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News Roundup: Siva In Talks For 49% in Loop Telecom

10 June, 2010

Siva In Talks For 49% in Loop Telecom – C. Sivasankaran is in advanced talks with the Ruias of the Essar Group to acquire a 49% stake in Loop Telecom Pvt. Ltd for an undisclosed sum. The deal for Loop, which owns mobile telephony licences in 21 states, could be signed in a few days. The maverick investor will purchase the stake in his individual capacity by subscribing to a fresh issue of shares of Loop Telecom and not through Siva Ventures Ltd, his investment vehicle.

Lanco, Edelweiss Frontrunners For Axis PE – Infrastructure major Lanco Group and financial services firm Edelweiss Capital have emerged frontrunners in the race for Axis Bank’s private equity arm. The two firms were the most aggressive bidders with  bidsin the range of Rs 30-45 crore. Others in the race include Aditya Birla Private Equity, the Shapoorji Pallonji group and IL&FS Investment Managers. (Business Standard)

Ishtitmar To Convert Spicejet Bonds – Ishtitmar Capital World has decided to convert bonds of no-frills carrier SpiceJet into equity shares to sell them in the open market. The investment arm of Dubai World has appointed Bank of America Merrill Lynch to find buyers for its stake, which will be around 9% on conversion. Ishtitmar holds $12 million (about Rs 56.3 crore) worth of foreign currency convertible bonds (FCCB) in SpiceJet. The conversion rate is Rs 25 a share, a 60% discount to the stock’s close on Wednesday at Rs 58. (Economic Times)

Reliance Power To Acquire Indonesian Coal Mines – Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acquire three coal mines in a transaction that will involve a series of production-linked milestone payments. Reliance Coal Resources, a wholly-owned subsidiary of Reliance Power, will make an upfront payment of Rs 500 crore ($106 million) for acquiring the mines. If all production-linked targets are met, the total value of the deal will be $1.6 billion. (ET)

IL&FS Fund In Talks To Buy Stake In HCC Unit – IL&FS Milestone Fund, a real estate-focused private equity (PE) fund launched jointly by IL&FS Investment Managers Ltd and Milestone Capital Advisors Ltd, is in advanced talks to acquire a 74% stake in unlisted HCC Real Estate Ltd for Rs 575 crore. HCC Real Estate is a subsidiary of Hindustan Construction Co Ltd and owns 24/7, a corporate park built on a 1.8 million square feet plot in Mumbai. The stake sale is reportedly part of company’s plan to raise fund to repay Rs 350 crore debt raised during the construction of the project from HDFC Ltd. ()

Engineers India FPO Likely In July – Engineers India Ltd (EIL), a public-sector undertaking engaged in engineering and related technical services for petroleum refineries, is looking at raising Rs 1,100-1,200 crore from the upcoming follow-on public offer (FPO). EIL was going to file a draft red-herring prospectus for the issue in mid-June and the issue was expected to hit the markets by the end of July. The government, which currently owns 94.4% stake in EIL, is planning to sell 10% stake through this FPO. (BS)

Shree Ram To Sell Part Of Mill Land In Mumbai – Shree Ram Urban Infrastructure (SRUI), a Mumbai-based listed real estate company run by Vikas Kasliwal, is set to sell a part of its 26.5 lakh square feet land bank in Shree Ram Mills in central Mumbai for Rs 2,475-2,500 crore. The company is in talks with a venture fund which also has realty parcels and a few local developers for the same. The deal is expected to be closed by the end this month. (DNA)

FIPB Defers 20 FDI Proposals, Rejects 9 – The Foreign Investment Promotion Board (FIPB), the nodal body in the ministry of finance for clearing foreign direct investment (FDI) proposals, has deferred the fund raising proposal of Verizon Communications, NTT Communications, Arkadin SAS France, Essar Capital, S Tel, Telecordia Technologies, and Telstra through FDI route. FIPB has deferred around 20 such proposals and rejected another 9 in its last meeting held on May 31. Among the 20 deferred proposals, seven belong to the telecom sector, while five are related to the media and entertainment segment. (DNA)

PSB Reworks IPO Plan, To Dilute 25% Stake – The board of Punjab & Sind Bank (PSB) has approved a proposal to rework its initial public offer (IPO) plan in line with the recently-introduced government rules on a minimum 25% public shareholding in listed entities. This would allow the bank to raise about Rs 500-600 crore. Earlier it was planning to raise Rs 400-500 crore with an equity dilution of 18%. The issue is likely to hit the markets in late July. (BS)

JSW Energy Signs MoU With Dubai Firm For Stake Buy – JSW Energy Ltd, the energy subsidiary of diversified JSW Group, has entered into a memorandum of understanding (MOU) with Osho Venture FZCO, Dubai (Osho) and Indian Ocean Mining Pty Limited, South Africa (IOM) to acquire 70% equity interest in IOM from Osho. IOM has certain coal prospecting rights in North West region of South Africa, the company informed the stock exchanges. The MOU is part of company’s strategy to enhance its fuel security to secure long term imported coat linkages. (Team VCC)

Ashok Minda To Raise Rs 125Cr In PE, Eyes More Buy – Ashok Minda Group, a Noida-based auto component manufacturer, is looking at raising around Rs 125 crore through private equity. As part of the plan, the company has appointed advisory firm Dynamic Orbits to process the activity. The fund will be utilised for expansion, and acquisitions. It has earlier acquired a company called Schenk Plastic Solutions (SPS) in Germany. (BS)


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News Roundup: Siva In Talks For 49% in Loop Telecom

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