The bid-pack for potential investors is ready and the government-appointed board has already sent it to the Company Law Board and Securities Exchange Board of India, according to sources close to the development.
Monnet, which has already acquired 27 per cent in Orissa Sponge at Rs 283 per share, made an open offer for another 20 per cent at Rs 310 per share. Monnet group executive vice-chairman and managing director Sandeep Jajodia said, "We have formed a joint venture with Orissa Sponge existing promoter P K Mohanty. Under the deal, the Monnet group will have three directors, while Mohanty, who will have around 18 per cent stake in the company, will have two nominees on the board."
Delhi-based Monnet Ispat and Power has bought 27 per cent in the steel company and may make open offer at Rs 320 per share. Backed by P K Mohanty, executive vice-chairman and managing director, Orissa Sponge, and the promoter of the company, Monnet Ispat has now become the frontrunner for acquiring the company by buying a total of 54 million shares.
This is under the accounting norms of the Securities and Exchange Commission of the United States. The company has said it would use its share premium account of Rs 8,600 crore (Rs 86 billion) for this write-off.
The slump in corporate earnings has affected interim payouts, with only 95 firms declaring interim dividends in the first nine months of this financial year compared with 144 in the corresponding period last year.
Infrastructure Leasing and Finance Company is poised to acquire management control of the troubled infrastructure company Maytas Infrastructure owned by family members of Ramalinga Raju, former chairman and managing director of Satyam Computers, who confessed to financial fraud on January 7. The leading non-banking finance company is emerging as a government preference given its prominent role in infrastructure finance in the country.
Regulator wants price to be in line with Tata Tele valuation.
The principal promoters of Balaji Telefilms, actor Jeetendra, his wife Shobha, daughter Ekta and son Tushar, have decided not to buy Star India's 26 per cent stake in the television software company because of the sharp erosion in its share price.
The Oct-Dec show is the worst in the last eight quarters. On sequential basis, orders have declined by a record 36 per cent.
HCL, MindTree in the fray. The company is reportedly in talks with Delhi-based HCL Technologies and Bangalore-based MindTree. HCL, with whom discussions are on for a cash-less merger, seems to be the front-runner, investment banking sources said.
As the demand for a grand stimulus gathers steam, the government is targeting an investment of Rs 100,000 crore
With no sign of the global liquidity crunch abating, the government is planning to ease the lending norms for banks and financial institutions so that they can provide funds for the ambitious ultra mega power projects.
The lukewarm response to the proposed real estate development around the Delhi airport has put its Rs 8,940-crore modernisation in a financial bind.
The finance ministry is learnt to have raised a serious objection to the proposed relaxation in the foreign direct investment norms in restricted sectors such as telecom and insurance.According to sources in the government, in a meeting of a group of ministers on Tuesday, the finance ministry representatives argued that the proposed relaxation would effectively remove the current limits in the respective sectors. Sources said senior members of the GoM also objected.
Despite sharp erosion in the net worth of airline companies due to losses in the recent past, banks and financial institutions have decided to sanction loans to some of them including Jet Airways and Kingfisher Airlines, while some of the companies in this sector are still waiting.
In another bid to mobilise funds for the cash-strapped realty major Unitech, promoter Ramesh Chandra and his family are in talks with leading Indian and global steel giants to sell their 25 per cent stake in Bhubaneswar-headquartered Orissa Sponge Iron & Steel Ltd.Investment banks said the Chandras, who bought the stake sometime in 2006 and 2007, are in talks with Korean steel giant Posco and Delhi-based Bhushan Steel, which owns 6 per cent in the firm.
The government is considering a fresh stimulus of around Rs 20,000 crore for manufacturing companies and non-banking finance companies routed through the Stressed Asset Stabilisation Fund (SASF) Trust that is currently mandated to deal with bad and doubtful debts of IDBI Bank.
The key to last week's revival package, in the infrastructure sector, is the two-year old India Infrastructure Finance Company Ltd (IIFCL) and the efforts of its chairman and managing director, Surinder Singh Kohli.
UTI Asset Management Company (UTI AMC), India's oldest mutual fund, is in advanced stages of discussions to divest 26 per cent to a strategic partner.
Block deal transactions by foreign institutional investors registered a significant fall in October and November. The decline was mainly because of major deal makers cashing out of the equity market to make good their mark-to-market losses and meet redemption pressure.
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