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Analjit [Manmohan Singh] is back as a shareholder in Hutchison Essar Ltd (HEL), the telecom company he had originally co-promoted with the Hong Kong-based Hutchison Whampoa, and then cashed out of. He has bought Kotak Mahindra Bank's 8.33 per cent stake in HEL for Rs 1,019 crore. However, sourc...

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Published in:Business today (New Delhi, India) India), 2006-03, p.15-52
Main Authors: Dagar, Shalini S, Nayak, Mahesh, Gupta, Ashish, Kumarkaushalam, Sharma, E Kumar, Mukherjee, Ritwik, Agrawal, Shaleen, Sachitanand, Rahul, Varadarajan, Nitya, Gopalan, Krishna, Shukla, Archna
Format: Magazinearticle
Language:English
Subjects:
Consumption
Financial services
Money markets
Securities markets
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Summary:Analjit [Manmohan Singh] is back as a shareholder in Hutchison Essar Ltd (HEL), the telecom company he had originally co-promoted with the Hong Kong-based Hutchison Whampoa, and then cashed out of. He has bought Kotak Mahindra Bank's 8.33 per cent stake in HEL for Rs 1,019 crore. However, sources close to Singh says he bought 7.3 per cent for Rs 772 crore. The deal values HEL at $6 billion (Rs 27,000 crore), "adjusted for debt and other liabilities", a Kotak Mahindra press release says. Kotak's purchase price: Rs 2 crore. Therefore, its profit on the deal: Rs 1,017 crore. One of the most awaited moments for Reliance Industries' shareholders after its demerger came on March 6, when Reliance Communications Ventures Ltd (RCVL)-comprising Reliance Infocomm, Reliance Communications Infrastructure, Flag Telecom and Reliance Telecom-listed on the BSE at 9:55 AM. The stock opened at Rs 290, giving [Anil Ambani]'s RCVL a market cap of Rs 35,438 crore. For the quarter ended December 31, 2005, RCVL reported a net profit of Rs 310 crore on revenues of Rs 3,327 crore.
ISSN:0974-3650