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Idea Cellular on Friday said it will seek shareholders’ approval to increase FII investment limit in the company to 49% from 24% at present. The company has convened a extraordinary general meeting on December 26 on the issue. The company’s board of directors have already approved the proposal, Idea Cellular said in a filing to the BSE. “...the board of directors of the company, have subject to approval of the shareholders, approved increase in the aggregate investment limit of foreign institutional investors (FIIs) from 24% to 49% of the paid-up equity capital of the company,” the filing said.
Burmans, HAH founders to invest R200 cr in JV
Promoters of Dabur, the Burman family, and founders of UK-based ‘Healthcare at Home’ plan to invest R200 crore over five years to expand operations of their recently formed Indian joint venture firm. The Burmans hold 65% stake in the JV — Health Care At Home India (HCAH) — and the rest is held by Gareth Jones and Charles Walsh, the founders of HAH, UK. “We have committed a capital of R200 crore for the next three to five years to expand our operations in the country,” HCAH India CEO Vivek Srivastava said. “We are starting operations in Chandigarh next month. It will cater to other markets like Punjab, Haryana and Himachal Pradesh. It will be followed by other cities like Mumbai, Bangalore and Hyderabad,” Srivastava said.
Retail plans after Walmart separation, says Bharti
Bharti Enterprises will decide on its future course of expansion in the retail sector once its ongoing process of separation with partner Walmart is completed, said company vice-chairman and managing director Rajan Bharti Mittal. “We’re still in the process of separation (from Walmart). Once that is done, we’ll come back with a plan of action. We haven’t taken a decision as yet on what our strategy will be going forward,” he said.
Europe roadshows on for Airtel’s $1-bn bond offer
Bharti Airtel on Friday said the roadshows are underway in Europe for its benchmark bond offer to raise around $1 billion through euro bonds. “The roadshows are on,” Bharti Enterprises deputy group CEO and MD Akhil Gupta said. This is the third bond sale by India’s largest mobile operator this year. In March, it had raised $1.5 billion in overseas debt in two tranches. According to a merchant banker, the company’s arm, Bharti Airtel International Netherlands, is raising the money, which will be fully guaranteed by