DE Shaw May Stay Invested in DLF Assets - DLF Assets (DAL), a wholly owned firm by the promoters of DLF, may allow one of its PE investors DE Shaw to stay on as the situation in the real estate market has improved. DE Shaw was till earlier this year looking to exit the venture as DAL's planned listing on the Singapore exchange in 2008 failed. The US-based fund invested $400 million as convertible preference shares in DAL in 2007. (DNA)
Hindalco Plans $500 Mn GDR Issue - AV Birla group firm Hindalco Industries is exploring additional fundraising through a $500 mn Global Depository Receipts (GDR) besides its share offering through the QIP route. The board is exploring the GDR option in view of the volatility in domestic markets. Hindalco has reported a 31% drop in net profit at Rs 481 crore in the first quarter ended June 30, 2009. (Times of India)
Essar Buys 50% Stake In Kenyan Refinery- Essar Energy Overseas, a group company of the diversified Essar Group, has completed the acquisition of a 50% stake in Kenya Petroleum Refineries (KPRL) for an undisclosed amount, while the Kenyan government will continue to hold the remaining 50% stake. The stake was bought from global majors like Shell, BP and Chevron, who have been associated with the refinery for the past 50 years. The Essar group company will now invest another $450 million to upgrade the refinery. (Economic Times)
NHPC To Reserve 2.5% Shares For Staff – Leading hydro electric power producer NHPC finally goes public early next month and the state-run company will reserve 2.5% of the total sharesfor its employees. The listing will help the company to raise Rs 6,039 crore at the higher end of the price-band. Further, the company will infuse 10% fresh equity through the public offer while the government will divest its 5% stake in the company. This is part of company’s plan to finance seven on-going projects and also provide funds for NHPC’s mega-expansion plans to hike capacity from the existing 5,175 MW to over 20,000 MW by 2020-21. (ET)
Bharti, MTN Deal Talks Likely On Monday- Bharti Airtel and South Africa's MTN are likely to announce the fate of their negotiation on Monday. If the deal goes through it will create a $61 billion telecom goliath with combined revenues of $20 billion and over 200 million subscribers across Africa, Asia and the Middle East. It will also be the world's biggest non-pharmaceutical transaction so far this year and India's largest cross border deal, almost twice the size of Tata Steel near $13 billion acquisition of Britain's Corus in 2006. (Times of India)