Citi Venture, India Equity pick up stake in Jai Balaji
  
Citi Venture Capital Fund and India Equity Partners are picking up stake in Jai Balaji Industries Ltd (JBI) investing up to Rs 273.25 crore through Convertible Debenture route, reports DHNS from Mumbai.  JBI on Wednesday said that Citi Venture and India Equity Partners will subscribe to 61,18,000 and 22,41,000 convertible debentures respectively at Rs 326.90 each debenture. This works out to 11 per cent and 4 per cent respectively of the diluted equity by the aforementioned companies. That apart, the company is also issuing to promoters 96 lakh warrants at Rs 326.90 each to be converted into one equity share within 18 months. 

Indiareit buys 75 per cent stake in Amsri Group

Indiareit Fund Advisors picked up 75 per cent stake in a Special Purpose Vehicle together with Hyderbad-based Amsri Group to develop a mixed-use realty project at Bachpally, about 9 kilometer from the existing airport.

Indiareit will put in over Rs 70 crore in the project, which will be built on an area of 9.5 acres, the company said in Mumbai on Wednesday. The company is in the process of raising another $750 million offshore fund in Januray next year.

Airtel inks 2-year pact with Star India

Airtel and Star India announced on Wednesday that they have entered into a two-year strategic agreement, where Star India will receive a committed advertising outlay from Airtel for the next 24 months while Airtel will have the privilege of paying a mutually-negotiated rate with inflation protection. Airtel and Star will jointly develop key properties to promote music across various audience segments, and also develop customer interactive programmes driven over mobile phones. 

M&M to hike prices of utility vehicles in January

Mahindra & Mahindra (M&M) on Wednesday announced a price hike of up to Rs 10,000 on its utility vehicle range with effect from January 1, 2008. In a statement issued in Mumbai, M&M ascribed the hike in their vehicles price to the increase in the cost of raw material.  

Tata Motors, Fiat India to participate in Auto Expo

Tata Motors and Fiat India announced on Wednesday that they are participating jointly at the 9th Auto Expo in New Delhi; beginning on January 9, 2008. Tata Motors will display a range of new passenger vehicles, while Fiat will display passenger cars from its international range. Tata will present its People’s Car at the Expo, whose commercial launch will take place later in 2008. 

Philips plans $7.2 billion share buyback

Dutch Philips Electronics said on Wednesday it plans to buy back 5 billion euros ($7.2 billion) of its own shares after hedge fund pressure for the firm to improve its performance and capital structure. Philips said the new buy-back programme will be done within the next two years, starting on January 2, reports Reuters from Amsterdam.

Philips’s new share buyback comes after 5.2 billion euros worth of shares had been repurchased since 2005 and 6.5 billion euros of acquisitions completed or announced in the same period.