As the Jet-Etihad is getting delayed due to issues related to bilateral treaty, promoters of the former are keen to fast track offer for sale plan (OFS) to dilute stake. Through OFS route, the company would offer shares at a fixed price directly to pubic in May. Jet Airways’ chairman Naresh Goyal needs to bring down promoter holdings to 75% as per Sebi guidelines. Goyal holds closes to 80% in Jet through Tail Winds. It is also learnt that promoters may dilute around 6-8% via OFS issue. (Moneycontrol.com)
Wipro promoters to sell shares through offer for sale route: The promoters of IT services firm Wipro Ltd. is looking to sell stake in the company through the offer for sale (OFS) route. Wipro had on March 25 sought SEBI’s nod for carrying out the offer within the mandatory twelve-week cooling off period following the latest inter-se transfer carried out on March 15 amongst the promoter and promoter group entities. As on December, 2012, Wipro promoters had 78.29% stake in the firm. An auction of Wipro shares by Azim Premji Trust on March 2012 had garnered INR 750 crore for the promoter group entity through OFS route. (Business Line)
Mahindra Satyam may buy firm in S. Africa: Mahindra Satyam is looking at acquiring a company in South Africa. The IT company, which is already present there, is reportedly eyeing a firm in areas such as infrastructure management. The company is expanding its presence in Africa, Latin America and Asia through acquisitions and partnerships. In February this year, Mahindra Satyam acquired a majority stake in Brazilian company Complex IT, a strong SAP consulting player in the region. (Business Line)
Kazakhstan may step in to replace ONGC as buyer of Conoco’s INR 27k-cr stake: Kazakhstan is considering buying ConocoPhillips’s Rs 27,198 crore ($5-billion) stake in the country’s biggest oilfield before selling it to a Chinese producer. ConocoPhillips had agreed to sell its 8.4 per cent holding in the Kashagan project to India’s Oil & Natural Gas Corp (ONGC). The Kazakh government is ready to exercise an option to step in and buy that stake in place of ONGC. Kazakhstan has sounded out the Kashagan partners about bringing one of China’s state-run oil companies as a partner in the project, China National Petroleum Corp or Sinopec Group, which both have investments in Central Asia’s largest oil producing. (Business Standard)
Jaypee in last lap to sell Gujarat cement units: Jaiprakash Associates, the parent company of the Jaypee Group, is planning to sell its Gujarat-based cement units for INR 4,000 crore ($734.73 million) in a few weeks. The move is aimed at reducing its debt pile. Earlier, the group was in talks with the Birlas to sell the cement units. However, as its expected valuation of $170 a tonne was very high, it failed to seal the deal. Sources say the deal is now likely to be carried out at $150 a tonne. The company is in advanced stages for concluding the sale of its entire 100% stake in the 4.8-mtpa Gujarat capacity. Jaiprakash Associates is also looking to raise funds by selling stake in its power venture Jaiprakash Power Ventures, through the sale of its treasury stock for ($174.49 million). (Business Standard)
Govt initiates process for EIL stake sale: The Department of Disinvestment (DoD) will soon appoint merchant bankers to manage 10% stake sale in Engineers India Ltd (EIL) which may fetch INR 520 crore ($95.5 million) to the exchequer. The DoD has invited expressions of interest from merchant bankers, or singly or as a consortium, with experience in public offerings or OFS to act as book-running lead managers and to assist and advise Government in the process. Up to 5% of the public offering will be reserved for employees of the company. The Government currently holds 80.40% in EIL, a mini-ratna PSU. In 2010, the government had divested 10% stake through an FPO in EIL. (Business Line)
Hinduja group to rope in Gulf investors for India projects: Hinduja Group, a UK-based $ 25 billion diversified conglomerate led by NRI Hinduja brothers, plans to rope in Gulf investors including UAE’s sovereign wealth funds as partners for power and other infrastructure projects in India. The group is in talks with UAE’s sovereign wealth funds for partnership as it plans to sell stake in its power and cable TV network businesses, while it also plans to double its $100 million investment in the UAE. The group is setting up its first greenfield project, Hinduja National Power Plant, a 1,040 MW thermal power plant in Andhra Pradesh at a cost of about $ 1.65 billion (IINR 8,982 crore). (The Economic Times)
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