AS Bindra, the father of ace shooter and Olympic gold medallist Abhinav Bindra, has defaulted to banks and financial institutions. The money claimed from Bindra is over Rs 75 crore (Rs 750 million). He had borrowed it in the 1990s to set up a meat processing plant under Punjab Meats Ltd.
The price has been cut 39 per cent to Rs 555.85 from Rs 908 per share originally after its request to redeem the bonds ahead of maturity was rejected by the Reserve Bank of India.
Falling equity markets have trapped major private equity investors such as Warburg Pincus, Blackstone Group, Carlyle, Apax Partners, Chrys Capital and Citigroup.
Indian companies that raised large sums of foreign funds to finance growth and acquisition plans during the bull run in the stock markets are in a Catch 22 situation. The conversion price of their foreign currency convertible bonds is several times higher than their current market prices.
With India's two leading IT outsourcing companies, Infosys and HCL Technologies, vying to acquire the UK-based consulting firm Axon, SAP implementation is back in focus.
Eyeing to make 8 buys to meet their revenue guidance.
Thomson holds 10 per cent stake in Videocon Industries through global depository receipts listed on the Luxembourg Stock Exchange. Thomson had acquired 13.5 per cent in Videocon in 2005 for Rs 1,250 crore (Rs 12.5 billion) of which 10 per cent was locked in for three years.
The Rs 6,700-crore (Rs 67 billion) deal likely in a fortnight. News of the likely transaction first broke a few weeks ago. Investment banking sources now suggest that the deal will be announced in a fortnight, if not earlier. A Tata Teleservices spokesperson refused to comment, saying: "As a policy in the Tata group, we do not comment on speculative queries."
The government is believed to be pushing the institution to rope in a strategic partner to strengthen its balance sheet. The process is expected to start in the next quarter, starting October.
The Securities and Exchange Board of India has approved The Walt Disney Company's deal to increase stake in Ronnie Screwvala-promoted UTV Software Communications beyond 15 per cent, six months after the deal was initially signed. Sebi, the market regulator, has also okayed the US-based company to launch an open offer.
ONGC Videsh Ltd, a wholly-owned subsidiary of Oil and Natural Gas Corporation, has put in a bid to buy stake in a discovered oil block in Angola, after a consortium of two Chinese companies has already reported to have bid $1.5 billion last month, confirmed a top official of OVL on condition of anonymity.
To raise funds for Imperial buy, create 'acquisition currency'.
The government's showcase Indian Infrastructure Finance Company Ltd has run into trouble with two leading global banks - Standard Chartered Bank and Calyon Credit Agricole - suggesting that they may not fulfil collective contractual funding commitments of $250 million
Delhi-based Great Eastern Energy Corporation is planning a public issue, part of which will be "sponsored", meaning foreign shareholders will also tender their shares for sale, a first for the Indian markets.
ONGC Videsh Ltd, the wholly-owned subsidiary of Oil and Natural Gas Corporation, announced that it has acquired 15 per cent in UK-listed Imperial Energy and formally launched a negotiated takeover bid for the company at $2.6 billion (equivalent to around Rs 11,500 crore), which the company's board has approved.
In an effort to stem a possible counter-bid by China's Sinopec and others, ONGC Videsh Ltd, the overseas exploration subsidiary of state-owned Oil and Natural Gas Corporation, has through its advisor Deutsche Bank approached the large institutional investors of Imperial Energy to acquire their holdings.
The promoters of East India Hotels Ltd, owners of the Oberoi brand and the largest hotel chain after the Tata-owned Indian Hotels and ITC Welcome Group, are in advanced discussions with leading corporate houses and private equity firms to divest a strategic stake, possibly 26 per cent.
The Olympics have come a long way since the first one in Athens where athletes alone mattered. Over a century later, technology too is helping athletes at the 2008 Beijing Olympics games to smash records.
Can security agencies arrest you if an e-mail sent from your computer implicates you in a case of cyber-terrorism? Currently, the answer appears to be "yes" despite the fact that e-mail IDs can be spoofed (faked) and IP addresses (your computer's identity when surfing) manipulated with ease.
The uproar against outsourcing work to Indian IT service providers has risen once again as Nielsen Co, the media company which signed a $1.2-billion outsourcing deal with Indian IT services provider Tata Consultancy Services last October and is facing strong criticism for announcing it, would lay off 117 workers this month at its largest global technology centre in Oldsmar, Florida. It has 1,700 employees at this facility.
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