FSL has just filed EGM for a possible raise with JPM as an advisor, and we see stock moving up 30% in last 15 days. JPM was incidentally also the advisor to Genpact-Bain deal and that deal got Genpact $3.3 Bn valuation. That, and newsflow from the space got us out from the earlier gloomy stance.
Tata Communications Ltd is selling Neotel Ltd, the South Africa-based communications network company that it owns in partnership with Nexus Connexions Pvt Ltd. The company has entered into an agreement with a privately owned, pan-Africa telecom group, Liquid Telecom Group, for the acquisition of Neotel for ZAR6.66 billion (INR2903 crore).