BSNL, MTNL Offered Majority In Zain SPV – Delhi-based Vavasi group has offered a majority stake to either of the two state-owned telcos Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) in the SPV, which will be set up to bid for Kuwait-based Zain Telecom. Both the telecom majors are in the consortium led by Delhi-based Vavasi group to buy stake in Zain. The Vavasi group has an agreement with the Kharafi family of Kuwait to pick up its 46% stake in Zain Telecom. Vavasi is willing to offer more than 50% stake and majority control to the telecom company as long as it fits in with its strategic objectives. (Business Standard)
Zurich Airport To Pare Its Equity In BIAL – Flughafen Zurich AG, which holds 17% stake in Bangalore International Airport Ltd (BIAL) and operates it, plans to divest 12% stake to either an existing shareholder or a new strategic partner. This is part of its plan to forge a strong development partnership for next expansion. Zurich will keep the remaining 5% equity in BIAL and a board representation. For the proposed 12% stake in BIAL, the company is expecting around $97.4 million before taxes. (BS)
Warburg Pincus To Sell 10% Stake In Aryan – Warburg Pincus is planning to sell a small stake in Delhi-based company for a considerably higher return in transaction. It plans to sell less than 10% in Aryan Coal Benefications for about Rs 500 crore. It has invested Rs 310 crore in 2006 for 24% stake in Aryan, valuing the company at around Rs 1,250 crore. The sale will be through an IPO in which Aryan is planning to raise Rs 1,200-1,500 crore. Aryan has appointed Kotak, JM Financial, IDFC-SSKI, and ICICI Securities as merchant bankers for the issue. (Economic Times)
Pyramid Saimira To Dilute 40% Stake In Arms – Chennai-based film producer Pyramid Saimira group has decided to dilute 40% stake in all its eight subsidiary companies. It expects to raise up to Rs 300 crore by doing so to fund its upcoming film and serial projects. The company has initiated the dilution process offering stake in Pyramid Saimira Productions International Ltd (PSPIL) to the Kolkata-based RDB Group. The whole process will be completed in the next six months. (BS)
L&T May Exit Satyam Next Week – Engineering giant Larsen and Toubro (L&T) may exit Mahindra Satyam selling its 6.9% stake soon after a lock-in period expires early next week. The company aims to book a profit of over Rs 250 crore from the open market sale. L&T has 81.13 million shares out of the 1.17 billion equity capital of Mahindra Satyam. At Tuesday’s share price of Rs 114.30, L&T’s holding in Mahindra Satyam is valued Rs 927 crore. (BS)
United Spirits PE Deal Uncertain – Vijay Mallya-led United Spirits’ proposed Rs 1,000 crore fund raising initiative through private equity route is unlikely to get through over valuation issues. The company is demanding a premium over the existing market price. United Spirits has been in discussions with global private equity giants including KKR and Capital International to raise resources to largely settle the huge debt pile of the firm. (BS)
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