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Patni scrip surges on IBM buyout buzz

The share price of Patni Computer Systems has surged over 8 per cent in the last two days on market buzz that IBM is in talks to acquire around 25 per cent in the company. With Patni’s market cap at Rs 7,211 crore on close of trading today, the acquisition could cost IBM around Rs 2,000 crore. Some investors are planning to offload their stake in the company. If IBM buys 25 per cent, it will have to make an open offer for an additional 20 per cent stake as per the Takeover Code of the Securities and Exchange Board of India. […]

May 19th, 2007

Telsima raises $50m venture capital

Telsima Corp. has raised $50 million in new funding in an effort to secure a strong foothold in India's broadband wireless market. Telsima, which was founded in Santa Clara in 2004, is a maker of broadband wireless equipment for telecom service providers. Telsima's chief executive officer Alok Sharma has a vision to make the company a “global telecom franchise out of India” by focusing on the Indian market. […]

May 19th, 2007

Citigroup PE arm picks up 85% in Sharekhan

Citigroup Venture Capital (CVC) is believed to have bought 85% stake in retail brokerage Sharekhan for roughly Rs 650 crore, according to officials involved in the transaction. The private equity arm of Citigroup is said to have bought the stake from Sharekhan’s promoters and a few other investors. The final structure of the deal will be announced on Monday, a top company official told ET, while declining to divulge details. […]

May 19th, 2007

Gopalakrishnan buys 1% in BSE

As the Bombay Stock Exchange successfully completed the demutalisation process as mandated by the Securities and Exchange Board of India, all eyes were focused on new investors who would be picking up the BSE’s remaining 41% stake. The names remain confidential at the moment, but sources close to the development said S “Kris” Gopalakrishnan, CEO-designate, Infosys Technologies, had picked up 1% in the BSE. Gopalakrishnan did so in his personal capacity, sources close to him said. When contacted, an Infosys spokesperson said Gopalakrishnan was unavailable for comment as he was abroad. […]

May 19th, 2007

IFC in talks to sell 12.5% in Global Trade

International Finance Corporation (IFC) is looking to sell its 12.5% stake in Global Trade Finance (GTF), a Mumbai-based integrated trade finance company. IFC, which is the private equity arm of World Bank, is learnt to be in discussions with global … […]

May 19th, 2007

BSE sells 51 pc equity to investors

The Bombay Stock Exchange Ltd (BSE) on Friday said it had completed the sale of 51 per cent of its equity shares to 19 domestic and foreign investors, including 10 per cent to two foreign stock exchanges. The BSE, in the process, reduced its brokers' stake to 49 per cent in accordance with the government's directives. […]

May 19th, 2007