Mega Deals

Company Sector Deal Type Deal Size Second Party

MTN Group Ltd Telecom Stake Sale $23 billion Bharti Airtel Ltd.
South Africa 25/05/2009 Rs.1079 billion
www.mtn.com

Description: Bharti Airtel Ltd., India’s largest mobile operator and an integrated telecom services provider,
has entered in to an exclusive discussion with Africa’s largest mobile operator MTN Group for a
significant partnership. As per the scheme of arrangement, Bharti will acquire a 49%
shareholding in MTN and, in turn, MTN and its shareholders will acquire an approximate 36%
economic interest in Bharti.
Of this 36% economic interest in Bharti, MTN will hold 25% while the remainder will be held directly by
MTN shareholders. The two companies have agreed to discuss the potential transaction exclusively
with one another until July 31, 2009.
MTN will acquire approximately a 25% post-transaction economic interest in Bharti for an effective
consideration of approximately $2.9 billion in cash and newly issued shares of MTN equal to
approximately 25% of the currently issued share capital of MTN.
Bharti will acquire approximately 36% of the currently issued share capital of MTN from MTN
shareholders for a consideration comprising ZAR 86.00 in cash and 0.5 newly issued Bharti shares in
the form of Global Depository Receipts (GDRs) for every MTN share acquired. This, in combination
with MTN shares issued in part settlement of MTN’s acquisition of approximately a 25% post-
transaction economic interest in Bharti, would take Bharti’s stake to 49% of the enlarged capital of
MTN.
The partnership will create the world's third-largest mobile operator by subscriber base. Their
combined annual revenue will be more than $20 billion. As per the terms, Bharti will be the
primary vehicle for further expansion in India and Asia, while MTN will be primary vehicle for
expansion in Africa and middle east. Singapore Telecommunications, an existing shareholder of
Bharti, will continue as a significant shareholder even after the implementation of the deal.

Reliance Infrastructure Power Stake Sale $913 million Anil Dhirubhai Ambani Group
24/05/2009 Rs. 4300 crore

Description: Reliance Infrastructure Ltd., India's second-largest non-state power producer, is raising $913
million (Rs.4,300 crore) through a preferential allotment of 42.9 million warrants to the
founders, the Reliance-Anil Dhirubhai Ambani Group (R-ADAG) and some institutional investors
including India’s largest state owned life insurance firm the Life Insurance Corporation of India.
Reliance-Anil Dhirubhai Ambani Group is a diversified group of companies formed after the split
of one of India’s largest private sector companies, Reliance Industries and controlled by Anil
Ambani, one of India’s top five wealthiest businessmen.
The preferential offer will be made at a price of $21.2 (Rs.1,000) per share. The company will get
$228 million (Rs.1,075 crore), which is 25% of the total amount as upfront payment according to the
rules of the Indian regulator Securities and Exchange Board of India (SEBI). The balance payment will
be made upon conversion.
After the completion of the process, the stake of Anil Dhirubhai Ambani group in the company
will reach to 48% from 38% currently. The board of Reliance Infrastructure has simultaneously
cancelled almost the same number of warrants issued to the founders in January 2008.

DLF Ltd. Real Estate Stake Sale $783 million Institutional Investors
New Delhi 13/05/2009 Rs.3,980 crore
www.dlf.in

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Description: DLF Ltd, India’s largest real estate firm, has raised $783 million (Rs.3,980 crore) by selling 10%
equity to institutional investors. Three fund houses - Deutsche Securities Mauritius, Euro Pacific
Growth Fund and Copthall Mauritius Investment - purchased 91.5 million shares representing
5.39% of DLF’s equity via bulk deal.
The fund houses bought shares at Rs.230 ($4.8) a share, aggregating to Rs.2,106.1 crore
($438.77 million. Rest of the equity was bought by other institutional investors.
Proceeds from the sale will be used to inject capital into property trust DLF Assets Ltd (DAL) and
also buy private equity firm DE Shaw Group’s, a global investment firm with more than $29
billion in investment and committed capital, stake in DAL.
Out of Rs.3,980 crore ($829.16 million), nearly Rs.2,000 crore ($416 million) will be paid to DE
Shaw, and the remaining funds will used to meet contractual obligations of DAL, which owes
nearly Rs.4,900 crore ($1,020 million) to DLF.

