Promoter stake reduction could raise Rs.159,000 crore

September 23rd, 2009 MUMBAI - Three promoters of wind power major Suzlon Energy have sold approximately 70 million equity shares, representing 4.5 percent of the paid-up capital of the company. As per Wednesday's opening price, the sale amounts to Rs.688.8 crore.

September 4th, 2009 KOLKATA - The state-owned India Infrastructure Finance Co Ltd (IIFCL) will raise Rs.3,000 crore from the domestic market by issuing bonds by March, a top company official said here Friday. "We have already raised Rs.1,000 crore and we intend to raise another Rs.3,000 crore by March 2010," said company chairman and managing director S.S.

July 29th, 2009 KOLKATA - State-run Central Bank of India plans to raise its stake in its housing finance arm Centbank Home Finance, a top official said here Wednesday. The bank is planning to acquire the stakes of its two partners - Special Undertaking of UTI (SUUTI) and Urban Development Corp Ltd (HUDCO) - in Centbank Home Finance, S.

July 22nd, 2009 MUMBAI - Housing Development Finance Corp (HDFC) Wednesday said it will raise Rs.4,000 crore ($826 million) through private placement of securities. The company has sought its shareholders' approval for issuance of warrants with redeemable non-convertible debentures to qualified institutional buyers not exceeding Rs.4,000 crore, HDFC said in a regulatory statement.

July 17th, 2009 NEW DELHI - The government Friday cleared 16 foreign direct investment (FDI) proposals valued at Rs.891.71 crore, the bulk of them for by a power project, the government said Friday. The proposals were cleared on the recommendations of the Foreign Investment Promotion Board (FIPB), which met here July 10, a finance ministry statement said.

July 3rd, 2009 KOLKATA - State-run UCO Bank will invest Rs.45 crore in its proposed general insurance company, a top bank official said here Friday. "We will pick up a 30-percent stake in the general insurance venture, which will have a capital base of Rs.150 crore," the bank's chairman and managing director S.K.

July 2nd, 2009 KOLKATA - State-owned West Bengal State Electricity Distribution Company Limited (WBSEDCL) is planning to raise Rs.5,000 crore in the next three years to fund rural and urban electrification, a top company official said here Thursday. "Around Rs.3,000 crore will be invested for rural electrification, Rs.1,000 crore for enhancement of urban facilities and another Rs.1,000 crore for customer service automation," Malay K.

June 29th, 2009 CHENNAI - City-based healthcare company Apollo Hospitals will raise Rs.250 crore from International Finance Corp (IFC) to fund expansion programmes, said a top company official here Monday. Sharing the financial results of the company for 2008-09 with reporters, Apollo finance director Suneeta Reddy said: "We have lined up expansion projects worth Rs.1,500 crore.

June 28th, 2009 NEW DELHI - The government can raise about Rs.80,000 crore ($16.6 billion) by divesting stake in public sector units, says an industry lobby report. "Dilution of stake in leading public sector units alone could fetch at least Rs.80,000 crore," the report by Associated Chambers of Commerce and Industry (Assocham) said, adding that this amount could be used to bring down the fiscal deficit burden.

June 8th, 2009 NEW DELHI - Divestment of even minority stake in state-owned firms can raise nearly $95 billion (Rs.450,309 crore), help clean the red ink on the government's balance sheet and make enough room for another fiscal stimulus, said an independent study released Monday. The study by Delhi-based brokerage firm SMC Capitals said as much as $94.77 billion can be raised from the sale of equity in state-run firms even if the government retains 51 percent controlling stake.

May 27th, 2009 NEW DELHI - Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of state-run Oil and Natural Gas Corp (ONGC), has recorded a 6.3 percent drop in profits in 2008-09 at Rs.1,192.54 crore, down from Rs.1,272.23 crore earned the previous fiscal. In 2008-09 we suffered a huge inventory loss...

May 25th, 2009 NEW DELHI - Taking cue from the other realty majors, the board of real estate firm Parsvnath Developers Monday approved a proposal to raise up to Rs.2,500 crore (Rs.25 billion/$529 million) through qualified institutional placement (QIP). "The board has decided to raise funds by various means, including through issuance of further securities to persons other than the existing equity shareholders of the company and also by way of QIP to qualified institutional buyers (QIB) for raising a sum of up to Rs.2,500 crore," Parsvnath said in a regulatory statement.

May 20th, 2009 MUMBAI - Norway's Telenor has acquired another 15.5 percent stake in Unitech Wireless, the telecom arm of realty major Unitech, for Rs.1,130 crore (Rs.11.3 billion/$237 million), taking its shareholding in the Indian company to 49 percent, it was announced Wednesday. 'Unitech Wireless on May 19, 2009, received an amount of Rs.1,130 crore in aggregate from Telenor Asia Pte Ltd for acquisition of further 15.5 percent stake in Unitech Wireless by way of issuance of fresh shares,' the Indian telecom operator said in a regulatory statement.

April 27th, 2009 NEW DELHI - IT services exporter Tech Mahindra, which is taking over the fraud-hit IT giant Satyam Computer Services, Monday reported a net profit of Rs.221.3 crore for the fourth quarter of 2008-09. The company had reported a loss of Rs.207.07 crore in the corresponding period in 2007-08 after it accounted for one-time expense of Rs.440 crore, an official statement said.

January 11th, 2009 CHENNAI - The key promoter of city-based entertainment company Pyramid Saimira Theatre Limited, P.S. Saminathan has reduced his stake in the company by six percent to 17.989 percent.