News Roundup: SAIL may buy stake in new port at Sagar Island | VCCircle
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News Roundup: SAIL may buy stake in new port at Sagar Island

BY  TEAM VCC
Firm looks to save on logistics costs by owning a new port planned by the Union govt near its plants in West Bengal.

SAIL may buy stake in new port at Sagar Island: Steel Authority of India Ltd (SAIL), may buy an equity stake in a new port planned by the Union government at Sagar Island in West Bengal, as the state-owned firm looks to save on logistics costs. SAIL is looking at various options, including taking a stake in a berth, owning an exclusive berth or a port. The first phase of the new port at Sagar Island, with a cargo-loading capacity of 54 mt, is estimated to cost INR 7,851 crore. (Mint)

GAIL will have 36 months to lay and commission the pipeline with a capacity to transport up to 60 mscmd of gas: State-owned gas utility GAIL India may offer up to 30 per cent stake in its 1,550-km natural gas pipeline from Surat in Gujarat to Paradip in Odisha to Indian Oil Corporation (IOC). GAIL had this April secured rights to lay the pipeline to connect the west and east coasts. The pipeline would have a capacity to transport up to 60 million standard cubic metres of gas per day. (Business Standard)

IIFL gets Sebi nod for Alternative Investment Funds: India Infoline Limited (IIFL) has received approval from the Securities and Exchange Board of India (Sebi) for launching its Alternative Investment Funds (AIFs). The funds that are lined up for the launch are - IIFL Venture Fund (Category I– Venture Capital Fund), IIFL Private Equity Fund (Category II) and IIFL Opportunities Fund (Category III). (Business Standard)

Kesoram Industries to raise Rs 500Cr to reduce debt: The B.K. Birla Group-controlled Kesoram Industries Ltd will raise Rs.500 crore by selling stocks to shareholders, which analysts say is aimed at raising promoter holdings from 27% while reducing its debt. The cement and tyre maker said in a regulatory filing on Monday that it will use Rs.375 crore from the proceeds of the rights issue to repay debt and use the rest as working capital. (Mint)

Globus Spirits plans to raise funds: Globus Spirits Ltd is planning to raise funds through issue of gIobal depository receipts, American depository receipts, foreign currency convertible bonds and qualified institutional placement. The company has received the board approval for the proposed fundraising. (BSE)

Manappuram to raise Rs 300 cr via NCD in 6 months: Gold loan company Manappuram Finance is planning to raise Rs 300 crore through the issue of non-convertible debentures (NCDs) in the next six months. The firm, which had de-grown in terms of loan assets post-RBI regulations plans to open 250 new branches as part of its efforts to achieve 20 per cent annualised growth for the next 12 months. (Financial Chronicle)

 

Mahindra and Mahindra approached to buy Aston Martin- report: Aston Martin’s controlling shareholder, Investment Dar Co., has approached potential buyers for the maker of luxury sports cars featured in James Bond movies, said five people with knowledge of the matter. The Kuwaiti company, which owns 64% of Aston Martin, has hired Rothschild to advise on the sale, said one of the people, who asked not to be identified because the talks are private. (Mint)

Electrosteel Castings plans to raise funds: Electrosteel Castings Ltd. is planning to raise approximately $54.60 million (INR 300 crore) through issue of equity shares, equivalent foreign currency convertible bonds, warrants and any other convertible instrument. The company is also looking to issue non convertible debentures (NCDs) of up to $54.60 million (INR 300 crore). The company has recived the board approval for the proposed fundraising. (BSE)

Courtesy: VCCEdge

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