Suzlon Energy Ltd. Wind Energy Stake Sale $168 million Open market
Pune 25/05/2009 Rs.789 crore
www.suzlon.com

Description: Tulsi Tanti and family, the founders of the world’s fifth largest and India’s largest wind turbine
manufacturer Suzlon Energy Ltd, have sold about 6% of their stake in two trenches of open
market transactions. They have raised this money to part-finance the buy-out joint venture
partner Martifer SGPS’s, a diversified group with business interests in more than 15 countries,
stake in Suzlon's German subsidiary REpower Systems AG.
In the first trench, the Tanti family raised about $48.9 million (Rs.230 crore) by selling 30
million shares representing 2% equity of the company at an average price of $1.64 (Rs.77) per
share on May 13, 2009. In the second trench, they sold 60 million shares representing 4% stake in
the company for a total amount of $121 million (Rs.569 crore) at an average price of about $2
(Rs.94.8) per share.
With this dilution, the founders’ holding in the company has come down to about 60%.

Genome Valley Pharmaceuticals Stake Sale $150 million Lonza, Switzerland

Hyderabad 22/05/2009 Rs.750 crore

Description: In one of the largest investments in recent times in the bio-pharmaceutical sector in India,
Switzerland-based global bio-pharmaceutical company Lonza Group has decided to invest $150
million (around Rs.750 crore) in two projects in the Genome Valley located on the outskirts of
Hyderabad, the capital city of the south Indian state of Andhra Pradesh.
Lonza, one of the world's leading suppliers to the pharmaceutical, healthcare and life science
industries, is a 100-year-old $2.5bn chemical and biotechnology company based at Basel in
Switzerland.

PTC India Ltd. Power Stake Sale $105 million Institutional buyers
New Delhi 26/05/2009 Rs. 499.99 crore
www.ptcindia.com

Description: PTC India, the largest power trading solutions company of India, has raised Rs.500 crore
($104.16 million) by placing 66.6 million shares to institutional investors at $1.6 (Rs.75) per
share. The shares represent 22.67% of the company's post-issue share capital.
DSP Merrill Lynch and Kotak Mahindra Capital were the global coordinators and book-running
lead managers for the qualified institutional placement (QIP) issue. The raised fund will be used
for equity gap funding of a portion of Indian power projects.

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KS Oils Ltd. Edible Oil Stake Sale $95.7 million PE Funds, Promoters
Morena, M.P. 19/05/2009 Rs.450 crore
www.ksoils.com

Description: KS Oils Ltd, an integrated agri-company based at Morena, in the Indian state of Madhya Pradesh,
has announced raising about $95.7 million (Rs.450 crore) through a combination of Private
Equity (PE), GDR issue and founder’s investments.
PE firm New Silk Route (NSR) will invest about $28.7 million (Rs.135 crore) in the company
through subscription of equity shares. Two other PE firms Citi Venture Capital International
(CVCI) and Baring Asia, who are also the existing investors, are subscribing to convertible
warrants, investing $10.4 million (Rs.49 crore) each. NSR will be issued equity shares at Rs.48.35
($1), while Baring Asia and CVCI will convert the warrants at a price of Rs.56.50 ($1.17).
The founders will also be issued warrants worth $33.4 million (Rs.157 crore) in the company.
Apart of that, KS Oils will also raise $12.7 million (Rs.60 crore) through a GDR issue. KS Oils
plans to invest money in expanding its Haldia refinery and palm plantations in Indonesia.

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