Of the 113Mn. shares, 63.3 Mn shares go to Petronas & 49.7 Mn to Tamarind at Rs.224.3 each with a 1 year lockin. Funds will be utilised for capex at Mangala, Rajasthan, by next year.
For details of Cairn Operations read Business Standard.
Fresh equity issuance being ruled out, raising debt remains only recourse.
HDFC Bank acquired Centurion Bank of Punjab in an all-stock deal. Following this, HDFC Bank announced a private placement of equity to HDFC to enable the mortgage lender to maintain its stake at the current level of 23.3%. This entails an investment of almost $ 1 billion by HDFC.
I hope market liquidating financing mechanisms are avoided (e.g Orchid Chemicals)
A source suggests talks are in advanced stage for two commercial projects at Santa Cruz (Mumbai), for developable office space of 2Mn. Sq.Ft. The deal might close in 3 weeks.
This project will be a Unitech first in Mumbai, as the firm gets aggressive outside NCR, it's home zone.
Poor market conditions, and reducing funding options have been hard on realestate companies, but everyone loves a good deal.
Read the full story on ET
Reported by ET
Apprantely 12-15 interests have been received and the deal will be sealed shortly.JP Morgan is the advisor for the pre-IPO placement while merchant bankers for the IPO have not yet been finalised. Sources believe I-Sec is valued at $7.5 Bn or 30,000 Cr, highest valuation for an I-Bank in India.
In February 2007, JM Financial had sold its 49 per cent stake in JM Morgan Stanley Securities for $445 million. The deal valued the entity at $908 million against DSP Merrill Lynch’s valuation of $1 billion, when Merrill bought out Hemendra Kothari’s 47 per cent stake in December 2005.
As reported by Business Standard
Intelenet is awaiting regulatory approvals for the buyback. Puri intends to offer it all to intelenet, but incase of a spillover, will selloff to outsiders.
The sell off comes as he heads to develop Spanco's new BPO business after the may2007 no compete agreement has expired. Spanco's new BPO has already clocked Rs.35 Cr. of revenueIntelenet, itself, has undergone a key change after buying out Sparsh. It went through a management buyout backed by PE firm Blackstone, which now owns 80% stake in the company
For JM the priority is "providing all financial products under one roof" while for ASK it means "focus more on the portfolio mangement and wealth advisory business in future".
ASK is awaiting for clearance from SEBI for its proposed asset management business.