Quick News Archives - Page 11 of 13

Tech Mahindra shows the money, brings $581mn to complete Satyam acquisition

April 20, 2009August 20, 2014Editor

Satyam Computer Services has announced that Tech Mahindra has deposited $351mn in an escrow to fund the preferential allotment for a 31% stake. It has also deposited $231mn required for the 20% open offer. That completes the funding requirements for the Satyam acquisition. Tech Mahindra can now appoint four of its nominees on the Satyam board who will join the six government appointed nominees. Satyam will allot to Tech Mahindra the shares required for the 31% stake, after getting Sebi approval and fulfilment of other conditions.

Bajaj Allianz to start a mutual fund

April 20, 2009August 20, 2014Editor

Bajaj Finserv and Allianz Global Investors will set up an 49:51 joint venture to promote a mutual fund. The new company will apply to the relevant authorities, including Sebi for permission to start a new mutual fund. The JV will come up when the uptrend in stock markets is making investors wonder if the bottom is behind them.

Kingfisher Airlines seeks higher corporate guarantees from UB Holdings

April 17, 2009August 20, 2014Editor

United Breweries Holdings is seeking shareholder to increase its exposure, in the form of financial guarantees and security, to Kingfisher Airlines from Rs 7,500 crore to Rs 12,000 crore.

Grupo Mexico makes an all cash $1.3bn bid for Asarco

April 14, 2009August 20, 2014Editor

Grupo Mexico and Vedanta Resources are slugging it out for control over US copper company Asarco LLC. The Wall Street Journal has reported that Grupo Mexico has offered $1.3bn in cash to a court, which is hearing the bankruptcy proceedings against Asarco. Vedanta Resources, which is the holding company for the Sterlite group, has bid higher at $1.7bn but this is a combination of $1.1bn in cash and the rest in notes (fixed income instruments.

Satyam’s board takes baby steps

January 12, 2009August 20, 2014Editor

Satyam Computer Services’ new board held its first press conference, where it faced a barrage of questions. Towards the end, Deepak Parekh, eminent banker and a special director on Satyam Computer Services’ board lost his cool. After spending some few hours in the company today, the enormity of the task seemed to have sunk in.

Satyam’s new board inspires confidence, but needs reinforcements

January 12, 2009August 20, 2014Editor

The government moved swiftly and nominated three directors for the new board of Satyam Computer Services. Satyam’s three new directors are HDFC chairman, Deepak Parekh, a veteran businessman and troubleshooter; Kiran Karnik, Nasscom’s past chairman and CS Achuthan, the former presiding officer of the Securities Appellate Tribunal. These are good choices to inspire confidence.

Sun Pharmaceuticals refuses Taro’s $15 a share offer

January 7, 2009August 20, 2014Editor

Sun Pharmaceuticals has sent a letter to the stock exchange, rejecting the offer put forth by Taro proposing $15 a share in the tender offer. In a letter, in what has now become routine, Sun Pharmaceuticals rejects the referendum proposal. It also addresses Taro’s latest offer of taking the merger price up to $15 a share.

Hindustan Unilever hives off Ayush and Lakme salons to subsidiary

January 6, 2009August 20, 2014Editor

In yet another move to retain focus on its core business of consumer products, Hindustan Unilever announced a move to license the Lakme and Ayush brands to a subsidiary Lakme Lever Private Limited. The press release does not say it explicitly but clearly HUL seems to think that therapy centres and beauty salons are not its forte.

HDFC Bank settles with Sebi in IPO case

December 26, 2008August 20, 2014Editor

Sebi has issued a consent order, accepting HDFC Bank’s application to settle the case filed against it in the IPO scam. It has paid Rs 1 lakh as part of the consent procedure. The Sebi order says that it had launched an investigation into share dealings in shares issued through IPOs during 2003-05.

IOC, BPCL and HPCL get oil bonds worth Rs 22,000 crore

December 26, 2008August 20, 2014Editor

The government gave oil marketing companies something to cheer before they prepare the third quarter’s results. They have got bonds to compensate them for the losses incurred on selling retail petroleum products like PDS kerosene and LPG. Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation have been issued bonds worth Rs 22,000 crore, with the companies getting 54.4%, 24.2% and 21.3% respectively.