Max India chairman Analjit Singh is in talks with the Oberoi family to buy about 17 per cent stake in hotel chain EIH for up to Rs 1,250 crore.
If the talks are successful, the company would be valued at Rs 7,200 crore and Analjit Singh would become the largest shareholder with 26 per cent shares, said a senior Max official, who did not want to be identified.
The Oberoi family now owns 43 per cent shares in EIH. “The matter is under deliberation,” said EIH chairman P.R.S. Oberoi. “No decision has been taken.”
EIH shares surged on Thursday by 17.28 per cent to its 52-week high level of Rs 149, before ending the day at Rs 136.25, up 7.24 per cent over last closing.
New Delhi: Media firm New Delhi Television (NDTV) on Thursday day said it will buy back NBC Universal's entire 26 per cent stake in its subsidiary NDTV Networks.
Industry news websites have reported that NDTV is in talks with Time Warner and Malaysia’s Astro to come in as an investor in its lifestyle business.
In a filing to the Bombay Stock Exchange, NDTV said it has agreed to buy back NBC Universal’s 26 per cent stake in NDTV Networks with an aim to consolidate its own position.
NDTV Networks is the holding company of the non-news business of the broadcaster. Though financial details have not been disclosed, websites reported that NBC has incurred a loss of as much as $ 125 million in this stake sale. The company had paid $ 150 million while picking up the stake last January.
New Delhi: IT firm Polaris Software Lab announced the acquisition of software product company Laser Soft for Rs 52 crore in an all-cash deal.
In a filling to the Bombay Stock Exchange, the company said it has signed a definitive agreement with Laser Soft and the acquisition is now subject to regulatory approvals.
Laser Soft is a banking solutions company with presence in India and emerging markets.
Last year Polaris had acquired insurance solutions provider SEEC to expand its presence in the financial technology industry.
"Laser Soft brings with it a strong pedigree of implementing solutions enabling large regional banks by supporting high business volumes at the lowest technology costs," said Arun Jain, founder, chairman and CEO, Polaris Software Lab Ltd.
New Delhi: The government has approved the sale of the 26 per cent stake held by state-owned engineering firm Andrew Yule & Co in Phoenix Yule for Rs 62.82 crore to Continental ContiTech.
Phoenix Yule Ltd is a joint venture between Andrew Yule & Co Ltd (AYCL) and Germany's Phoenix Aktiengesellschaft. It is one of the largest manufacturers of conveyor belts in India.
While AYCL held 26 per cent stake in the JV, the rest is owned by the German partner.
The valuation of shares have been approved at a rate of Rs 49.50 per share for over 1.19 crore shares, Information and Broadcasting Minister Ambika Soni said after the Cabinet meeting.
"Funds raised by way of disinvestment of AYCL shares in PYL will go towards repayment of a part of interest-free government of India loan of Rs 87.06 crore," she said.