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One of India’s youngest media houses, Reliance Broadcast Network Limited, has announced plans to acquire Imagine Showbiz Limited, the television channel specialising in Bollywood music and entertainment. The size of the deal is estimated to be Rs 15-20 crore, according to this story on www.economictimes.com.
Continue ReadingTata Communications has announced that it intends to acquire 100% of BitGravity, a company in which it already holds a stake, for an undisclosed amount. Tata Communications and Allen & Company (a financial investor) are the two main stakeholders in the company. Thus, Tata Communications will be buying out the company and any residual stake held by the company’s employees.
Continue ReadingIndia has become an integral part of the global capital markets, forming a key part of the emerging markets portfolio for large investors. Domestic investors have benefited as the incoming tide of foreign capital flows has swelled investor wealth, over a longer period of time. While foreign investors can hedge their bets across the world, it was not as easy for domestic investors to do so. Increasingly, domestic investors will feel the need to hedge against an unfavourable movement in domestic markets.
Continue ReadingIndia Inc witnessed a large acquisition in the IT sector, after a long interval. iGate Corporation is acquiring Patni Computer Systems, in a deal which values the company at about $1.5 billion or Rs 6,800 crore. This is not a case of the big fish going for the smaller fish. Patni has a larger business than that of the acquirer. Phaneesh Murthy is the president and CEO of iGate, which is buying out the Patni’s family’s stake in the company.
SKS Microfinance Ltd, India’s leading lender in the microfinance sector, announced to the stock exchanges that it is lowering the maximum interest rate it charges to its borrowers across the country. It will now charge a flat rate of 12.5% or an effective rate of 24.55% to all borrowers. It has also waived off all other charges such as credit shield charge, loan processing fee and card fees.
Continue ReadingInternational Data Corporation (IDC) and Cyber Media India have ended their partnership in India. Cyber Media was carrying out research for IDC’s India practice for the important sectors of information and communications technology (ICT). Now, IDC is setting up a new research unit in Bangalore, to take care of India centric research.
Continue ReadingThe Khorakiwala family, which owns a majority stake in pharmaceutical company Wockhardt, is planning to delist a lesser known group company, Carol Info Services. This may be a precursor to a restructuring, which could include a second attempt at selling its nutrition products business or even dispose some properties owned by Carol. The company has a market capitalisation of Rs 460 crore, with the promoter shareholding at 63.7%.
Continue ReadingIndian Hotels has sought shareholder permission to issue 3.6 crore shares and 4.8 crore warrants, convertible into equity shares, to its promoters. This will be through a preferential allotment process and the price will be decided as per the Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2009.
Axis Bank took the world of finance by surprise, announcing its decision to acquire Enam Securities investment banking and capital market transactions’ business. It will pay about Rs 2,067 crore in stock to Enam’s owners -Vallabh Bhansali, Jagdish Master, Nemish Shah and Manish Chokhani- in a cashless acquisition, structured as a merger.
Vedanta Resources was in the news for being denied permission by the government to mine bauxite in Niyamgiri hills in Orissa. Just when the dust was settling on that episode, its proposed acquisition of a majority stake in Cairn India has come under a cloud. Government-owned oil company Oil and Natural Gas Corporation has claimed pre-emptive rights over Cairn India and asked for documentation before giving a go-ahead to the transaction.
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