Welspun Bondholders Refuse To Revise Terms - Rattled by fears of default and expensive lawsuits, foreign bondholders have refused to agree to a bigger haircut on Welspun Corp's bonds, raising the stakes in what is likely to become a bigger battle pitting much of India Inc against an increasingly nervous bunch of overseas bondholders. Welspun Corp has an annual cash flow of about Rs 500 crore, while its net debt totals Rs 2,700 crore. Welpsun's Rs 750-crore convertible bonds issued in 2009 are scheduled to mature in 2014. (Economic Times)

Flemingo Duty Free Eyes PE Funding - One of the country’s largest duty-free shopping chains, Flemingo Duty Free Shop Pvt. Ltd, is planning to raise capital from private equity (PE) investors and has mandated Mumbai-based investment bank Avendus Capital Pvt. Ltd for the deal. Earlier, Flemingo Duty Free was planning to raise over Rs. 175 crore. The company has earlier raised funding from Samara Capital Partners. (Mint)

iLabs Exit From TV9 By Next Month - The exit of iLabs from the Associated Broadcasting Company Limited (ABCL) that owns the TV9 media house, with satellite television channels in several regional languages, is expected to be completed by January 2012. iLabs and other investors hold 80 per cent of stakes in ABCL, while Ravi Prakash, CEO of TV9 and other management team hold 20 per cent stakes. (Economic Times)

Foreign Investors To Get Equity In Lieu Of Dividends - In a significant liberalisation of the foreign direct investment policy, the government has permitted the issuance of additional equity shares to a foreign investor that already has shareholding in a company in lieu of its dividend income. The approval will, however, be subject to the regular conditions on valuation and pricing norms laid down by the Reserve Bank of India. (Business Standard)

Quest Eyes More Acquistions - Quest Global, the Singapore-headquartered pure play engineering solutions company with a major presence in India, is close to acquiring the engineering services business of a few IT services firms that may be looking to sell off that part of the business to focus on their core strengths. With many an IT services major not in a comfortable position with economic ills dogging Western Europe and the US, they are said to be focussing on their core business, with the peripheral businesses falling by the wayside. (Business Standard)

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