News Roundup: LIC To Divest MTNL Stake In Private Placement

28 April, 2016

LIC To Divest MTNL Stake In Private Placement – The Life Insurance Corporation (LIC) of India wants to divest its 18.81% stake in state-owned Mahanagar Telephone Nigam Ltd (MTNL) through private placement of shares. LIC has discussed the issue with the government, which has a controlling stake of 56.25%. Based on on Wednesday ’s close of Rs 30.35 a share, the value of LIC’s shares is around Rs 360 crore. (Business Standard)

Sahara Eyes Buyout Of UK’s Marriott – After snapping London’s iconic Grosvenor House Hotel for 470 million pounds last year, diversified business conglomerate Sahara India is close to buying out a bunch of Marriott hotels in London valued at 750 million pounds. Though UAE-based Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the world, has emerged as the lowest bidder. (Economic Times)

L&T Board To Discuss Hexaware Buy Today – The board of Larsen & Tourbo would meet tomorrow to pass an enabling resolution that will allow the diversified conglomerate to explore inorganic opportunities for growth. Even though L&T has rarely been an acquirer of companies, the meeting is taking place against the backdrop of its ongoing negotiations with Atul Nishar, the founder chairman of Hexaware Technologies, to acquire a majority stake in his company.

Tata Power Makes Bid For 30% In Waterberg Coal Project – Firestone Energy, and its joint venture partner, Sekoko Resources, said they were reviewing an offer to invest in 30% of their Waterberg Coal Project from The Tata Power Company (Tata). As the joint venture partners value the coal project, currently under review, at some R1bn, the proposed investment will total R300m ($40m).

Deutsche Bank To Rejig Board – Deutsche Bank plans to reorganize its management board by replacing two senior members before India-born Anshu Jain takes over as the co-CEO of Germany’s largest bank at the end of May. A special committee of Deutsche Bank’s supervisory board has agreed to a proposal by Jain and his designated co-chairman Juergen Fitschen to terminate the contracts of their management board colleagues Hugo Baenziger and Hermann-Josef Lamberti. (Times of India)

4G Identity Eyes Funding, Kenya Project – 4G Identity Solutions, a Hyderabad-based provider of biometric-based identification technologies for large-scale implementation, is eyeing a voter ID project valued at $50 million (Rs 250 crore) in East African country Kenya. It is also in talks with a couple of venture capital and private equity players to raise the money. (Business Standard)

Tata Motors Not Looking At Car Co Buy – Though there have been rumours swirling in the market that Tata Motors maybe scouting for another acquisition, Mr Ratan Tata, Chairman, Tata Sons denied that the company will be considering acquiring another car company. But the company will be looking out for acquiring companies that can bring in technology and so an acquisition in the auto components space is a possibility. (Business Line)

Salarpuria Sattva Acquiring One More Aerospace Company – Real estate developer, Salarpuria Sattva Group, is in the process of acquiring one more aerospace company. This would be the third acquisition in the aerospace sector for the developer since the last fiscal. It is acquiring a Pune-based company, which is specialised in designing and supplying control systems for the Indian Navy. (Business Line)


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News Roundup: LIC To Divest MTNL Stake In Private Placement

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