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India's Nagarjuna drops Blackstone warrants plan

Mon Jul 13, 2009 2:04am EDT

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MUMBAI, July 13 (Reuters) - Nagarjuna Construction Co Ltd (NGCN.BO) said on Monday it had dropped plans to issue warrants to private equity firm Blackstone (BX.N) as the proposal did not receive regulatory approval.

The firm had planned to issue 9.1 million warrants at 225 rupees each to Blackstone GPV Capital Partners (Mauritius) V-H Ltd, but did not get approval from India's foreign investment promotion board. (Reporting by Aniruddha Basu; Editing by John Mair)



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