EIH Ltd that runs the Oberoi and Trident brands of hotels and resorts will raise over Rs 1,160 crore through a rights issue that will open next month.
In a filing to the Bombay Stock Exchange, the company said it will issue 17.86 crore equity shares on a rights basis to its existing shareholders "aggregating to approximately Rs 1161 crore".
Five equity shares will be issued for every 11 equity shares held by the shareholders as on the record date of February 22, it added.
The issue will open on March 1 and will close on March 15, it said.
The issue price will be Rs 65 per equity share, including a premium of Rs 63 per share.
After the issue, the company's shares will increase to 57.16 crore from 39.3 crore at present.
EIH's rights issue has been closely followed by market watchers as rival ITC and Reliance Industries (RIL) are on the verge of exceeding the open offer threshold of 15 per cent stake in the hospitality major.
While ITC has 14.98 per cent stake in EIH, RIL has 14.8 per cent stake
Saturday, February 12, 2011
German firm may buy New York Stock Exchange
The citadel of American capitalism soon could be foreign-owned.
The parent company of the New York Stock Exchange is in advanced talks to be acquired by the owner of the Frankfurt stock exchange in a deal that would create a behemoth financial-market operator valued at about $25 billion.
The transaction being negotiated by NYSE Euronext and Germany's Deutsche Boerse would put the Big Board's trading floor, which became a flag-draped patriotic symbol in the wake of the 9/11 terrorist attacks, under overseas control
The parent company of the New York Stock Exchange is in advanced talks to be acquired by the owner of the Frankfurt stock exchange in a deal that would create a behemoth financial-market operator valued at about $25 billion.
The transaction being negotiated by NYSE Euronext and Germany's Deutsche Boerse would put the Big Board's trading floor, which became a flag-draped patriotic symbol in the wake of the 9/11 terrorist attacks, under overseas control
Facebook and Google in Talks to Acquire Twitter
Internet giants Google and Facebook have been reported to be in talks for acquiring Twitter. Reports indicate the the microblog is estimated at $8-10 billion. However, reports also indicate that in 2010, Twitter's revenue was only about $45 million and due to the cost of hiring more staff and getting more data centers, Twitter actually lost money. They are projected to make $10-11 million in 2011.
Since Twitter launched in 2006, the company has grown significantly. It has 200 million registered users, a staff of nearly 350 people and the company is searching for a new office near San Francisco. Since the launch of Twitter, both Google and Facebook launched services to compete with the microblog. Google launched Buzz, which hasn't caught on, and Facebook launched status updates, or the "What's On Your Mind" service which has caught on. If Google acquires Twitter, they're more likely to invest in the company and grow it. However, since Facebook already does what the microblog does and more, it seems to me they'd be more likely to swat Twitter like an annoying little fly. We'll just have to wait and see.
Since Twitter launched in 2006, the company has grown significantly. It has 200 million registered users, a staff of nearly 350 people and the company is searching for a new office near San Francisco. Since the launch of Twitter, both Google and Facebook launched services to compete with the microblog. Google launched Buzz, which hasn't caught on, and Facebook launched status updates, or the "What's On Your Mind" service which has caught on. If Google acquires Twitter, they're more likely to invest in the company and grow it. However, since Facebook already does what the microblog does and more, it seems to me they'd be more likely to swat Twitter like an annoying little fly. We'll just have to wait and see.
Peugeot to re-enter India with mid-sized sedan
After a 10-year hiatus, Europe's second-largest carmaker, PSA Peugeot Citroen, has announced plans to re-enter the Indian market with a mid-sized sedan.
The company has announced its intention to enter the Indian market with both commercial and industrial operations. It has appointed Rajesh Nellore as the Managing Director for the India operations who will operate out of Mumbai. It has also set up an office in Chennai.
It plans to produce a mid-sized and a compact car, but the company did not mention any product plans for the local market. Peugeot Citroen had earlier decided to go slow on its Indian plans on the back of global economic slowdown. It has now finalised a greenfield plant in India to manufacture vehicles locally.
The company's executives had been scouting for a location in Tamil Nadu and Andhra Pradesh to set up a facility but not reached any decision. Peugeot had earlier conducted a feasibility study and had found products like the C5 sedan and the C1 compact car would be able to tap the vast potential in the Indian passenger car market that is expected to reach 22 lakh units in 2010-11 fiscal.
The Citroen C5 comes with both petrol and diesel engine options internationally and will take on the like of Honda City , Maruti Sx4, Volkswagen Vento and the Fiat Linea in India. It could be followed by the five-door smaller car C1 hatchback that could be pitted against popular cars like the Maruti WagonR, Hyundai i10, Chevrolet Beat and the Ford Figo in the compact car segment, which forms over 70% of new cars sold in India. More than a decade back, Peugeot had forged a venture with the Doshi family-owned Premier Automobiles India but pulled out in 2001 after its lone model Peugeot 309 failed to excite Indian customers.
The company has announced its intention to enter the Indian market with both commercial and industrial operations. It has appointed Rajesh Nellore as the Managing Director for the India operations who will operate out of Mumbai. It has also set up an office in Chennai.
It plans to produce a mid-sized and a compact car, but the company did not mention any product plans for the local market. Peugeot Citroen had earlier decided to go slow on its Indian plans on the back of global economic slowdown. It has now finalised a greenfield plant in India to manufacture vehicles locally.
The company's executives had been scouting for a location in Tamil Nadu and Andhra Pradesh to set up a facility but not reached any decision. Peugeot had earlier conducted a feasibility study and had found products like the C5 sedan and the C1 compact car would be able to tap the vast potential in the Indian passenger car market that is expected to reach 22 lakh units in 2010-11 fiscal.
The Citroen C5 comes with both petrol and diesel engine options internationally and will take on the like of Honda City , Maruti Sx4, Volkswagen Vento and the Fiat Linea in India. It could be followed by the five-door smaller car C1 hatchback that could be pitted against popular cars like the Maruti WagonR, Hyundai i10, Chevrolet Beat and the Ford Figo in the compact car segment, which forms over 70% of new cars sold in India. More than a decade back, Peugeot had forged a venture with the Doshi family-owned Premier Automobiles India but pulled out in 2001 after its lone model Peugeot 309 failed to excite Indian customers.
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