Sebi Exempts MTN from Open Offer to Bharti Shareholders – The proposed alliance between Bharti Airtel, India’s largest telecom company, and South African telecom giant MTN crossed the first hurdle after the Securities and Exchange Board of India (Sebi) exempted MTN from making the mandatory open offer to Bharti Airtel shareholders under the takeover code. The takeover code requires a buyer to make an offer to buy 20% of the shares of a listed target company if it acquires more than 15% of the shareholding. A Sebi order on Tuesday said MTN was exempt from this requirement because it intended to acquire 25% in Bharti Airtel through global depository receipts (GDRs). (Business Standard)
New GM to Acquire Indian Operations – Beleaguered General Motors (GM) today said it would acquire its strongest operations, including the Indian business, once the company steered itself out of bankruptcy. General Motors, which went bankrupt on June 1, has received approval for its restructuring plan from the US Court. After closing of the transaction, the new GM will be known as General Motors Company. (Business Standard)
Ruias Plan to Divest At Least 20% Stake – The Kolkata-based Pawan Kumar Ruia group wishes to list Jessop and Co., one of its firms, on the Bombay Stock Exchange. For doing so, it will have to offload its shares in Jessop, an engineering and infrastructure development firm. At present, the promoters’ holding in the company is 94.5 per cent, which will have to be brought down to 75 per cent. As per BSE norms, at least 25 per cent of the company’s issued capital should be with non-promoter shareholders. (Business Standard)
Pantaloon to Raise Up to Rs 1,000 Crore – Pantaloon Retail, the country’s largest retailer, plans to raise as much as Rs 1,000 crore by selling shares to investors through the qualified institutional placement (QIP) route. The company obtained its shareholders’ approval for its plans in the extraordinary general meeting (EGM) held yesterday. This is the second time the Kishore Biyani-led Pantaloon is using the QIP route to raise money. (Business Standard)
Kabirdass Motor Plans to Raise Rs 60 Crore Via IPO – Chennai-based electric scooter manufacturer Kabirdass Motor Company is planning to raise Rs 60 crore through an initial public offering to support its expansion plan and for setting up a manufacturing facility. This apart, it is planning to borrow Rs 20 crore through term loan from Union Bank of India and another Rs 20 crore through equity. (Business Standard)
UTI Ventures to Raise 3rd Fund – UTI Ventures, the venture capital (VC) arm of UTI Asset Management Company (AMC), is raising a Rs 1,500 to Rs 2,000-crore ($350 to $400 million) fund and hopes to complete the process by December. The third from the UTI Ventures stable, the fund would focus on deals in the range of $10-15 million (Rs 50-75 crore). Though the fund would invest across sectors, it would largely focus on areas such as infrastructure services, domestic consumption and outsourcing. (Business Standard)
BoM Seeks Nod to Raise Rs 1,500 Crore in 3 Years – Public sector Bank of Maharashtra has sought government approval to raise Rs 1,500 crore in three years. The bank would raise the capital either through a follow-on public offer (FPO), qualified institutional placement (QIP), or a perpetual preferential share issue. The government currently holds 76% in the bank. If the bank chooses to raise Rs 500 crore through FPO, the government holding would decline by 10%, depending upon the market conditions. (Business Standard)
Infy Scouting for BPO Firm in Canada – Infosys BPO Ltd, the business process outsourcing (BPO) operation of Infosys Technologies, is looking at raising its headcount in the Americas through inorganic growth. The company is understood to be scouting for a strategic acquisition in the $40-60 million range either in Canada or the US. Infosys is looking at acquiring a small or mid-sized company, specialised in providing mortgage or insurance BPO services to grow faster in Canada. This will help speed up verticalisation efforts currently on at Infosys BPO. (Business Standard)
EXL Set to Buy Schneider’s Back-Office Unit in Czech – Nasdaq-listed BPO firm ExlService Holdings (EXL) is acquiring the back-office unit of US-based logistics firm Schneider National in Czech Republic. The deal size is learnt to be less than $40 million. The back-office unit in Czech Republic , which employs about 200 people, is managed by Schneider Logistics, the transportation and logistics services arm of the $3.7-billion Schneider National. (The Economic Times)
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