RBI to Let SBI Guarantee Tata Motors Debt Issue – The Reserve Bank of India (RBI) will allow the State Bank of India (SBI) to guarantee the recently-concluded Rs 4,200-crore non-convertible debenture (NCD) issue by Tata Motors.RBI would be exempt from the ban on banks guaranteeing corporate bonds. In reaching this decision, RBI was mindful of the fact that the interest of the investors would be jeopardised, if the guarantee were to be withdrawn after the event. (The Economic Times)
Bharati Open Offer for Great Offshore – The board of Bharati Shipyard has decided to make an open offer for Great Offshore following the resignation of Vijay Sheth, the vice-chairman and managing director of the company, on May 29. Bharati Shipyard currently holds a 14.9% stake in Great Offshore, while Mr Sheth, the erstwhile promoter, holds less than 1% stake. (The Economic Times)
Unitech to Repay Rs 2,000 Crore Debt by End of FY 09-10 – Smarting the global economic downturn and a severe credit crunch, realty major Unitech plans to repay about Rs 2,000 crore of its debt and bring it below Rs 6,000 crore level by the end of this fiscal. The company’s total debt currently stands at about Rs 7,800 crore, which would be brought down below Rs 6,000 crore by the end of current financial year. (The Economic Times)
MNC’s Look At Delisting Indian Subsidiaries – A number of multinational companies are looking to delist the stock of their Indian subsidiaries or increase their stakes through share buyback to cash in on the substantial fall in valuations between January ’08 and February ’09. Companies lined up for delisting include UK-based equipment maker Avery India, South Korean confectionery maker Lotte India and US drugmaker Mylan’s Matrix Labs. (The Economic Times)
Panoramic to Raise Up to Rs 100 Crore Via Stake Sale – Hospitality major Panoramic Universal today said it is in talks with a couple of private equity players and a strategic investor to raise up to Rs 100 crore by offloading stake to part-finance acquisitions of three-star and four-star hotels in India. The company has also said that a couple of private equity investors and a strategic investor have evinced interests in acquiring stake in the company. (Business Standard)
Tata Power to Focus on Renewable Energy Options – Tata Power is bullish on the roadmap for renewable energy. By 2017, the company wants to produce 25 per cent of its electricity from renewable sources (which are carbon neutral) and to 35 per cent by 2030. With an installed capacity of 2,700 MW, Tata Power produces about 16 per cent of power from green energy sources like hydro and wind. (Hindu Business Line)
Ispat Promoters Pledge Entire Stake With Lenders – The promoters of Ispat Industries, Pramod and Vinod Mittal, have pledged their entire shareholding in the company with lenders as the beleaguered steel company makes yet another attempt to rid itself of a mountain of debt and emerge healthy. The Mittals, the brothers of the world-famous steel magnate LN Mittal, own 41% in Ispat. The entire stake has been pledged with the lenders in return for a debt restructuring package that moderates and delays repayment schedules. The last tranche of 9.1% was pledged on May 15 with IDBI Trusteeship Services, data submitted to the stock exchange shows. (The Economic Times)
Indiabulls Real Writes off Retail Arm Investment – Indiabulls Real Estate has decided to write off the entire investment in its retail arm, which it took over from the Piramals during the retail boom in December 2007. The company had paid Rs 42 crore to take over 64% of Indiabulls Retail Services (earlier known as Piramyd Retail or PRL). The company had also taken over liabilities worth Rs 120 crore. In its recent QIP filings with the stock exchanges, Indiabulls Real Estate said it may have to write off its investments in the shares of PRL due to its continued losses. (The Economic Times)
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