Wockhardt-Abbott Deal

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