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News Roundup: Sterlite Raises $1.5 Bn in ADR Issue

17 July, 2009

Sterlite Raises $1.5 Bn in ADR Issue – Sterlite Industries, in the first American Depository Reciept issue for an Indian company in two years, has raised $1.5 billion (Rs 7,200 crore).  The funds will be used by Sterlite, part of the London-listed Vedanta Resources, to part-finance its power generation plans and other planned capex programmes. While $500 million would come from parent Vedanta, the rest is from institutional investors. (Economic Times)

Changi Looks For More Airport JVs – Changi Airports International is scouting for more JVs with Indian companies in developing airports. Changi recently picked up a 26% stake for $20 million in Bengal Aerotropolis Pvt Ltd (BAPL). It has already formed a consortium with companies like Tata Real Estate and bid for airports in Karnataka. It has alos tied up with the Leela Group to develop an airport at Kannur in North Kerala.  (Financial Express)

OIL IPO Likely on Spetember 7 – Public sector unit Oil India Ltd (OIL), the nation’s second-largest state-run explorer, may open for public subscription on September 7 and will close on September 11. The government is expected to sell 10% of its stake in the company to state refiners. Post-IPO and disinvestment, the government’s stake in the company will decrease from 98.13 per cent to 78.5 per cent. OIL has started discussions with bankers, including HSBC Securities & Capital Markets, JM Financial Ltd, Citigroup Global Market India and Morgan Stanley India for the IPO. (Business Standard)

British Telecom To Cut 4,000 Jobs – British Telecom (BT) will move back around 4,000 call centre jobs from Indian service providersas it looks to ensure more employment opportunities for British workers and protect jobs. Both Infosys and Tech Mahindra, which count BT as one of their top customers, are likely to take the hit. (ET)

Tata Tele Launches GSm Operations in Andhra Pradesh – Tata Docomo launched its commercial operations in Andhra Pradesh, just days after its launch in Tamil Nadu, Kerala, Orissa and Karnataka. Tata Docomo is the GSM brand of Tata Teleservices Limited (TTSL). Tata has also launched Tata i-Channel, which would help subscribers to get latest news updates on phone.The GSM mobile service would have extensive coverage in 612 towns and 1,149 villages spread across the state. (BS)

Canaan To Deploy 25% in India – Venture capital firm Canaan Partners is looking to allocate as much as 25% of its $650 million corpus to India. The VC firm still has to invest $400 million from the latest fund across the globe. Its portfolio companies include BharatMatrimony, a popular matri-monial web site and UnitedLex, a US based LPO with India operations. (Financial Chronicle)


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News Roundup: Sterlite Raises $1.5 Bn in ADR Issue

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