Jul 26, 2018

Photo: Pramugdha Mamgain/Dealstreetasia July 26, 2018 Blackstone, KKR, and other global investors have placed bids to acquire the bankrupt Golden Jubilee Hotels while Bharti Infratel on Wednesday said that it has got Sebi’s approval for the merger of its operations with Indus Towers. In the markets space, SaleBhai Internet Limited, the owner and operator of B2C e-commerce platform SaleBhai.com, is set to launch its IPO on July 27. Blackstone, KKR bid for Golden Jubilee Global investors Blackstone, KKR, JM Financial Asset Reconstruction Company, and Edelweiss Asset Reconstruction Company have placed bids to acquire the bankrupt Golden Jubilee Hotels, operator of the Trident in Hyderabad, reported The Economic Times. The hotel shot to fame a year ago after it hosted US president Donald Trump’s daughter Ivanka Trump last November. Owned by the investment arm of JP Morgan and EIH, operator of the Oberoi and Trident chain, Golden Jubilee filed for bankruptcy defaulting on loans worth Rs 970 crore to many lenders, including Bank of Baroda, Dena Bank and Punjab National Bank. The company ran into trouble when work on one of the two five-star hotel properties, which it had planned to build in Hyderabad, could not take off. The project cost shot up significantly due to delays landing the company in debts. Sebi clears Infratel-Indus merger Mobile infrastructure company Bharti Infratel on Wednesday said that it has got the approval of Securities and Exchange Board of India (Sebi) for the merger of its operations with Indus Towers. The company will file the first motion petition before the National Company Law Tribunal in due course, it said in a filing. Earlier this month, competition watchdog Competition Commission of India (CCI) had also cleared the way for the proposed merger, which will create a $14.6 billion company. It will be one of the largest mobile tower entities worldwide with 1.63 lakh towers in all 22 telecom circles. At present, Bharti Infratel and Vodafone jointly own 42 per cent stake each in Indus Towers, Idea Cellular holds 11.5 per cent stake and the remaining 4.85 per cent is held by Providence. Post the deal, Bharti Airtel and Vodafone will jointly control the combined company. SaleBhai to launch IPO in July 27 SaleBhai Internet Limited, the owner and operator of B2C e-commerce platform SaleBhai.com, is set to launch its initial public offer (IPO) on July 27. The IPO is expected to raise Rs 23.73 crore. The Times of India group backed company had received BSE SME in principle approval for the IPO following the filing of a draft prospectus and will be listed on the SME platform of BSE Ltd, it said in a statement. It intends to use the funds raised through the IPO towards growing the company through increased customer acquisition, improved IT platform, and in adding more sellers as well as product categories.