News Roundup: SKIL Infra to sell non-core assets worth Rs 750Cr to repay loans | VCCircle
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News Roundup: SKIL Infra to sell non-core assets worth Rs 750Cr to repay loans

BY  TEAM VCC
SKIL Infrastructure had taken a loan to buy out Punj Lloyd's stake in Pipavav Defence two years ago.

SKIL Infrastructure has initiated a restructuring exercise to sell non-core assets worth Rs 750 crore and use the proceeds to repay bank loans. Infrastructure assets identified for sale include real estate. The group is also undertaking top management changes by bringing in Rajiv Shukla, the former managing director at Citigroup and Morgan Stanley, as chief executive and Neelu Khatri, head of defence services at KPMG, as the business development head of Pipavav Defence, a group company. The non-core assets to sell are being identified. SKIL Infrastructure had taken a loan to buy out Punj Lloyd's stake in Pipavav Defence two years ago. (Business Standard)

Godrej Properties submits info on Rs 700 crore rights issue to SEBI: Godrej Properties, the real estate arm of Godrej Group, has submitted details sought by the capital market regulator SEBI regarding the company’s proposed Rs 700 crore rights issue. The funds raised through the issue would be utilised for ongoing projects as well as new projects. SEBI said it might issue observations on Godrej Properties’ document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them. (Business Line)

Tata Global to make investment in brands: Cyrus Mistry: Tata Global Beverages would make substantial investments in its brands for making the company grow, company chairman Cyrus Mistry said today. Mistry also said: "It is crucially important to grow our brands in India and overseas. There is also a need for innovations which need funds. Large foundations have been laid which need to be grown." "In Starbucks, we are in an investment phase. The break-even will come in a couple of years," he said. Managing director of Tata Global Harish Bhat said that the company was looking at both organic and inorganic growth. (DNA)

JSW steel eyes stake in Sandur Manganese and Iron Ores: JSW Steel, owned by billionaire Sajjan Jindal, is in talks to purchase a significant stake in Sandur Manganese and Iron Ores in Karnataka to improve its access to iron ore and cut logistics costs, two people with direct knowledge of the development said. The promoters, who own 74.15% stake in the company, have appointed investment banker Edelweiss Financial Services to scout for a buyer. "We are open to selling stake in the listed company to a partner if they are interested in buying surplus iron ore for which an equity holding is essential, '' Nazim Sheikh, joint managing director, Sandur Manganese and Iron Ores said. (The Economic Times)

Inox Wind files DRHP with Sebi, to raise Rs 700 crore via IPO: Power solutions provider Inox Wind has filed a draft prospectus with capital market regulator Sebi to raise Rs 700 crore through a share-sale. The issue comprises a fresh offering of equity shares aggregating up to Rs 700 crore and an offer for sale of up to 2 crore equity shares by the company's promoter Gujarat Fluorochemicals. The proceeds of the issue would be utilised for expansion and upgradation of existing manufacturing facilities, to meet long term working capital requirements, for investing in its subsidiary Inox Wind Infrastructure Services Ltd (IWISL), to develop power evacuation infrastructure and other general purposes. (The Economic Times)

Courtesy: VCCEdge

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