The stake owned by founders of Satyam Computer Services has fallen to 3.6% from 5.1% after institutional lenders sold the stock. Satyam had said earlier the founders' stake might have been diluted as institutional lenders to whom they had pledged their shares exercised options to cover margin calls.
IL&FS Trust Company had sold 24.52 million shares in Satyam Computer Services that were pledged with it as trustee on behalf of several debenture holders and lenders. The shares had been sold since 23 December 2008, IL&FS said in a statement. The shares constitute 3.6% of Satyam's shares on issue as at 20 October 2008.
ONGC's overseas unit ONGC Videsh (OVL) is reportedly raising Rs 5250 crore from Citibank India to partly fund its recent $2.1 billion acquisition of UK's Imperial Energy. OVL will issue one-year commercial paper, which will carry an interest of 8.15%.
Kohlberg Kravis Roberts (KKR) is reportedly considering pulling out of Aricent after it bought it two-and-a-half years ago for $900 million. KKR is reported to had talks with Wipro, Tata Consultancy Services and Tech Mahindra for possible sale.
Basmati rice exporters like KRBL and Kohinoor Foods may see action on reports the government may scrap export duty of Rs 8,000 per tonne on basmati rice.
The board of Chettinad Cement Corp will meet on 9 January 2009 to consider calling off its proposed rights issue. The company, on 17 October 2008, had approved a proposal to offer rights shares in the ratio of one for every six held to raise up to Rs 250 crore.
Indiabulls Financial Services has released 3.65%, or 2.4 million shares, of Akruti City, which were held under pledge by the financial services firm. The shares were released between 12 December 2008 and 2 January 2009 by Indiabulls, it said in a statement to the stock exchange.
An arm of India Infrastructure Finance Co has reportedly sanctioned loans worth $270 million to two projects undertaken by Tata Power and Anil Dhirubhai Ambani Group.
Tata Power reportedly plans to sell part of its stake in group firms Tata Teleservices and Tata Teleservices (Maharashtra) to raise about Rs 2000 crore to fund ongoing projects.
Birla Corp has declared a lay off at its auto trim division in Birlapur in West Bengal from 5 January 2009, due to power shortage. The company declined to comment on the duration of the lay off. Birla Corp makes cement, trims, auto trims and vinoleum.
Andhra Bank reportedly plans to raise Rs 600 crore as Tier-II capital soon and the fund will be used for credit expansion.
India's truck sales have dropped 73.5% to 6,221 units in December 2008 over December 2007 in line with the sharp drop in cargo movement.
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