Lehman Brothers And Other Institutions Sell Their Stake In Tulip Telecom
Tulip Telecom has witnessed few bulk deals yesterday on Aug 18, 2010 where majority of the investment institutions including ICICI Prudential Life Insurance Co sold stake in the company.
Following are the bulk deals in Tulip Telecom on August 18, 2010.
| Institutions | BSE / NSE | Type | Stake Bought/ Sold (%) | No. of Shares | Price Per Share | Total Amount (Rs. Cr) |
| Lehman Brothers Investment Management Co, | BSE | Sold | 9.65 | 2,798,950 | 176.09 | 49.28 |
| UBS Securities Asia (Swiss Fin Corp) | NSE | Sold | 8.62 | 2,500,000 | 176.05 | 44.01 |
| Citigroup Global Markets Mauritius (P) | BSE | Sold | 2.76 | 800,000 | 176.09 | 14.08 |
| ICICI Prudential Life Insurance Co | BSE | Sold | 12.09 | 2,000,000 | 176.09 | 35.21 |
| ICICI Prudential Life Insurance Co | NSE | Sold | 1,505,000 | 176.00 | 26.48 |
There has been no change in promoters` shareholding over a year to stand at 68.96% as at Jun 30, 2010.
Transaction Reference: BSE and NSE
Tulip Telecom is a Delhi-based data connectivity provider for corporates. It provides leased line and corporate internet connectivity to industries such as banking, IT and BPO.
It has a data network over 1700 locations in India and has over 2,600 employees and more than 1,600 customers across India.
Last month, Tulip Telecom and GTL’s parent Global Holdings Corporation bought 13% stake each in Qualcomm’s Indian BWA Venture for Rs.268 Cr ($57.72 Mn).
In the recently concluded Broadband Wireless Access (BWA) auction, Qualcomm had won a slot of 20 MHz TDD spectrum in key telecom circles of Delhi, Mumbai, Haryana and Kerala.
Tulip's Net revenues for Q1 FY2011 increased by 18.6% to Rs.525.18 Cr against Rs.442.92 Cr in Q1 FY2010. Its reported PAT of Rs.64.18 Mn for Q1 FY 2011 as compared to Rs.59.12 Cr in Q1 FY2010.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 07/02/12 | Tulip Telecom - Fund Raising | Private Equity | Unknown | 50.98 |
| 19/08/10 | Tulip Telecom - Bulk Deals (18.8.10) | Private Equity | 36.55 | |
| 31/12/06 | Tulip Telecom - Bessemer Venture Partners | Private Equity | Bessemer Venture Partners | - |
| 09/12/05 | Tulip IT Services Limited - IPO | IPO / Offerings | 23.37 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 07/02/12 | Private Equity | Unknown | Tulip Telecom Limited | 50.98 | Completed |
| 06/02/12 | M&A | Piramal Healthcare Limited | Vodafone India Limited (Formerly Vodafone Essar Limited) | 616.57 | Announced |
| 30/01/12 | IPO / Offerings | Micromax Informatics Limited | - | Called Off | |
| 18/01/12 | M&A | Axiata Group Bhd (Earlier Telekom Malaysia Berhad) | Tikona Digital Networks Private Limited | - | Planned |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Lehman Brothers Private Equity | Sector Agnostic | |||
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Tulip Telecom Limited | HS Bedi | C-160 Okhla Industrial Area,Phase 1,New Delhi-110020 | SREI Infocomm Services Limited | www.tulip.net |
| ICICI Prudential Life Insurance Company Limited | ICICI Bank Prudential Corporation Holdings Limited |
ICICI Prulife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025. |
ING Vysya Life Insurance Company Limited Tata AIG Life Insurance Co. Limited HDFC Standard Life Insurance Company |
www.iciciprulife.com |
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