Finally, deal came to an end when Birlas bought entire Tata stake of about 48.14 pc in Idea deal by paying Rs. 46.06 bn making share of Aditya Birla Group companies to 98.3 pc in Idea.
Birlas take over the entire Tata stake in Idea
Aditya Birla group announced it had concluded acquisition of Tata Group’s 49 per cent stake in Idea Cellular Ltd for Rs 44.06 billion, putting an end to the high-profile corporate battle between India’s top two business houses.
Birlas, acquired the entire 48.14 per cent of Tata’s holding in Idea, the fifth largest cellular operator in the country, for a total consideration of Rs 44.06 bn, a company statement said.
With this, the combined holding of Aditya Birla Group companies in Idea stands at 98.3 per cent, which includes Aditya Birla Nuvo Ltd with 35.7 per cent, Birla TMT Holdings 44.9 per cent, Grasim Industries Ltd 7.6 per cent and Hindalco Industries Ltd 10.1 per cent.
What a long (although not that big or furious) deal it went for past couple of months. And still other deal is in the papers – Jet and Sahara deal.
The takeover collapsed on Wed night and from Thu, Air Sahara resumed its operations.
Here is the history of deal –
Jet Airways agrees to buy Air Sahara lock, stock & barrel for Rs 2,300 crore
Agreement extended by 90 days as govt decision on asset transfer not announced
Escalating tension over takeover price and security clearance for Goyal
And the deal broke of bcoz Jet demanded reduction in quoted, just after it got the Govt security clearance. Earlier it had quoted Rs. 2300 crore but later 10-20% reduction was seeked. The experiment was set to expire on 21st of this month if the expected security clearance dint come, and in that case, Jet can walk out of deal. As far is the news, Rs. 700 crore has already been paid by Jet to Sahara. And the final statement from Sahara –
No refunds if deal scrapped
War is heated as both parties have gone to courts – Jet airways filed caveat in Bombay HC (in attempt to prevent Sahara from taking legal action against it) and Air Sahara has moved to Allahabad HC.
And the situation is that Kingfisher Airlines, SpiceJet and MagicAir — three others runners in race for Air Sahara have refuted their interest in it, anymore.
Here is the latest news –
Air Sahara wrote to the government to terminate its wide-body aircraft lease agreement with Jet Airways — a move that threatens to put the latter’s plan to expand services to London into a tailspin.