News Roundup: GTL Infra restructures FCCBs worth $300M | VCCircle
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News Roundup: GTL Infra restructures FCCBs worth $300M

BY  TEAM VCC
The FCCBs have been restructured for a tenure of five years and bondholders approved the restructuring of the bonds at a meeting in Singapore.

GTL Infra restructures FCCBs worth $300M: GTL Infrastructure stock was up 6.78% as the company completed the restructuring of its foreign currency convertible bonds worth $300 million. The zero coupon foreign currency convertible bonds (FCCB) were due November 29, 2012. The FCCBs have been restructured for a tenure of five years. Bondholders approved the restructuring of the bonds at a meeting in Singapore. (Business Standard)

Bravia Capital Explores Investment in SpiceJet: Hong Kong-based Bravia Capital, a private-equity firm that often partners with China’s HNA Group, is in exploratory talks to invest in SpiceJet Ltd., the Indian budget carrier said Thursday. “We are in talks with Bravia Capital and some others,” SpiceJet Chief Executive Neil Mills said, but added that it has not finalized any investor yet. (The Wall Street Journal)

India's Exim Bank to raise 2B rupees via bonds: India's Exim Bank plans to raise at least 2 billion rupees ($36.99 million) via three-year bonds with a put/call at the end of 18 months at 8.65 percent, a source close to the deal told Reuters on Thursday. (Reuters)

Essar Said to Plan $4.8B Debt Refinance: Corporate India: Essar Group, controlled by billionaire Indian brothers Shashikant and Ravikant Ruia, is in talks with banks to refinance as much as $4.8 billion of debt, two people with direct knowledge of the matter said. Essar Global Ltd. (3271), the holding company of the owners, plans to refinance $3.5 billion of overseas loans, while Essar Steel Ltd. will take on new debt to repay as much as 70 billion rupees ($1.3 billion) of borrowing, the people said, asking not to be identified because the matter is private. (Bloomberg)

Hindusthan National Glass to raise funds: Hindusthan National Glass & Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting approved to issue new equity shares of face value of Rs. 2/- each of the Company, at a premium, issue size aggregating, upto Rs. 300 Crores on Rights/Preferential basis, either as direct equity or through a convertible instrument. (BSE)

Panoramic Universal to sell stake in Thailand based subsidiary: Panoramic Universal Ltd. approved the proposal to dilute the equity stake of the Company in Seaview Homes Co., Ltd., a company in Thailand by reducing its shareholding to 49% from 70% held at present at such time and in such manner as may be considered appropriate. The Board also approved the proposal of making investment in securities or giving loan to one or more companies in Singapore up to an overall limit of INR 100 million. (BSE)

Govt appoints five merchant bankers for NMDC disinvestment: The government has appointed five merchant bankers for selling its 10% stake in the country's largest iron ore miner NMDC. "The Department of Disinvestment, Ministry of Finance, Government of India has appointed...Merchant bankers to divest 10% paid up equity capital of NMDC Ltd out of its shareholding of 90%," the mining major said. (Business Standard)

Luxury hotels chain Orient Express rejects Tata Group's buyout offer, again: Orient Express has rejected a takeover bid by the Tata-owned Indian Hotels dealing a setback to the Indian company's attempt to substantially increase its global footprint by adding the luxury hotel resort to its portfolio. (The Economic Times)

 

UK-based Asset Manager plans to re-enter India: The fund industry is abuzz with talk that UKbased Threadneedle Investments is making plans to re-enter the Indian asset management industry. Threadneedle Investments, which had a tie-up with cigarette manufacturer ITC Classic in 1990s, exited its India asset management business by selling all its funds to Zurich India Mutual Fund. (The Times of India)

Kishore Biyani-promoted Future Group signs pact with IITL to sell life insurance JV Future Generali: Kishore Biyani-promoted Future Group has signed a non-binding agreement with Mumbai-based non-banking finance company, Industrial Investment Trust Ltd (IITL), to sell controlling stake in its life insurance joint venture Future Generali, two people familiar with the development said. The Future Group holds 76% in the venture, while Italian major Generali owns the rest. While a Future Group spokesperson denied any plan to sell stake in Future Generali, IITL promoter-director Bipin Agarwal did not respond to an email questionnaire sent by ET. (The Economic Times)

Bypass Act- Air India May Sell Most of its Bond Offer to LIC, EPFO: Air India may bypass the market to sell the bulk of its . 7,400-crore bond issue with LIC and the retirement fund body EPFO in what will be the largest debt offering in recent times. This could be intended to punish market participants who had not shown much interest to the issuance, fearing that the government would not back NCDs with a full and final guarantee. (The Times of India)

Courtesy: VCCEdge

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