The merger of Birla-Tata-AT&T (Batata) and BPL communications being touted being as largest so far in Corporate India will form India's largest cellular services company .
The combined entity has been valued at $2 bln and has a marketshare of 24 per cent in the cellular services market.
Indian rayon has announced that it will pick up the French company's Groupe Bull 50.35 per cent stake in the Bangalore based PSI Data Systems in an all cash deal. Valued at Rs 186.80 per share , Indian Rayon will pay a total of Rs 71 crore to acquire Groupe Bull's stake.
Indian rayon has made an open offer for a further 20 per cent stake in the company at the same price.
India's largest mutual fund ,Unit Trust of India has approached State Bank of India for a Rs 1500 crore loan to meet redemption pressures. The credit is likely to extended to UTI against government securities and will be utilised to pay dividend under the Unit Scheme -1964 (US-64) for the year ended June 01.
South African Breweries India (SAB) is acquiring a 76 per cent stake in the Bangalore based Mysore Breweries for a total consideration of Rs 108 crore.
According to Sebi regulations ,SAB will have to make an open offer to the minority shareholders. The acquisition is being funded by internal accruals.
