GOVT BACKS BHARTI-MTN DEAL

Finance minister Pranab Mukherjee said on Wednesday that the Indian government backs the proposed merger of Bharti Airtel Ltd and South Africa’s MTN Group Ltd and it was looking into legal aspects related to a dual listing.

“Our position on this is very clear. In the first week of September, I had met the South African finance minister on the sidelines of the G-20 finance ministers’ summit in London, and told him that we are in favour of the deal,” Mukherjee said in Kolkata. “As far as dual listing is concerned, that is linked with full (capital account) convertibility. This has legal aspects, which we are looking into.”

On whether India would alter legislation to allow the record $24 billion (Rs1.15 trillion) deal, the finance minister said: “We welcome the deal but in the context of the law of land. There are some legal implications, which are being looked into.”

Livemint

TECH MAHINDRA BECOMES NO 4 IN IT COS' LIST

Maimed and left gasping for a lifeline, Satyam Computer Services has finally found its new knight in shining armour, Tech Mahindra (TechMa).

The bidding process for the beleaguered software firm culminated on Monday with TechMa emerging as the highest bidder with an offer price of Rs 58 per share. TechMa's price outbid other suitors, engineering giant Larsen & Toubro and private equity player Wilbur Ross, by a comfortable margin. L&T's bid of Rs 45.90 per share and Wilbur Ross' Rs 20, were not even within striking distance of TechMa's deal-winning bid.

The Economic Times

SEBI, RBI PANEL ON M&As

Capital market regulator Securities and Exchange Board Of India (Sebi) and banking sector regulator Reserve Bank of India (RBI) are planning to set up a joint committee to look into the issues related to mergers and acquisitions (M&As) in the corporate sector...

Sebi has decided to bring down the number of days for rights issues of companies to 43 days from the current 109 days.

Business Standard