SEBI has reportedly asked HeidelbergCement AG to increase its offer for buying an additional 20% stake in Mysore Cements Ltd. by 25% to Rs 72.50 per share. According to reports the capital market regulator wants HeidelbergCement to raise the open offer because the German company paid non-compete fees to the promoters of Mysore Cements, effectively raising the offer price.
Hutchison Essar Ltd., the joint venture between the Essar Group and Hutchison Telecommunications International Ltd has added a record one million subscribers in November. The New Delhi-based company's number of users rose to 23.3mn last month. The company gained users as call rates for cellular phones fell by between 5% and 7% in the past year.
Reliance Retail, the wholly-owned subsidiary of Reliance Industries Ltd., has reportedly acquired Gujarat-based Adani Retail for about Rs1-1.1bn. According to a financial daily, the Mukesh Ambani-controlled company will access to 54 retail locations across nine cities in Gujarat through the acquisition.
The Tata Group is reportedly close to acquiring a 26% stake in the Nagarjuna Group's upcoming oil refinery project at Cuddalore in Tamil Nadu for about Rs40bn. The 6-mn-tones-a-year refinery is estimated to cost Rs4bn. Of this, the equity portion is Rs15bn.
Fortis Healthcare Ltd. will be raising up to US$33.33mn by issuing equity shares to Quantum (M) Ltd. and Blue Ridge Ltd. Partnership and Blue Ridge Offshore Master Ltd. Partnership (Blue Ridge) in a pre-Initial Public Offer (IPO) placement. A maximum of 5.96mn shares will be issued to each of the two investors at a price equal to the IPO price.
The Government may allow foreign investors to own a larger stake in cargo airlines to help ensure optimum freight capacity. Overseas investors may be able to own as much as 74% of Indian cargo airlines compared with 49% now, Praful Patel, the Union Civil Aviation Minister has said.
Maruti Udyog Ltd. (MUL) on Tuesday announced the launch of an all-new Zen Estilo to keep rivals at bay in the highly competitive B segment. Zen Estilo is roomier than the original Zen, comes with a bigger engine (1061 cc). The cheapest version of the car will have a showroom price of Rs 319,403 in New Delhi.
Power Finance Corp. (PFC) hopes to come out with an Initial Public Offering (IPO) of equity shares by the end of March 2007. Cabinet approval has been obtained and as soon as SEBI gives permission the company will come up with an IPO, hopefully by end of this fiscal year," he said. The book value of the shares will be Rs 62 and the premium will be decided by the market.