News Roundup: Nitesh Estates to raise Rs 400Cr to develop residential projects | VCCircle
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News Roundup: Nitesh Estates to raise Rs 400Cr to develop residential projects

BY  TEAM VCC
The real estate firm will launch five projects across price categories this fiscal year.

Nitesh Estates to raise Rs 400Cr to develop residential projects: Nitesh Estates Ltd is in advanced talks with private equity (PE) firms to raise Rs.400 crore for a clutch of residential projects—the real estate firm’s first big fund-raising since it listed its shares on the bourses two years ago. The company will raise the money through a subsidiary, Nitesh Housing Developers, for a residential platform that will develop the projects, chairman and managing director Nitesh Shetty said in an interview. (Mint)

Rahul Dhir teams up with Warburg Pincus to set up new oil company Delonex Energy: Rahul Dhir, the man who built Cairn Indiafrom scratch to a Rs 63,000-crore oil exploration major, is teaming up with leading private equity firm Warburg Pincus to set up an international oil and gas exploration and production company focused on promising assets in sub-Saharan Africa. (The Economic Times)

DB Realty arm may sell stake in hotel project in Delhi: Real estate developer DB Realty today said its subsidiary DB Hospitality is looking to sell stake in proposed hotel project at the Delhi International Airport and discussions are undergoing with potential buyers. In a filing to the BSE, Mumbai-based DB Realty said that DB Hospitality Pvt Ltd (DBHPL), in which the company is holding stake, proposes to develop a plot as the Delhi International Airport's new hospitality district through one of its subsidiary SPV. (Business Standard)

Govt to offload 4% equity in Hindustan Copper on Friday: The government will offload its four% share in Hindustan Copper Ltd on Friday, starting the Rs 30,000 crore disinvestment programme for the current fiscal."HCL disinvestment will happen on Friday between 9:15 am and 3:30 pm. The first tranche is only going to be four%," Disinvestment Secretary Halim Khan told reporters. (Business Standard)

Blue Dart promoter to prune 6% stake, may fetch over 245Cr: Logistics service provider Blue Dart Express today said its promoter plans to dilute 6.03 per cent stake, a move which may fetch DHL Express (Singapore) in excess of Rs 245 crore at current price. In a notice of offer for sale, Blue Dart Express said the sale of 14,31,937 shares would take place on separate windows of both BSE and NSE on November 23. The sale process will start at 9.15 am and close on the same day at 3.30 pm. (Business Standard)

OVL plans to raise $1B via dollar bonds issue: ONGC Videsh Ltd, the overseas arm of state-owned Oil & Natural Gas Corp (ONGC), plans to raise about $1 billion through a dollar bonds issue early next year to fund its recent acquisition in Azerbaijan. "We are planning a dollar bonds issue in first quarter of 2013," a top source said. "Ultimately, what we raise will depend on a lot of factors, but yes we are looking at raising around $1 billion." (Business Standard)

Honeywell Automation's parent co to reduce stake to comply with SEBI norms: Honeywell Automation India Limited (HIAL), a subsidiary of diversified American business conglomerate Honeywell, said the company is in the process of complying with the minimum public shareholding norms as stipulated by market regulator SEBI.In a filing on the NSE on Wednesday, the Noida-headquartered company said its promoter Honeywell Asia Pacific Inc. has informed that it would reduce its shareholding in due course in order to increase its public share-holding to at least 25% by June 3, 2013. Honeywell Asia Pacific Inc. holds 18.76% in Honeywell Automation. (Business Standard)

SpiceJet needs funds, but no promoter stake sale on cards- Sun Group: Sun Group today said its aviation venture SpiceJet needs capital for expansion and would explore options including equity contribution from existing shareholders and raising debt, but promoters have no plans to sell their shares.Sun Group chief Kalanithi Maran and his wife Kavery Maran have resigned from one of the promoter entities of SpiceJet, triggering speculation about a possible sale of Maran family’s majority stake in the air carrier. (Business Line)

Diageo to launch Rs 5,441Cr United Spirits open offer in January: Diageo Plc will launch its over Rs 5,441 crore open offer in January next year to acquire 26 per cent stake in Vijay Mallya-led United Spirits.United Spirits had earlier signed a deal to sell the majority stake to the UK-based Diageo.In a filing to the BSE, United Spirits Ltd (USL) today said the open offer will commence on January 7, 2013, and will close on January 18, 2013. (Business Line)

Courtesy: VCCEdge

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