Oslo: Telenor ASA said it completed the Unitech Wireless Ltd transaction in India and made its first investment of about $250 million (about Rs1,250 crore). Telenor’s ownership stake in Unitech is 33.5% after the transaction.
The Norwegian telecom group will inject the remaining $970 million in three tranches this year, Telenor said on Friday.
Once the $1.2 billion deal is completed, Telenor will own 67.25% of Unitech Wireless, as announced earlier.
—Bloomberg & Reuters
Akruti falls 28% over NSE derivatives move
Mumbai: India’s second biggest developer by market value, Akruti City Ltd fell for the first day since 2 March after the National Stock Exchange said it will remove the shares from its derivatives segment by the end of this month. Shares of Akruti closed 27.83% or Rs620 lower at Rs1,607.5 on the Bombay Stock Exchange.
Orbit says LIC agrees to extend loan repayment
Mumbai: Real estate developer Orbit Corp. Ltd has reworked repayment of a Rs200 crore loan from state-run Life Insurance Corp. of India Ltd (LIC), as part of a strategy to restructure debt in a weak market, an official said.
LIC agreed to extend the repayment of non-convertible debentures worth Rs200 crore, due in May, as Orbit is unlikely to raise fresh funds from the conversion of warrants into equity, Finance Head Ramashrya Yadav said.
Govt likely to borrow Rs2.2 trillion in Apr-Sep
Mumbai: The Union government is expected to borrow a record Rs2.25 trillion between April and September and the central bank may have to intervene aggressively to ensure investor demand remains intact, bond traders say.
The borrowing plan, the median of estimates by eight banks, is at least double that of the first half of 2008-09 and accounts for nearly 60% of the total budgeted gross borrowing of Rs3.62 trillion. “We do believe that there is going to be more of front loading in the first half,” said Vineet Malik, head of interest rates at HSBC India.
Sebi panel ask small investors to go slow
Mumbai: A committee appointed by the Securities and Exchange Board of India (Sebi) to look into the derivatives markets has warned small investors against taking aggressive positions in the futures segment, while recommending introduction of new products.
“They should carefully consider taking positions on future markets because mark-to-market losses resulting in margin calls could wipe out small individual investors,” the panel said in a statement on Friday. It added that small individual investors could protect their investments by hedging their risks in the options market.
The committee’s report has been placed on Sebi’s website for public comments.