GVK Airport Developers Pvt Ltd, GVK Power’s wholly owned subsidiary, paid Rs 484.6 crore for the acquisition. Flughafen Zuerich will continue to hold 5% stake in BIAL. Earlier in October, Unique had said it would divest 12% stake in BIAL to an existing shareholder or a new strategic partner in order to forge a strong development partnership for the next expansion. Unique will continue to remain the operator of the airport and have a board seat.
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Tourist arrivals recover, hope on horizon for industry
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There has been a steady improvement in tourist arrivals in recent months, minimising the sharp decline that was visible earlier. In October 2009, tourist arrivals dipped by just 0.9% to 4.48 lakh numbers. This is much better than the 4.1% decline in September and 8.6% in August. Typically, the next few months will be the peak season for foreign tourist arrivals and a good season will bring relief to the tourism and travel industry.
Filed under: Companies, Top News, Aviation, hotel, Indian Hotels, Tourism
L&T’s sales grows by only 5.8%; tail effect of the economic slowdown
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Larsen & Toubro’s performance in the September 2009 quarter is a reflection of the slowdown in capital expenditure in the past. Engineering companies’s revenues fluctuate across quarters, since their revenues are booked depending on the stage of project completion. But expenses will be booked as they are incurred.
Filed under: Companies, Engineering, Infrastructure & Construction, Top News, Larsen & Toubro, Results, September 2009
Cairn India raises $1.6bn debt
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Cairn India, an oil exploration company, announced that it has raised $1.6bn of loans, or about Rs 7,500 crore, for its Rajasthan oil project. The debt is split between $750mn of foreign debt and $850mn of domestic debt. Standard Chartered Bank and International Finance Corporation have funded the foreign component to the tune of $500mn and $250mn respectively. The $850mn domestic debt has been underwritten by the State Bank of India. This would be a syndicated debt arrangement, it appears. Continue Reading →
Filed under: Companies, Oil & Gas, Top News, Cairn India, Markets Debt & Forex Markets, Rahul Dhir
Grasim-Ultratech cement businesses to be consolidated
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Grasim Industries, the Aditya Birla group flagship, announced the restructuring of its cement business. The company’s board met today to consider a restructuring proposal, which has been widely reported in the media as pertaining to consolidation of its cement business.
Filed under: Cement, Companies, Top News, Aditya Birla, demerger, Grasim Industries, M&A, Ultratech Cement
Tata group to hike stake in Rallis India to over 50%
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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%.
Filed under: Chemicals, Companies, Top News, Markets Stock Markets, Rallis India, Tata Chemicals, Tata Group
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
Sebi tightens open offer exemption rules
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The Sebi board met today and took decisions on some key changes to the takeover regulations. The notifications about the changes will be made in due course.
Filed under: Economy+Policy, Top News, M&A, Markets Stock Markets, Regulatory, Takeover
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 →