et news(10 oct)
TRANSCRIPT
Sebi’s investment cap on Temasek GSIC upsets Singapore govt
•City state says ruling limiting combined investment to 15% violates trade pact.
•The Singapore foreign government has told India’s ministry that a ruling by the securities and exchange board of India restricting investments by the two of its overseas investment arms temsek holdings and the government of Singapore investment corporation to a combined 15% violates the comperhensive economic cooperation agreement signed by the two nations.
• In 2007, their bid raise their individual stakes in ICICI Bank to 10 % each was allowed despite resistance from RBI.
• Under SEBI’s takeover code guidelines, if the two entities in crease their combined holding to 15%, they would have to make an open offer for an additional 20%.
Barclays reinvests in intelent,picks 12.75%
• UK based Barclays bank plc has acquired a 12.75% equity stake in back office provider intelenet Global services.
• The intelenet was 50:50 joint venture between HDFC and barclays.
• The deal gave blackstone an 80% stake in the firm and the intelenet management 20%.
• Intelenet’s revenues are at around $240 million now campared to $90 millon .
• The investment has been made through SKR BPO services,which is holding company of intelent.
• Barclays, even after exiting intelent as a stakeholder in 2007.
• They setting up its own captive.• Barclays contribution has come down but it
still is intelent’s top customer.
British Telecom in talks to sell Tech Mahindra stake
• Uk telecom major, British telecom,one of the original promoters of tech Mahindra.
• The restating of the financials of mahindra satyam clears the way for a stake sale.
• BT was waiting for a clear picture to emerge on the financials before proceding with the sale process.
• BT is said to be expecting a 30% premium over the current market price for its stake.
• It is already the single largest stakeholder with over 43% stake.