Hope to sell telecom towers arm soon: Ambani
Mumbai, Reliance Communications is in advanced stages of talks to sell its stake in its towers infrastructure subsidiary, while the promoters want to raise their holding in the company to 75 percent, chairman Anil Ambani said Tuesday.
Addressing the annual general meeting of the company here, Ambani said when the deal is concluded to sell stake in the Reliance Infratel, the towers arm, it would be the largest deal in private equity space in India.
“I am sure that we will be able to move forward expeditiously,” Ambani said.
Regarding hiking their stake, Reliance Group promoters held 67.86 percent equity in the company as in June, as per information available with the Bombay Stock Exchange. But that will have to wait the new takeover norms of markets watchdog.
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Reliance Industries scrip falls on CAG’s criticism
Mumbai, After the nation’s official auditor accused it of violating production sharing contracts Thursday, the Reliance Industries (RIL) scrip fell 2.12 percent in intra-day trade at the Bombay Stock Exchange (BSE).
The scrip fell to the intra-day low of Rs.814 around noon, down 2.12 percent from its previous close at Rs.831.70.
It later recovered a bit and was ruling 0.66 percent down at Rs.826.20.
The report by the Comptroller and Auditor General of India said that RIL violated the production-sharing contract with the government in what is called the D6 block and did not relinquish 25 percent of total contract area as required.
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GVK to buy Siemens’ Bangalore airport stake
Mumbai, GVK Power and Infrastructure Monday said that it will buy Siemens’ 14 percent stake in Bangalore International Airport Limited (BIAL).
The deal has been struck at Rs. 114 per equity share. GVK Power and Infrastructure is now the single largest stakeholder in BIAL with a 43 percent stake.
In a regulatory filing to the Bombay Stock Exchange (BSE), the company said its subsidiary Bangalore Airport & Infrastructure Developers Private Limited (BAIDPL) has, subject to certain terms and compliances, exercised its right of first refusal for acquiring 53,844,000 equity shares of a face value of Rs. 10 each held by Siemens Project Ventures GMBH.
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Mumbai, State-run miner Coal India has become the most valuable company in terms of market capitalisation, toppling Mukesh Ambani-led Reliance Industries (RIL).
According to data available with the Bombay Stock Exchange (BSE), Coal India’s market was Rs.2,46,780 crore on Thursday’s closing, against RIL’s Rs.2,42,267 crore.
Both the scrips, however, closed lower, swept by the selling spree at the equities markets. At the BSE, the Coal India stock closed 1.8 percent down at Rs.390.70, while RIL’s scrip ended 1.97 percent down at Rs.739.95.
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Mumbai, Aug 11 A day after announcing that it would purchase 5.5 percent in telecom major Vodafone’s Indian operations, the scrip of Ajay Piramal-promoted Piramal Healthcare was ruling 1.62 percent higher in noon trade at the Bombay Stock Exchange.
Pirmal Healthcare, in a late evening statement Wednesday, said it had agreed to purchase “approximately 5.5 percent of the issued equity share capital of Vodafone Essar Ltd from ETHL Communications Holdings — a subsidiary of the Essar group for cash consideration of Rs.2,856 crore (about $640 million)”.
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