Briefly Business

The Ruias-led Essar Group is set to launch the largest public offer by an Indian entity with plans to raise up to 3 billion through sale of shares of its energy venture and a listing on London Stock Exchange.

Essar to raise 3 bn through IPO in LSE

London/Mumbai: The Ruias-led Essar Group is set to launch the largest public offer by an Indian entity with plans to raise up to 3 billion through sale of shares of its energy venture and a listing on London Stock Exchange. The group,led by billionaire industrialist brothers Shashi and Ravi Ruia,is looking to sell 20-25 per cent shares of its energy oil and power business,to raise 2.5-3.0 billion about Rs 14,000 crore to part finance its estimated Rs 40,000 crore investment plans in the next 3-4 years.

NSE buys 9 SUUTI stake in NSDL

MUMBAI: The National Stock Exchange of India has hiked its stake in National Securities Depository NSDL to 25.05 per cent by acquiring over 9 per cent stake of the Specified Undertaking of The Unit Trust of India SUUTI. The NSE has bought 9.42 per cent stake of SUUTI in the depository for an undisclosed amount. SUUTI does not have any plans to sell any further stake in NSDL to NSE,ICICI Securities,which acted as the sole advisor to the deal,said in a release.

ADA Group ups Fame open offer quantity

Mumbai: Reliance MediaWorks on Monday said the three ADA Group companies have upped the open offer size for Fame India by one lakh more shares to 2.17 crore,representing 52.72 per cent in the multiplex operator. Last month three Anil Ambani group firms Reliance MediaWorks,Reliance Capital and Reliance Capital Partners had announced an open offer to acquire 2.16 crore shares or 52.48 per cent stake in Fame at Rs 83.40 a share aggregating to around Rs 180 crore.

Tata Docomo offers unused time rollover

New Delhi: Tata Docomo,the GSM brand of Tata Teleservices Ltd,on Monday launched a tariff plan for its enterprise customers,which carries unused free talk time and SMS forward for a period of three months. Under the Rollover Plan RO Plan,customers pay by month and enjoy the facility of carrying forward their unused free talk time and SMS for a period of three months,TTSL said in a statement.

India Incs Feb Mamp;A deal tally at 1.3 bn

New Delhi: Corporate Indias shopping spree continued unabated in the second month of this year,as deals worth over 1.3 billion were announced,a five-fold jump from the year-ago period,a report by global consultancy firm Grant Thornton said. Driven by the significant momentum in the merger and acquisition Mamp;A space in February 2010,the total deal tally in the first two months of this year has risen to nearly 4 billion.

Telecordia gets nod for MNP services

New Delhi: Switching mobile operators without changing numbers may become possible from May this year,with Telecordia the company that enables this change getting Home Ministry clearance to set shop in the country. Telecordia is a US-based telecom solutions vendor. PTI