The Tata group and Norwegian telecom major Telenor have appointed merchant bankers to advise them on a possible strategic alliance that could include merger or sale of equity in Tata Teleservices. While Telenor has appointed Citibank, the Tatas have roped in Lazard to study all options for their telecom business. The move comes even as the government is expected to liberalise the current rules for mergers and acquisitions in the telecom sector while finalising the new policy. The Tatas own 59.5% stake in Tata Teleservices, the unlisted holding company, and 27.9% in the listed Tata Teleservices Maharashtra. Japanese telecom major Docomo owns 26% in Tata Teleservices, while the remaining equity is held by minority investors, including the Sivasankaran group. Telenor, which has set up a new firm for its telecom business following a battle with the Unitech group, its former partner, has brought in Sun Pharma CFO Sudhir Valia as Indian partner with a 26% stake in his personal capacity. Telenor holds the balance stake in Telewings Communications, which bagged spectrum in six circles in November last year. (Business Standard)
Tata Motors to raise SGD 300-400 million from Singapore debt market: Tata Motors Ltd. is set to tap the Singapore debt market to raise S$300-400 million (INR 1,311 – INR 1,748 crore) this month. The company is in talks with merchant bankers for the issue and it is in the process of appointing lead managers for the same. This comes close of the heels of Tata Steel raising SGD 1 billion from the Singapore debt market. Tata Motors is raising funds for overseas capex for Jaguar-Land Rover. (The Economic Times)
Metropolis Healthcare plans buyouts in African markets: Diagnostic centre chain Metropolis Healthcare is planning to expand into the east and west African markets through multiple buyouts. The company is already engaged in talks with diagnostic centres with revenues of $1-$5 million in Nairobi, Lagos, Rwanda and Zambia. After the buyouts, the company would test 70-80% of the samples at its collection centres in the African markets, while the rest, which need detailed studies, would be sent to India. For the buyouts, the company is likely to pay about twice its sales. The company is also eyeing four to five buyouts of laboratory chains in India with revenues of $1-20 million. (Business Standard)
Tata Teleservices plans to sell shares: Tata Teleservices (Maharashtra) Ltd. is looking to sell shares by promoters through the stock exchange mechanism. The company has been permitted to undertake two successive offers with a gap of minimum three days. The promoter or promoter group of the company is allowed to sell the shares of the company up to 1% of the total paid-up share capital of the company on the floor of the stock exchange subject to certain conditions prescribed in the letter. (BSE)
Jubilant Life Sciences plans to raise debt: Jubilant Life Sciences Ltd. is looking to raise $250 million (INR 1,346 crore) through issue of foreign currency bonds or non-convertible debentures or by any one or more or a combination of the above or otherwise, to be denominated in Indian rupees or foreign currency, as the case may be, to various eligible investors in or outside India, whether by way of a public offering or by way of a private placement. The funds would be used for prepayment of the existing debt and other general corporate purposes without increasing the overall net debt levels of the Company. (BSE)
Courtesy: VCCEdge