RIL's merger with RPL will mean non-issue of treasury stock worth Rs 26,000 crore, which means less headroom to raise funds. Since no treasury stock is going to be created, RIL will issue 69.2 million shares to RPL's ordinary shareholders. As a result, RIL's paid-up capital will increase to only Rs 1,643 crore from the present Rs 1,574 crore. This, in turn, will enhance the earning per share proportionately for RIL shareholders.
With this deal, Jaipuria's RJ Corp will own over 10 bottling plants, controlling 25 per cent of PepsiCo's bottling capacity in the country (earlier he was PepsiCo's largest bottler together with his family). Confirming the development, Jaipuria said the deal would be complete in a day or two. "The West Bengal operations will contribute 10 to 15 per cent to our turnover," he said.
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.
The investors, which include ICICI Venture, Azim Premji and ICICI Prudential, say that they do not hold more than 38 per cent in the retail company and do not have the requisite shareholding to amend the articles. ICICI Venture, which alone holds 23 per cent stake in Subhiksha, had earlier rubbished claims made by Subramanian that the private equity company 'controls' Subhiksha by virtue of its right to appoint a majority of the directors in the company.
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.
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.
The gap between the average fares of a full-service airline and a low-cost carrier for metro routes narrowed by a third in January, thanks to leading players cutting their fares quite dramatically to grab the market share.
Broad consensus is emerging within a Group of Ministers chaired by finance and external affairs minister Pranab Mukherjee on a proposal seeking comprehensive changes in the foreign direct investment policy. This includes scrapping automatic approval in sectors that have FDI limits and in which ownership or control is shifting to a foreign company, and a new definition for calculating indirect foreign equity.
And despite a slowdown, media planners say advertisers are pouring in over Rs 600 crore (nearly half the ad budget for cricket in 2009). This represents a more than 10 per cent increase over last year's spends on television, co-branding of teams and marketing, among others.
It's official now. Engineering giant Larsen & Toubro has sought management control of Satyam.
Regulator wants price to be in line with Tata Tele valuation.
As companies find themselves in the midst of an unprecedented meltdown, the role and expectations from CEOs are changing, according to Spencer Stuart, one of the largest global recruitment agencies for senior directors and CEOs. It has made these findings from recruitments undertaken in India across sectors like financial services, telecommunications and FMCG, amongst others.
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.
It has rejected a proposal by Subash Chandra-promoted Wire and Wireless India, which has sought permission to issue partly paid-up equity shares, pursuant to its rights issue. WWIL is in the cable network business. The shares were to be issued to non-residents, which also included FIIs, venture capital funds, multilateral and bilateral development financial institutions, and eligible NRIs for cash aggregating up to Rs 450 crore (Rs 4.5 billion).
The dispute involves a UK-based hedge fund, Altima Partners, and the company's principal promoter Raghav Bahl, founder and largest shareholder of Network18, the broadcasting group which runs TV channels such as CNBC-TV18, Colors and Awaaz.
Auctions for spectrum for 3G or third-generation telecom services could be delayed from an already rescheduled date of January 30 after the Department of Telecommunications sought legal opinion on whether it should send the finance ministry's suggestion on doubling the reserve price back to the Telecom Regulatory Authority of India for its endorsement.
Will scrap bid if it falls below government's revenue expectations.
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.
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