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News Roundup: Satyam To Buy Back Shares To Appease Investors

By TEAM VCC

  • 19 Dec 2008

Satyam to Buyback Shares to Appease Investors - Satyam has announced that its board will meet on December 29 to consider buyback of shares. This comes as an appeasement to the outraged shareholders who opposed the company’s decision to not buy two firms in which the promoter-family members have stakes. If approved, this would be Satyam’s first buyback since it started operations in 1992. (Business Standard)

Yahoo Acquires 30% Stake in Chennai Based Service Provider - Yahoo has acquired 30% stake in a Chennai based tele-information service provider, Info Network Management Company (INMAC) for an undisclosed amount. The acquisition was done through the firm’s Dutch subsidiary. Yahoo will now have representation in INMAC’s board. (Business Standard)

Hyndai Motors To lay off 2000 Temporary Employees - Hyundai Motors India Ltd., today announced that it will lay off 2000 temporary workers, i.e., about one-fourth of its labour force, to tackle the decline in car sales. Currently, the company employs about 8,400 workers, out of which 3,300 are temporary. The lay offs are expected to begin in stages from January. The company might also consider cuts in shifts and production next year if the demand for cars does not revive. Presently, the company produces 250 cars every shift and 1600- 1800 cars a day. Hyundai saw a sharp decline in its car sales in November, when it car sales declined by 23.57%. (Business Standard)

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Moser Baer Bags 5 Hydro Electric Projects in Himachal - Moser Baer has bagged five hydro electric projects in Himachal Pradesh out of a total of 14 offered, through the global bidding route with free power. It has secured the 420-Mw Reoli Dugli project with free power bid of 14.4 per cent. Seli (320 Mw) with 14.41 per cent, Teling (69 Mw) with 3.34 per cent, Miyar (90 Mw) with 18.03 per cent, and Sach Khas (149 Mw) with a bid of 13.13 per cent. All these five projects have an aggregate capacity of 1,148 Mw. While Jindal Steel and Power Ltd secured three projects, DCM Sriram Infrastructure bagged two. (Business Standard)

HDFC to Raise Rs 1,000 crore Through NCDs - HDFC plans to raise up to Rs 1,000 crore through non-convertible debentures (NCDs) with a green-shoe option around December 23. reports suggest that the company will issue NCDs worth Rs 200 crore, keeping an option to raise another Rs 800 crore through the green-shoe option. The company is targeting insurance companies and mutual funds as investors of the NCD issue. It will offer NCDs at the rate of 9.90 per cent on ten-year papers. (Business Standard)

Kotak Plans $250 mn fund to Invest in Indian stocks - Kotak Mahendra Bank’s international asset management arm is planning a fund of $250 million in early 2009, to invest in Indian stocks. The firm plans to have the first close in next three months. The fund would invest in 15-20 medium and small sized firms across sectors. ()

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GMR Infrastructure Promoter Hikes Stake to 74% - GMR Infrastructure has announced that GMR Holdings, one of its promoter group companies, has hiked its stake to 74% by purchasing 9.50 lakh shares from the open market. Earlier this month, the promoter group company had purchased 23.7 lakh equity shares, representing 73.56 per cent in the company from the open market. (The economic Times)

Tata Group Hikes Stake to 13.50% in Steel Strip Wheel - Tata capital has hiked its stake in Steel Strip Wheel by acquiring 3.88 % stake in company after conversion of bonds into equity shares. Tata Group’s total stake in the company has now risen to 13.50 %. Steel Strips Wheels has allotted 5.07 lakh shares, representing 3.88 % stake in the company, at a price of Rs 197 a share to Tata Capital in lieu of optionally convertible bonds. (Business Standard)

Hamlet Holdings Announces Open Offer for Disa India -Hamlet Holding has announced the launch of its open offer for acquiring up to 3,02,041 shares in Disa India Ltd. The offer size constitutes 20% of the paid-up and voting equity share capital of Disa India, at a price of Rs 1,657 per share in cash. The open offer would be floated between February 5 and February 24, 2009. (Business Standard)

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Wockhardt Plans to Sell Two Foreign Subsidiaries - Wockhardt plans to sell its French subsidiary Negma Laboratories to repay its debt investors. It is looking for potential buyers for the same. Wockhardt had bought the paris based company for $265 million in May 2007. the drug major also plans to sell its Irish subsidiary, Pinewood on sale for around $150-200 million. Wockhardt acquired Pinewood in 2006 for $150 million. Mumbai based, Wockhardt would require Rs 1,000 crore to redeem its foreign currency convertible bonds (FCCBs) which come up for repayment in October, 2009. (The Economic Times)

Piramal Group to Launch Healthcare Fund - The Piramal Group plans to launch a healthcare fund, India Venture Trust Fund named in early 2009. It will focus on investments in hospitals, speciality clinics, health-care related business process outsourcing (BPO) units and medical equipment firms. India Venture Trust Fund, headed by former State Bank of India chairman A.K. Purwar, initiative is the Piramal Group’s second PE. Though the size of the fund is yet to be finalised, the design and the infrastructure are ready. (Live Mint)

 

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