Top News

Yatra.com aquires 100% stake in Travelguru

Yatra.com, India’s leading online travel company has announced it has agreed to acquire a 100% stake in Travelguru from Travelocity Global. Travelguru will continue to operate as a separate entity under its existing brand name.  When completed, this acquisition will be Yatra.com’s fourth major acquisition in the last 18 months, following the purchase of TSI in October 2010, MagicRooms in June 2011 and Buzzintown in January, 2012.

The acquisition of Travelguru will strengthen Yatra.com’s position as the leading company in the Indian online travel space and substantially extend its position as the premiere aggregator and seller of domestic hotels and holidays in India, adding to its already strong offerings for flights and outbound holidays.

Domestic News

SREI Infra buys US$72mn of Kingfisher Airlines debt

A debt fund managed by SREI Infrastructure Finance has bought about Rs4 bn worth of debt of Kingfisher Airlines from ICICI Bank, according to reports.

SREI's vice chairman Sunil Kanoria reportedly said that there was an opportunity because of the various securities package and returns which were coming along with it.

Pitti Laminations acquires stake in Pitti Castings

Pitti Laminations Limited (PLL) has acquired 35,70,000 shares of Rs. 10/- each of Pitti Castings Pvt. Ltd. (PCPL) which constitutes 51% of the capital of PCPL.

Consequent to the equity investment, PCPL has become a subsidiary of PLL. PCPL has allotted 35,70,000 shares to PLL at its Board of Directors meeting held on June 28, 2012.

The investment made by PLL in PCPL is in accordance with the Resolutions passed by its Board of Directors and approval of members for creation of subsidiary through postal ballot in January 2012.  

Global News

Linde to acquire Lincare Holdings for ~US$4.6bn

Linde has signed a merger agreement with Lincare Holdings Inc., a US-based homecare health company. Linde intends to acquire all outstanding shares of Lincare Holdings Inc. by submitting a cash offer to the Lincare Holdings Inc. shareholders of US$41.50 per common share, followed by a merger. The planned acquisition has a total transaction volume of approximately US$4.6bn. Closing is expected for the third quarter of fiscal year 2012. Completion of the offer and merger is subject to receipt of regulatory approvals and other customary closing conditions.

The funding of the transaction will be done by an acquisition loan in the total amount of US$4.5bn and through available cash. The acquisition loan will be refinanced by debt and equity issuances.