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News Roundup: South Africa Govt Looks At Bharti-MTN Dual Listing

15 September, 2009

Elitecore Looks At Acquisitions – Ahmedabad-based Elitecore Technologies is evaluating inorganic opportunities to become a $50 million within two years. The firm is mulling a Rs 100 crore acquisition in the US or European markets in the network security segment. Elitecore is also open to technology acquisition and is hoping for a turnover of $15 million this fiscal year. (Business Standard)

Jindal Power To Raise Rs 4,000 Cr – Naveen Jindal’s Jindal Power Ltd plans to raise about Rs 4,000 crore from a public issue. Part of Jindal Steel and Power Ltd (JSPL), the firm will use the funds raised to partly fund its 2,400 Mw superthermal power project in Chhattisgarh. It also plans to invest Rs 13,400 crore for the new project coming up at Raigarh and is in talks with banks to raise Rs 10,000 crore as debt for the project. (BS)

Jefferies Looks At Broking – Jefferies India Private is now planning to foray into broking and distribution services in India. The subsidiary of the US-based Jefferies Group started India operations in 2007 and has so far raised more than $2 billion for Indian companies. (BS)

South Africa Govt Looks At Bharti-MTN Dual Listing – The South African government is looking at dual listing for MTN that would allow MTN shares to be traded on Indian and South African bourses simultaneously with equal voting rights. The govt from South Africa is looking to enter into an agreement before the September 30 deadline. Dual listing would require major changes in the Indian legal system, and will be difficult to achieve within the given timeframe. (Economic Times)

NTPC Eyes South African Coal Mine – NTPC could end up spending around $1 billion (Rs4,870 crore) to acquire a South African coal mining firm as its projects are facing acute coal shortage. With the acquisition, NTPC will also get the licence to mine the coal. The state-owned firm has cash reserves of Rs44,393 crore. (Mint)

Tide Water Sell Off This Fiscal – Kolkata-based engine oil and lubricant manufacturer Tide Water Oil Co, an Andrew Yule group company, will announce its divestment plan by the end of this fiscal. The proposed divestment will happen for 42% combined equity stake held by Andrew Yule (around 27%), United India Insurance (10%-plus) and LIC (4%) in the company. The company expects that the divestment can mop up between Rs 110-130 crore for Andrew Yule. (DNA) 

Fortis’ Rs 1,000-Cr Rights By October – Delhi-based hospital chain Fortis Healthcare plans to come up with Rs 1,000-crore rights issue in the market by October this year. The company will file a letter of offer (LOF) in the next week and would soon approach Sebi after finalising all the details. (BS)

Vodafone Eyes 49% Stake – British telecom major Vodafone will inject additional funds into the companies of its minority shareholders, Asim Ghosh and Analjit Singh. The company believes this investment will help it foray into 3G telecom services. Following the guidelines of the government of India’s FDI policy, Vodafone can make an investment up to 49%. (DNA)

BSNL Not Interested In Zain Stake – State-owned telecom major Bharat Sanchar Nigam Ltd (BSNL) is not interested in picking up a stake in Kuwait’s Zain Telecom. It plans to hold on to its cash to maintain interest earnings, and pay for 3G spectrum and an ongoing restructuring programme critical for long-term profitability. The company has been offered a stake in Kuwait’s largest telecom provider as part of a consortium of investors led by the Vavasi Group. BSNL currently has around Rs 35,000 crore of cash, which may not stretch to cover its share of the Zain stake purchase, informed a top company official. (Mint)

 


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News Roundup: South Africa Govt Looks At Bharti-MTN Dual Listing

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