News Roundup: Adani Arm To Raise Up To Rs 4,000Cr | VCCircle
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News Roundup: Adani Arm To Raise Up To Rs 4,000Cr

BY  TEAM VCC
The funds will be raised through several routes including GDRs, ADRs, and FCCBs.

Adani Arm To Raise Up To Rs 4,000Cr - Adani Enterprises, the flagship firm of the Adani Group, is planning to raise up to Rs 4,000 crore through the issue of securities in global or domestic markets. The board of directors of the company has approved the fund raising plan, and has decided to create, offer, issue and allot securities from time-to-time in either one or more international or domestic offerings. The funds will be raised through several routes issuing global or American depository receipts and debentures or foreign currency convertible bonds. (ET)

S Kumars To List Reid & Taylor Subsidiary - S Kumars Nationwide Ltd (SKNL), a leading textile and apparel company with expertise in multi-fiber manufacturing, is planning to list its subsidiary, Reid & Taylor in the Bombay Stock Exchange. The company targets to raise $225-250 million (around Rs 1,100 crore) from the initial public offer (IPO), and expects the necessary document for the IPO should be ready by September this year. Recently, the company has signed a joint venture agreement with Donna Karan International to design, produce and distribute its entire range of menswear apparel globally. (Business Line)

Tata Steel Unit Corus Appoints Citibank For Assts Sale - Corus, the European subsidiary of Tata Steel, is planning to sell its factory in Britain, and has appointed Citibank to help find a suitable buyer for its beleaguered Teesside Cast Products (TCP) factory in northeast Britain. Reportedly, Bangkok-based Sahaviriya Steel Industries (SSI) is already in talks with Corus for the buy. Corus is claimed to be the second-largest steel maker in Europe. (BS)

DoD Bullish About Coal India IPO - After the Success of the recently concluded Satluj Jal Vidyut Nigam (SJVN) initial public offering (IPO), the department of disinvestment (DoD) is planning to move a proposal this week for divesting around 10% stake in Coal India through an IPO to cash in on the positive sentiment created by SJVN. DoD is hopeful about the approval of the smae by the Cabinet Committee on Economic Affairs in its meeting this week. It has also short listed around 20 merchant bankers, and plans to appoint 4-6 merchant bankers as book running lead managers for the IPO. (ET)

ITC Buys Shares Of 3 Listed Firms From Its Subsidiary - ITC Limited, a diversified company with presence in cigarettes, hotels, packaging, and agricultural business, has acquired shares of at least three listed firms for a total consideration of Rs 340 crore. ITC has bought the shares of EIH Ltd, Hotel Leelaventure Ltd and VST Industries Ltd from its subsidiary Russell Credit Ltd. While EIH and Hotel Leelaventure are in hotel biz, VST Industries is in cigarette manufacturing. (Mint

BEL May Invest In Astra Microwave - Bharat Electronics Ltd (BEL), a state-run company engaged in manufacturing radar and other electronics products, is in talks to invest in Astra Microwave Products Ltd. In February 2009, BEL and Astra Microwave had signed a pact to set up a JV to service BEL’s customers locally and execute offset orders for overseas firms. The JV will design and manufacture microwave-intensive products such as antennas and receivers for BEL’s defence, space and telecommunications customers. (Mint)

SBI Joins US Consortium For Merchant Acquiring Biz - State Bank of India (SBI), India’s largest public sector lender, has selected a consortium of Elavon Incorporation, USA and Visa International, USA as its joint venture (JV) partner for merchant acquiring business, it informed the BSE. The terms of the arrangement were not disclosed. RBI has already approved the setting up of a wholly owned subsidiary for conducting merchant acquiring business by SBI in the name of SBI Payment Services Pvt Ltd. (Team VCC)

Essar Energy Loses 5% On LSE - Ruias-owned Essar Energy on Tuesday lost 5% on debut trading on the London Stock Exchange (LSE), reflecting weakness in European stocks in general on concerns over bailout of Greece and fall in energy shares in particular. The stock was trading at £3.95 yesterday against an issue price of £4.20 in conditional trading. Essar Energy will be listed on LSE on Friday. (ET)

IOC, Oil India Consortium Withdraw Gulfsands Bid - The public sector consortium of Indian Oil Corporation Ltd (IOC) and Oil India Ltd (OIL) will not make a formal offer to London-based oil and gas explorer Gulfsands Petroleum PLC for acquiring the company. The consortium reasoned that Gulfsands did not allow it to conduct due diligence, and thus planned to withdraw the offer. The joint bid of IOC-OIL to acquire Gulfsands was open till May 4. (Business Line

Jaypee Infratech IPO Fully Subscribed - The initial public offering of Jaypee Infratech got full subscription on the last day of the issue. The IPO was subscribed 1.24 times, receiving bids for 27.3 crore shares against the 22.1 crore shares on offer. The price band for the Jaypee Infratech issue was fixed at Rs 102-117 a share, with a 5% discount to retail investors. At the upper end of the price band, the company plans to raise Rs 2,500 crore. (Business Line)

Manipal Health Systems May Raise PE - Manipal Health Systems Pvt Ltd, a Bangalore-based corporate hospital group, is planning to infuse around Rs 40 crore to renovate three of its older hospitals in Bangalore and Goa. The company plans to raise private equity to part finance the proposed spend in the next 18-24 months. The firm which has acquired six hospitals in the last five years, plans to focus on consolidating the business as of now by expanding and upgrading equipment across its facilities over the next 18-24 months. (Business Line)

Bajaj Finserv To Enter Wealth Management Biz In Q2, 2010 - Bajaj Finserv Ltd, the financial services and wind energy businesses of auto major Bajaj, is planning to enter the wealth management business in the second quarter of 2010. Last month, the company has launched its construction equipment financing and retail loan business against securities. (Reuters)

Kalpataru Power Raises Rs 450Cr Via QIP - Kalpataru Power Transmission Ltd has raised around Rs 450 crore through qualified institutional placement (QIP) of shares. The company plans to utilise the proceeds in capacity expansion of tower manufacturing and BOT projects, it informed the stock exchange. Kalpataru Power is a leading player in EPC space in power T&D sector, and is based in Mumbai. (Team VCC) 

Titan To Sell Equity Shares In Subsidiary - Titan Industries Ltd is selling 40,030 equity shares in Titan Mechatronics Ltd, a subsidiary of the company. The board of directors of the company has approved the stake sale, it informed the stock exchange. The shares will be sold at Rs 29.90 each amounting to Rs 1.19 million. Recently, Titan has announced its plan to foray the South African Market. (Team VCC)

Shoppers Stop To Raise Rs 300Cr - Shoppers Stop Ltd, a Mumbai-based retailer, is planning to raise around Rs 300 crore via share sale to qualified institutional investors in the next 6-9 months. B S Nagesh, the vice chairman of the company, informed today. (Reuters)

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