The sole exception would be the Rajasthan circle (which can accommodate only two operators). The West Bengal and North-East circles would be able to accommodate only four operators. The numbers are based on the latest note prepared by the DoT. The availability of spectrum is a key element that determines the auction price of spectrum. Higher availability means a lower price.
With the Insurance Laws (Amendment) Bill awaiting Parliamentary approval, Max India, Analjit Singh's flagship company, has started discussions on divesting 23 per cent out of its 74 per cent shareholding in Max New York Life Insurance to its foreign partner.
For the second time since Press Note 2 and 4 were issued in February 2009, the Department of Economic Affairs in the finance ministry has raised questions on their implementation, this time over an application before the Foreign Investment Promotion Board.
It's actually a problem of plenty for investors now. Buoyed by the success of the three companies that sold their QIP issues within a day of opening, as many as 32 companies have joined the queue, hoping to raise a combined Rs 40,000 crore (Rs 400 billion).
Move to help India Inc access funds in the absence of foreign funds.
The insurance company has formed a four-member committee headed by LIC chairman TS Vijayan to decide the valuation of LIC Mutual Fund.
Under the CDR package, the company has sought a debt-restructuring of Rs 2,800 crore, including Rs 1,800 crore for Maytas Infra and another Rs 1,000 crore for various special-purpose vehicles. Sources say the investment companies may have diverted the Rs 400 crore to Satyam Computers. "As per the account trail, this loan of Rs 400 crore was finally given to Satyam Computer, routing through these investment arms," sources close to the CDR package said.
The company is likely to increase buy-back offer from Rs 351 to Rs 425-450. The open offer price is likely to be revised from the earlier Rs 351 to between Rs 425 and Rs 450, as the current share prices of Novartis India are above the present open offer price, the sources added.
Sources say the firm had to act to calm Japanese investors, restive at the flow of bad news.
The BSNL board had last year approved a plan under which the government would divest 10 per cent of its shares to the public. But opposition from the unions backed by the Left parties -- which supported the United Progressive Alliance in the last Parliament -- had stalled the process. That opposition has abated, now that the Left is no longer a factor in the current ruling alliance.
The prospect of a revival of the disinvestment agenda has prompted bureaucrats in the power ministry to revive plans for utilities to raise money from the markets, so that the government gains the opportunity to sell its shares.
It's celebration time for Bharti Airtel, which last week became the third telecom brand in the world to cross the magic 100 million-subscriber mark in a single country. The gap between Airtel and its nearest competitor, Vodafone, is now about 26 million subscribers.
Even with a clear mandate, the Congress-led United Progressive Alliance government is unlikely to allow foreign direct investment in sensitive sectors such as retail and may like to revisit the recently issued norms that give companies elbow room in dealing with the FDI norms.
The head of India's largest realtor is known as a businessman who likes to cut his losses.
Jet Airways, Kingfisher shift flights to low-cost platforms; experts expect a fare war. "Every year, airlines come up with cheap fares in the summer season, but not like this year. I had never seen airlines offering 50 per cent cash-back offers. Now with Jet Konnect and Kingfisher Red, there are more flights to the routes where LCCs used to dominate," says Bhawna Agarwal, co-founder and head of air business, Yatra.com.
The group also plans to nearly halve DLF's debt from Rs 13,958 crore to Rs 7,000 crore by the end of the current financial year by selling around Rs 5,500 crore worth of assets and raising Rs 2,000 crore from the DAL listing, said Singh. Wednesday's divestment will also help reduce DLF's debt by around Rs 1,500 crore since this amount will be given to DAL to repay part of the Rs 4,900 crore it owes the realtor, he added.
Strong response from institutional buyers has prompted the promoter family of India's largest real estate company DLF to raise the shareholding it had put up for sale from 100 million shares or 6 per cent to 168 million shares or nearly 10 per cent to raise Rs 3,850 crore from qualified institutional investors, including foreign investors.
The press notes, issued in February this year, simplified the method for calculating FDI and broadly stated that as long as Indian promoters hold a majority stake (that is, more than 51 per cent) in an operating-cum-investment company, they can bring in investments up to 49.9 per cent through FDI.
K P Singh and family, promoters of DLF, are in advanced stages of discussions with leading foreign institutional investors to sell 6 to 7 per cent in India's largest realtor to raise Rs 2,000 crore to Rs 2,500 crore.
Maytas Infrastructure Ltd, the listed company floated by the promoters of Satyam Computer Services, plans to raise Rs 800 crore to Rs 1,000 crore through asset sales plus loan and guarantees from banks to complete various projects, including the prestigious Hyderabad Metro, and to bid for some new projects that are coming up for auction.
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