Sahara group likely to invest USD 500-600 million in Kingfisher Airlines - CNN-IBN exclusive -Mallya, Sahara deny bailout deal for Kingfisher Airlines (Agencies) -Govt nudges LIC to buy 10% stake in Kingfisher Airlines valued at around Rs 120-125 crore (BS)
Banks'-KFA meet: Sources -KFA may not be required to bring additional equity -KFA seeks additional working capital loans of Rs 2,300 crore -Company seeks LCs worth Rs 1000 crore to replace maintenance reserves -KFA to appoint consultant to look into operational issues -SBI Caps to submit report on financial viability in 15 days -KFA allowed to individually negotiate with each lender -Lenders to take call only after both reports submitted
GTL : Sources -ICICI Bank to return 29.5% stake in GTL -ICICI has proposed to transfer Rs 650 crore debt of GTL to CNIL -CNIL: Chennai Network Infrastructure Ltd -Banks to take final decision on November 29
New divestment strategy -Divestment Dept lists new capital market strategy -Aims to raise Rs 46,000 crore in immediate to medium-term -Monetisation of SUUTI portfolio to raise Rs 23,000 crore (Major holding - Axis Bank, ITC and L&T) -Raise Rs 17,800 crore via buyback of equity -Raise Rs 13,400 crore via strategic cross purchase -Raise Rs 15,000 crore via secondary sales -Divestment strategy prepared by DoD & ICICI Securities -10 PSUs identified for buyback -Buyback size based on 50% capex utilisation -Buyback candidates are ONGC, NTPC,SAIL, BHEL,Coal India, OIL -Buyback candidates are Neyveli Lignite, NALCO, Satluj Jal -Buyback would provide Rs 4,300 crore cash to public -Long-term approach suggests holding co structure -Real estate co structure to monetise surplus land -5 companies listed as secondary sale candidates -Stake sale via private placement or on market -VSNL surplus land to be hived off into SPV -Can look at divesting stake in listed PSBs -Can look at divesting stake in insurance companies -PNB, OBC, Canara Bank, Bank Of Baroda likely candidates -Retain minimum GoI's share at 51% in PSBs -Divestment paper looks to raise total of Rs 91,112 crore -Cross purchase wants NTPC to acquire 5% stake in Coal India & BHEL -Cross purchase wants Coal India to acquire 5% in SAIL -Cross purchase wants NALCO to buy 5% in Hindustan Copper
Other stocks and sectors that are in news today: -Exclusion of F&O Contracts w.e.f November 25 (Gitanjali Gems, Great Offshore, Jindal South West Holdings, Kingfisher Airlines, KS Oils) -FM panel clears 3 mega infra projects worth Rs 25000 crore including L&T's Hyderabad Metro of Rs 16000 crore -Govt plans to bring IFCI under its direct control by converting its loan into equity (ET) -Govt sources say cabinet likely to take up retail FDI proposal this week -Cairn India Sources: Expect Home Ministry nod for Vedanta deal next week -Govt seeks to protect KG D6 revenue share; oil ministry may link cost recovery to capacity utilization after RIL fails to meet gas production targets (Mint) -Govt likely to hike excise duty on diesel cars in the next budget (BL) -IFCI, DCB pull out of corporate debt recast model owing to lopsided structure & favoring big lenders (ET) -Hinduja Foundries plans Rs 125 crore rights issue (CMP: 67)), (M-cap: Rs 192 crore) -Amtek India: Ex bonus issue 1:1 -Ex Dividend: Timken India Interim dividend Rs 20/sh -F&O ban: Gitanjali Gems, Ruchi Soya, Suzlon -Power Ministry seeks withdrawal of import duty on coal (FE) -Future group may exit insurance biz with Generali, sell stake to IITL (ET)
