In recent months, Tata Chemicals had consolidated its stake in Rallis India by buying out stakes held by other Tata group companies like Tata Tea. Its stake in the company now is about 45% but it plans to increase it further beyond the 50% mark. Rallis India has announced a preferential allotment in which Tata Chemicals will buy 9.8 lakh shares in Rallis, spending about Rs 80-85 crore, the final figure depending on the price at which the shares are issued. The total group stake in Rallis India after the preferential allotment will be 50.2%.
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What could have saved the Bharti Airtel-MTN deal?
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Bharti Airtel and MTN were unable to convince the South African government to accept their cross-border merger proposal. The government did not object to the merger per se but to the structure, which was outside the current regulatory environment. The two companies had proposed a structure, which ostensibly involved MTN taking up a stake in Bharti by subscribing to ADRs/GDRs. Bharti would in turn take up a stake in MTN, which was a direct transaction.
Filed under: Companies, News Analysis, Telecom, Bharti Airtel, Companies International, Cross Border, M&A, MTN
Siemens gets an Rs 360 crore power project order
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The power sector is keeping up a steady stream of orders for a starved engineering industry. Siemens, the Indian subsidiary of German engineering major Siemens AG, has got an Rs 360 crore order from Power Grid Corporation of India. The orders are to supply two 765kva substation packages to be set up at Gaya in Bihar and Ranchi in Jharkhand.
Filed under: Companies, Power, Quick News, Siemens
Sesa Goa to raise Rs 6,000 crore, for expansion and acquisitions
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Sesa Goa, an Rs 4,960 crore turnover producer of iron ore and pig iron, has lined up a massive fund raising plan. The company, owned by Anil Agarwal-promoted Vedanta Resources, will seek shareholders approval in an extraordinary general meeting to raise up to Rs 6,000 crore through foreign currency convertible bonds, ADRs/GDRs, qualified institutional placement of equities, non convertible debentures, warrants or any other instrument. Companies take a blanket approval from shareholders giving them the flexibility to raise funds at the right time using the appropriate instrument.
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Filed under: Companies, Top News, Anil Agarwal, FCCB, Iron ore, Markets Stock Markets, Sesa Goa, Vedanta
Reliance Infratel revives IPO plans
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Reliance Infratel, a subsidiary of Reliance Communications, has revived its IPO plans. Over a year ago, the telecom tower infrastructure company had filed a draft red herring prospectus with Sebi. The issue was postponed as stock markets fell, after the global financial crisis hit Indian equities. The company was planning to raise about Rs 6,000 crore through the IPO at that point. Continue Reading →
Filed under: Companies, Top News, ADAG, Anil Ambani, Markets Stock Markets, Reliance Communications, Reliance Infratel
Mahindra Satyam spreads Diwali joy, reverses pay cuts
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Satyam Computer Services (rebranded as Mahindra Satyam) today announced that it will restore variable pay to all its employees. The decision will win the hearts of all Satyam’s employees, who were devastated by the scam. After the relief that came with Tech Mahindra acquiring the company, getting back their monetary benefits will be a boost. Continue Reading →
Filed under: Companies, Top News, Mahindra Satyam, Satyam, Satyam Scam, Scam, Tech Mahindra
IL&FS takes control at Maytas Infra
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The government-nominated board of directors of Maytas Infra met today to consider a buyout proposal for the company. The company has said that it has received a proposal to substitute the existing promoters, the Ramalinga Raju family, and take over management control. The board has forwarded this proposal to the Company Law Board for appropriate directions.
Filed under: Companies, Top News, Company Law Board, Maytas Infra, Ramalinga Raju, Satyam
Power project orders worth Rs 40,000 crore in sight
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Power plant suppliers in India and abroad will soon be submitting bids for a massive power plant order. The government’s Cabinet Committee on Infrastructure has approved bulk ordering for 4 large power projects. These power plants will be built using supercritical technology. The government announced this in a statement released yesterday.
Filed under: Companies, Power, Top News, NTPC, Power Generation
Infosys, Wipro and TCS bag lucrative BP outsourcing deal
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Oil major BP handed out a major IT outsourcing contract to five global IT companies. The deal has been awaited for long and comes at a time when deal flow has slowed down for the software sector. While the deal value was not disclosed by the companies who got the award, this story by Mint has quoted a BP spokesperson attributing the deal value at $1.5bn. BP will save about $500mn by reducing its number of vendors to 5, says the report.
Filed under: Companies, Information Technology, Top News, Infosys, outsourcing, TCS, Wipro
Bharti Airtel and MTN can’t seem to decide
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Bharti Airtel and MTN have still not managed to get their merger act together and don’t expect to do so any time soon. They have 10 days to go for the August 31 deadline for exclusive talks to end. But Bharti Airtel today announced an extension of talks till September 30. It is unlikely that the two sides are not able to agree on the price, by now they would have called off the talks if price was a sore point