MCX-SX Promoters to Offload 52% – Financial Technologies, the joint promoter of the stock exchange MCX-SX, will divest 52% in the bourse by end of September. The other promoters is commodity exchange MCX. Both the prmoters will bring down their stakes through a secondary placement of stake. Deutsche Bank, Nomura Securities and Antique Stock Broking have been appointed as merchant bankers. (Economic Times)
Officials From US, India To Talk on Investment Laws – A team from Washington will visit New Delhi next week to discuss liberalisation of investment laws that had taken a back seat due to elections in both the countries. During talks last year there was a contention on pre-investment national treatment for US investors. (ET)
JSW Energy IPO – Sajjan Jindal-owned JSW Energy is mulling an IPO to raise funds to expand its power generation capacity to 12,000 Mw from the present 800 Mw. The company had earlier planned for an IPO and was reportedly planning to raise around $1 billion and diluting 10% stake. (Business Standard)
Airlines Call Off Strike – Under pressure from ow-cost carriers, the Federation of Indian Airlines (FIA) has called off its decision to suspend domestic operations on August 18. FIA said the strike was being withdrawn “in view of the agitated public sentiment and potential inconvenience to thousands of passengers and the government’s willingness to enter into dialogue”. (BS)
MTN Board Meet on Aug 18 – Bharti Airtel and South Africa’s MTN are likely to announce this week the status of the proposed merger to create a $23-billion entity, as the period for exclusive talks between them expired on July 31. The telecom majors could not come to any conclusion in their exclusive talks, which had started on May 25, for a possible share swap deal between the two firms. (Business Standard)
Essar May Close Shree Precoated Buy Soon – Essar Steel may finalise its deal to buy Shree Precoated Steels in a week. The deal will arguably make Essar Steel one of India’s largest cold-rolled steel producer. Essar currently has 1.4 mt of cold-rolled capacity and caters to the domestic market only. With the acquisition of Shree Precoated Steels, Essar plans to tap the growing demand of cold-rolled steel in the automotive sector.nShree Precoated currently produces 6 lakh tonne of cold-rolled steel, 4.5 lakh tonne of galvanised steel and 3.5 lakh tonne of colour-coating line. (DNA)
PFC To Raise Rs 90,000 Crore – Power Finance Corporation (PFC) will soon approach banks and financial institutions to raise Rs 90,000 crore as part of the National Electricity Fund, which was set up for the development of the power sector. Last year, the government announced setting up of the Fund, entailing a total corpus of Rs 2,25,000 crore. The government has already circulated the Cabinet note among the ministries in this respect. (BS)
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