News Roundup: PremjiInvest Working to Save Subhiksha

13 February, 2009

Govt. Looks to Sell Out Satyam, Hinduja Expresses Interest – The government announced on Thursday that it is looking at the possibility of finding a suitable strategic investor who can acquire the beleaguered Satyam Computer Services, as it pointed out that the crisis at the company is over. According to the government, the possibilities are being worked out and the entire process will be carried out transparently. Satyam’s government appointed board has said that it has received many offers for the takeover of the IT firm, however, it has not yet decided on its sale. Hinduja Global Solutions Ltd has expressed interest in buying fraud-hit Satyam Computer Services. Hinduja Global Solutions has also submitted an expression of interest for the entire company. (The Economic Times)

Blackstone Abandons Plans to Buy Nagarjuna Warrants – Private equity firm Blackstone will not go ahead with the proposed investment of Rs 200 crore for subscribing to the convertible warrants of Nagarjuna Constructions Company (NCC) in wake of the delay in receiving approval from Foreign Investment Promotion Board (FIPB). The deadline mentioned in the term-sheet signed by the company and Blackstone has already expired. NCC has been looking for funds which were supposed to come from Blackstone. NCC has lost almost 76% of its value in the intervening period. (The Economic Times)

Promoters of Hotel Leelavanture Pledge 20.87% Stake – Two promoters of the Hotel Leelaventure, Leela Lace Holdings and Leela Scottish Lace, have pledged 7.88 crore shares representing 20.87% stake in the company. Leela Lace Holdings has pledged 6.02 crore shares, whereas Leela Scottish Lace pledged the remaining 1.86 crore shares. Meanwhile, the hotel chain firm has bought back 1 per cent euro foreign currency convertible bonds worth 8.25 euro (nearly Rs 51.76 crore). (The Economic Times)

Two Hyderabad Investors to Takeover Maytas Infra – Two little-known Hyderabad-based investors have emerged as strong contenders for taking control of Maytas infrastructure, the beleaguered firm owned by B. Ramalinga Raju’s son. The two investors are now doing due diligence of Maytas’ books and its various projects. A final decision is likely to be taken as early as next week. Infrastructure Leasing & Financial Services, the Mumbai-based lender, is helping investors in the process. Rithwik Projects is one of the investors doing due diligence. The other investor is believed to be one of the founders of SEW Infrastructure, another Hyderabad-based company. (The Economic Times)

PremjiInvest Working to Save Subhiksha – Software czar Azim Premji injected a lifeline of Rs 40 crore into the crisis-ridden Chennai-based discount retail chain Subhiksha as recently as December. The billion-dollar fund Premji Invest, which forked out Rs 230 crore to take a 10% stake in Subhiksha in September last year, is closely working with the troubled retailer’s 13-member bank consortium for restructuring its debt. PremjiInvest provided a loan of Rs 40 crore to enable the troubled retail chain to meet its short-term liquidity requirements. Sources suggest that PremjiInvest is seriously looking at getting the company’s corporate debt restructuring (CDR) package approved by the 13 banks that work with Subhiksha. (The Economic Times) 

Mold Tek Buys Two Firms for $700,000 – Mold Tek Technologies Ltd has signed a pact to acquire the assets and business of U.S. company, RMM Global, Ohio, and TechNet Engineering Services, Mumbai for $700,000. RMM and TechNet provide structural steel detailing services for clients in the U.S. (Reuters)

Govt. Considers Proposal for VCFs to Pay Requisite Taxes – The government is considering a proposal under which investors in venture capital funds will have to pay the requisite taxes, instead of the funds themselves, as is the practice currently in certain sectors. If this proposal is implemented, it would reverse a policy change introduced in the 2007 Budget, which had stipulated that VC funds in all but nine industries would have to pay taxes. In a further liberalisation, the government may also put registration of foreign venture capital funds under the automatic approval route.The move will put them on par with foreign institutional investors (FIIs). (The Economic Times)

Tata Communications to Invest $430 Million in Asian Data Centre – Tata Communications is investing $430 million in an Asian Internet data centre and cable system. These investments are a part of the company’s plans to enhance its robust global infrastructure as part of its two-billion US dollar expansion plan over three years. The data centre, the Tata Communications Exchange, will be operational in 2010 and will host servers and store data for the gaming sector, content providers and others. The company has already completed the main segment of the $250 million cable system linking Singapore, Hong Kong, Japan, Vietnam and the Philippines to provide increased data and voice reliability in the region. (The Economic Times)

 


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Hinduja Eyes Satyam; Fidelity Shores Up Stake To 7.66%

Hinduja Eyes Satyam; Fidelity Shores Up Stake To 7.66%

Madhav A Chanchani 9 years ago
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Ruchika Sharma 8 years ago
The March 12 deadline for submitting the Expression of Interest (EOIs) for acquiring Satyam Computer Services saw more than 70 bidders showing an interest in...
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News Roundup: PremjiInvest Working to Save Subhiksha

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