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News Roundup: Vedanta Offers $3.4B To Buy Govt's Stake In HZL & Balco

23 March, 2012

Vedanta Group Offers $3.4B To Buy Govt’s Stake In HZL & Balco – Billionaire Anil Agarwal’s Vedanta Group has offered Rs 17,000 crore ($3.4 billion) to buy the government’s remaining stakes in Hindustan Zinc Ltd and Bharat Aluminium Co, a ministry official said. A panel of bureaucrats from ministries, including law, corporate affairs, finance and mining, met yesterday and decided to seek the advice of a group of ministers on the proposal, Vishwapati Trivedi, secretary at the ministry of mines, told reporters in New Delhi. (Bloomberg)

Unitech Demands $150M From Telenor To Exit JV – Realty firm Unitech has sought about $150 million from Norway’s Telenor to sell its 32.7% stake in their telecom joint venture and end the bitter dispute between two partners, an executive with direct knowledge of the development told ET. Unitech is learnt to have made this proposal to the Company Law Board, after the quasi-judicial body had asked the realty firm to decide by March 19 if it wanted to buy out the 67.25% stake held by Norway’s Telenor or exit their joint venture. (Economic Times)

Thomas Cook India Deal Could Be Valued At Rs 1,400 cr – UK-based travel company Thomas Cook has started speeding the sale process of its stake in the India business. According to people in the know, the transaction is being done in a two-way bid process, where the closest bidder would get a chance to match the highest bid, thereby helping Thomas Cook get a good price. The company is expected to close the deal latest by June. Two global analysts, who did not want to be named, told Business Standard the market expectation is that bidders could offer Rs 80-90 a share for the 77.1 per cent stake in the company. Going by these estimates, the sale could happen between Rs 1,300-1,400 crore. (Business Standard)

Dhanlaxmi Bank May Sell 15% In Destimony Securities – The Thrissur, Kerala-based Dhanlaxmi Bank may sell its 15% holding in New Silk Route controlled Destimony Securities after the Reserve Bank of India raised objection to the old-generation private sector bank being categorised as the dominant promoter group. Experts say the central bank wants to ringfence the banking entity from any possible capital shock if the broking company faces hardship in future. In October 2010, the bank had picked up 15% stake in the company for Rs 13 crore. The bank has been under the RBI glare since the change in management. (Economic Times)


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News Roundup: Vedanta Offers $3.4B To Buy Govt's Stake In HZL & Balco

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