Vodafone is in early talks with the Tata Group to buy its controlling stake in Tata Teleservices to create India's largest telco by subscribers. Discussions are at an early stage. It is difficult at this stage to say what the outcome of these talks will be," said a person aware of the development. The right of first refusal (RoFR) to the Tatas' 59.45 per cent stake in Tata Teleservices rests with its Japanese partner NTT Do-CoMo, which owns a little over onefourth of the telecom company. But if the Japanese company refuses to buy out the Tatas, the Indian partner has the right to exercise its 'drag along' rights and force NTT DoCoMo to sell its shares to the buyer of its choice. ()
India Value Fund in talks to pick up stake in Narayana Healthcare: India Value Fund Advisors (IVFA), one of India's largest private equity fund with $1.2 billion worth of funds raised, is understood to be in varied stages of discussions with Narayana Healthcare to invest up to $40 million (Rs 247.4 crore) to expand the scope of a new business model which the healthcare chain is looking to expand. The Bangalore-based healthcare chain founded by Dr Devi Shetty, has recently forayed into low-cost healthcare chains to expand in the tier -II & tier-III towns and the fresh funding is expected to fuel this business. Narayana Healthcare would spin off this business into a separate subsidiary and looking to raise resources in this arm. (Business Standard)
UCO Bank plans to offload bad loans worth Rs 1,900 cr: With growing pressure to manage bad loans, banks are rushing to offload non-performing assets (NPAs) before the end of the financial year in March. After Oriental Bank of Commerce and Dena Bank, Kolkata-based public-sector lender UCO Bank has put 100 non-performing accounts with outstanding balance of Rs 1,900 crore ($306.5 million) on the block. This is second time in the current financial year that UCO Bank is selling its NPAs. In June 2013, it had announced sale of 31 NPA accounts with outstanding balance of Rs 555 crore. Gurgaon-based Oriental Bank of Commerce would sell NPAs of 27 accounts having principal outstanding of Rs 639.67 crore. (Business Standard)
ONGC hopes to farm out stakes in CBM blocks this fiscal: Oil and Natural Gas Corporation (ONGC) is hopeful of completing sale of minority stakes in three of its coal-bed methane (CBM) assets located in Jharkhand and West Bengal to private players this fiscal. The explorer recently finalised a draft agreement outlining the responsibilities of both sides in implementing the projects, say sources. The agreement will be signed once ONGC board approves the same by the end of this month or early next month. ONGC currently holds 90% operating interest in Ranigunj and 80% each in Bokaro and North Karanpura. Coal India (Ranigunj) and IndianOil (Bokaro and North Karanpura) holds the residual stakes as participatory interests. (Business Line)
Snapdeal looks to raise $150 m in new funding: Snapdeal.com, touted as India’s largest e-commerce marketplace, is set to raise about $150 million (Rs 928 crore) in its next round of funding. The company has raised slightly over $100 million in funding so far. The money raised from the new round of funding will be used to upgrade technology, for marketing as well as acquisitions. Nexus Partners, Indo-US Venture Partners and Bessemer Venture Partners have invested in the company in three rounds of funding till now, the last of which was nine months ago. The company is also seriously looking at listing itself on a bourse in the US as SEBI now allows companies to list abroad without listing on an Indian stock exchange first. (Business Line)
SBI plans to raise Rs 2,000 cr from bonds: State Bank of India (SBI) today said it plans to raise Rs 2,000 crore ($323 million) from bonds by way of private placement. The executive committee of the central board of the bank has approved allotment of Basel III compliant Tier 2 bonds of Rs 2,000 crore. The bonds with tenure of 120 months (10 year bullet) carry a coupon 9.69%. Besides, the meeting also approved the preferential issue of 1.12 lakh crore equity shares of Rs 10 each to the government up to Rs 2,000 crore. ()
Courtesy: VCCEdge
