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Weekly newsletter

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Weekly Newsletter

Weekly Newsletter

Published in: Economy & Finance, Business

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  • 1. Top Headlines RBI moots $800M refinance to SIDBI to ease liquidity stress on small businesses. New M&A policy for telcos to facilitate acquisition of smaller rivals. Piramal Group, Canada Pension Plan may join hands to build realty focused NBFC in India. Accel-backed Trivone acquires Bangalore-based content services company Godot Media. US-based mobile payments firm Boku acquires mobile billing aggregator Qubecell . JPMorgan's legal troubles weigh on employee pay. SEBI reviews ban on employee trusts to buy shares from secondary market for ESOP. Etihad completes deal to buy 24% of Jet Airway Inside The Story RBI moots $800M refinance to SIDBI to ease liquidity stress on small businesses The Indian central bank has decided to provide refinance of an amount of Rs 5,000 crore ($800 million) to the Small Industrial Development Bank of India (SIDBI) to ease the liquidity stress to micro and small enterprises (MSE). The MSE sector is employment-intensive and is also a critical generator of exports.The refinance will be available for direct liquidity support to finance receivables, including export receivable, to MSEs by SIDBI or for liquidity support to MSEs through selected intermediaries, i.e., banks, non-banking financial companies (NBFCs) and state finance corporations (SFCs), according to a statement issued by RBI on Monday.The refinance will be available against receivables, 1
  • 2. Including export receivables, outstanding as on November 14, 2013 onwards. The facility will be available at the prevailing 14-day term repo rate for 90 days. New M&A policy for telcos to facilitate acquisition of smaller rivals. Even as the government prepares to announces the much awaited guidelines for mergers and acquisitions (M&A) for the telecom sector in the coming weeks, a report says that new norms make it more conducive for top players to acquire smaller rivals.The telecom commission has already cleared the new rules, which has increased the subscriber market share of the combined entity from 35 per cent to 50 per cent. The new policy also allows the combined entity to hold up to 50 per cent of the spectrum allotted in any particular frequency band and 25 per cent of the spectrum across bands in the service area. Also in case the target operator has administered spectrum, the acquirer will pay the market price for the same. Piramal Group, Canada Pension Plan may join hands to build realty focused NBFC in India. Ajay Piramal-led Piramal Group and Canada Pension Plan (CPP), the largest Canadian pension fund and one of the top 10 retirement funds in the world, are joining hands to build what could be one of the largest real estate finance companies in India, as per a report in The Economic Times citing sources. The new venture will be led by Piramal Group flagship and cash-rich firm Piramal Enterprises and will start operating next year, it added. The two partners will invest $500 million in the 50:50 joint venture which will be engaged in providing debt finance besides doing structured investment deals.Piramal Enterprises (earlier Piramal Healthcare) struck a blockbuster deal three years ago and sold the domestic formulation business to Abbott in a staggered transaction worth $3.7 billion. Since then, the cash-rich group has been investing in new businesses besides deploying cash in various assets. 2
  • 3. Accel-backed Trivone acquires Bangalore-based content services company Godot Media. Bangalore-based digital content services company Trivone Digital Services Pvt Ltd has acquired another Bangalore-based content services company Godot Media, for an undisclosed amount. The acquisition will enable Trivone to provide a full service offering in the digital content services market in India and overseas.This will comprise content, creative and design, application development, social media management and digital content management services, including inbound and outbound marketing.He revealed that the company is positioning the combined offering to existing customers of both the entities, besides extending the same to its overseas customer base. US-based mobile payments firm Boku acquires mobile billing aggregator Qubecell Mumbai-based Spunk Media Pvt Ltd, which runs the online mobile billing aggregator Qubecell, has been acquired by San Fransisco-based mobile payments company Boku. This is Boku’s first acquisition and it will allow the company to get all major carriers in India and enhance its presence in Asia.The specifics of the deal have not been disclosed. As per a report in Techcrunch Boku stated that Qubecell already has deals with four of the largest mobile networks in the country, which enables it to reach around 75 per cent of the country’s mobile phone users (pegged to be around 550 million). This user-base will in turn become Boku’s potential market. The deal will make Boku the country’s largest carrier billing provider. Qubecell’s reach in Indian market was the biggest trigger for the acquisition. 3
  • 4. JPMorgan's legal troubles weigh on employee pay. JPMorgan Chase & Co plans to keep overall compensation per employee roughly flat this year from last year, lagging gains at rivals, as the bank's massive legal settlements weigh on its results, two sources familiar with the matter said.Bonuses were largely set early this week, though payouts could change in unusual situations or if there is an unexpected change in the company's results during the last six weeks of the year, said the sources, who spoke on the condition of anonymity. It is not yet clear what Chief Executive Jamie Dimon's bonus for 2013 will be.Pay increases have been muted across much of the banking sector in the aftermath of the financial crisis, but JPMorgan's plans are on the low end of what experts forecast for the industry this year. SEBI reviews ban on employee trusts to buy shares from secondary market for ESOP Within a year of prohibiting employee trusts of public- listed companies to buy shares of their firms from the secondary market as part of employee stock options (or ESOP) schemes (ESOS), market regulator Securities and Exchange Board of India (SEBI) is looking to review the ban.SEBI said on Thursday that reconsidering its policy as secondary market acquisitions by trusts is an internationally accepted practice subject to necessary safeguards to prevent misuse. It noted that such transactions allow companies to grant options to employees without having to dilute their existing share capital. Etihad completes deal to buy 24% of Jet Airway Abu Dhabi-based Etihad has completed the deal to buy 24 per cent in Jet Airways through a preferential allotment and appointed two nominees on the board of the India’s second largest carrier by passengers, making Jet the first operational Indian airlines with strategic investment by a 4
  • 5. foreign carrier.This follows an approval from the Competition Commission of India (CCI) last week which gave the final ground clearance, around seven months after the two sides announced a deal early this year.Jet Airways has issued 27.2 million shares at a price of Rs 754.73 each aggregating to Rs 2057.66 crore.The deal was struck at a sharp premium to the market price then and over twice the share price now.Jet Airways scrip was up 1.62 per cent to close at Rs 325.75 a share on the BSE in a weak Mumbai market on Wednesday. 5