Moody's is making a voluntary open offer to increase its stake in ICRA, India's second largest rating agency, from 28.5% to up to 55% at a cost of up to $85 million. RBS plans to cut up to 30,000 jobs and shrink its investment bank. Reliance Group has increased its stake in radio and broadcasting firm Reliance Broadcast Network to over 90% to delist the company. UD Group is acquiring around 10% stake in Uttam Value Steels for $32 million.

1. Top Headlines
Moody’s makes open offer to hike stake in ICRA to over
50% for up to $85M.
RBS to shed up to 30,000 jobs, shrink investment bank.
Reliance Group hikes stake in radio & broadcasting arm to
over 90%, set to delist Reliance Broadcast Network.
UD Group picking around 10% in Uttam Value Steels for
$32M.
Facebook to buy WhatsApp for $19B.
RIL to raise over $1B through export credit.
Coal ministry reclaiming 31 mining blocks.
Manipal acquires 280-bed hospital in Rajasthan
Inside The Story
Moody’s makes open offer to hike stake in ICRA to over
50% for up to $85M.
International credit rating agency Moody’s has made a voluntary and
conditional open offer to raise its holding in ICRA from 28.5 per cent to
up to 55 per cent in what may cost it as much as Rs 530 crore ($85.4
million).The offer is conditional upon Moody’s picking a minimum
number of shares which would give it at least 50 per cent holding in
India’s second largest rating agency. This would involve shareholders
tendering shares worth at least Rs 430 crore ($69 million).Citigroup is
managing the open offer.ICRA started as Investment Information and
Credit Rating Agency of India Limited (later renamed ICRA Limited) in
1991.
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2. RBS to shed up to 30,000 jobs, shrink investment bank.
Royal Bank of Scotland is to shrink its investment banking and
international operations in a revamp in which the group could shed up
to a quarter of its 120,000 workforce, sources familiar with the matter
said.The part-nationalized bank has given in to demands from
politicians that it focuses on lending to British households and
businesses and maintains only a downsized investment banking
business to service corporate clients, one source said.RBS, which is 81per cent owned by the British government, could reduce its headcount
by up to 30,000 as part of the reorganization, according to sources
familiar with the matter. But that figure includes previously announced
plans to sell its U.S. retail business Citizens, which accounts for 18,300
jobs, and a UK retail business, Williams & Glyn, which employs 4,500.
Reliance Group hikes stake in radio & broadcasting arm to
over 90%, set to delist Reliance Broadcast Network.
Anil Ambani’s Reliance Group (formerly Reliance ADAG) has raised its
stake in its radio and broadcasting firm Reliance Broadcast Network
Ltd (RBNL) to 90.33 per cent, as per a stock market disclosure.Promoter
group firms Reliance Share and Stock Brokers Pvt Ltd, Reliance Capital
Ltd and Reliance Land Pvt Ltd have managed to get minority
shareholders to tender 12.2 million shares at an exit price of Rs 70
apiece in the open offer, which would cost around Rs 85 crore.The
promoters held around 74.95 per cent as of December 31, 2013 and
with the open offer it has crossed the 90 per cent level required to delist
a firm from the bourses.RBNL scrip last traded at Rs 67.50 a share, up
0.07 per cent on the BSE in a strong Mumbai market on Friday.
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3. UD Group picking around 10% in Uttam Value Steels for
$32M.
Mumbai-based iron and steel manufacturer Uttam Value Steels is raising
Rs 200 crore ($32.16 million) through a preferential allotment of shares
to a Singapore-based strategic investor, as per a stock market
disclosure.The company’s board has approved issue of up to 129 million
equity shares to UD Industrial Holding Pte Ltd at an issue price of Rs
15.50 each. The allotment is to be made at over two times the current
market price.UD Industrial Holding is the holding arm of industrial
vertical of UD Group whose flagship group firm is Ushdev International,
one of the top 50 metal trading companies in the world in terms of
annual sales.
Facebook to buy WhatsApp for $19B.
Facebook Inc will buy fast-growing mobile-messaging startup
WhatsApp for $19 billion in cash and stock in a landmark deal that
places the world’s largest social network closer to the heart of mobile
communications and may bring younger users into the fold.The
transaction involves $4 billion in cash, $12 billion in stock and $3 billion
in restricted stock that vests over several years. The WhatsApp deal is
worth more than Facebook raised in its own IPO and underscores the
social network’s determination to win the market for messaging.
RIL to raise over $1B through export credit.
Mukesh Ambani-promoted Reliance Industries (RIL) is in talks with four
or five export credit agencies (ECA) to raise over $1 billion (Rs 6,220
crore) in the next four months. This is a part of the company’s plan to
raise $13 billion (Rs 80,625 crore) debt to fund expansion of its
petrochemical production capacity and gasification project for its
refining facilities to improve margins. In the past two years the
company has already tied up over $10 billion of foreign currency
financing for this purpose. After tying up all its ECA facilities with
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4. Another 4-5 ECA’s for an additional amount of $1 billion, RIL will have
the largest number of ECA relationships globally.
Coal ministry reclaiming 31 mining blocks.
The coal ministry is taking back 31 coal blocks allocated to private firms
including the Tata group and Jindal Steel and Power over delays in
developing them, jeopardising billion-dollar projects and inviting
warnings of legal action.The ministry, reviewing some 61 coal blocks
allocated over the past decade that have not started production yet,
announced on Tuesday it is reclaiming about half as companies have
failed to meet milestones. The companies say delays in getting some
government clearances hampered work on the blocks.The Tata group, in
partnership with South Africa's Sasol, was planning to invest $10 billion
in a project to convert low-quality coal into oil starting 2018. Jindal Steel
too was working on a similar project and had spent about $12 million
out of total planned investment of $10 billion.
Manipal acquires 280-bed hospital in Rajasthan
Manipal Health Enterprises Ltd, the healthcare arm of Manipal Group,
has entered the market in Rajasthan by acquiring SK Soni Hospital in
Jaipur for an undisclosed amount. The 280-bed hospital will be
rebranded as Soni Manipal Hospital.“This development is a part of our
ongoing growth strategy to expand footprint in India and identified
countries of Middle East, Africa and ASEAN. We are executing on this
growth strategy by adding to our capacity. This development is coming
soon after the recent acquisition of an operational hospital and also
building a new one in Kuala Lumpur,” said Swami Swaminathan,
executive chairman of Manipal Health Enterprises.The group acquired a
72-bed hospital in Kuala Lumpur last year where it plans to raise its
capacity to 200 beds. As part of its expansion in Rajasthan, the company
plans to invest Rs 100 crore in its operations in the city, a company
release said.
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