Reliance Money and FTIL Plan Equity Exchanges – Anil Dhirubhai Ambani Group owned Reliance Money and Financial Technologies India Ltd (FTIL) which is one of the world’s largest exchange networks operator, are considering setting up their own equity exchanges. Reliance money picked up 10 % in the National Multi Commodity Exchange (NMCE) and plans to increase its holding to 26”% shortly. The FTIL group plans to set up an exchange for SMEs. It has set up exchanges overseas as well. (Business Standard)
IDBI Bank to Sell IDBI Home Finance – IDBI Bank plans to sell its wholly owned housing finance subsidiary, IDBI Home Finance. The bank hopes to raise Rs 200 crore from the deal. IDBI Bank is in initial talks with companies such as Tata Capital, Edelweiss and Religare Enterprises as wella s two private equity investors. IDBI Bank is looking to sell the arm as it is itself involved in the mortgage lending business and feels that two identical businesses were creating unnecessary duplication. (The Economic Times)
Bharat Forge to Raise Rs 250 Crore via Debentures – Auto component manufacturing company, Bharat Forge’s board has approved non-convertible debentures for Rs 250 crore on private placement basis to Life Insurance Corporation (LIC) of India. These debentures will be listed on NSE or BSE. The issue is being raised to capital expenditure, general corporate purposes and long-term working capital requirements. (Business Standard)
Essar Plans $140 Million Investment over the Next Four Years – Essar Oil plane to invest around $140 million over the next four years searching for oil and gas in its assets acquired overseas. Majority of the investment will be in the Vietnam block and the two newly-acquired offshore blocks in Australia. The exploration phase of the blocks is 5 years. (Business Standard)
RCOM Raises $1.5 Billion Credit to Fund GSM Rollout – India’s second-largest telecom operator by subscribers, Reliance communications (RCOM) has raised a fresh line of credit of $1.5 billion to fund the rollout of its national GSM services. The credit has been raised from international export development banks at less than prevailing commercial rate of interest. RCOM has raised money from the French Agence Fransaise De Developpement, China Developmen Bank and Export Development Canada at LIBOR (London Inter Bank Offer Rate) plus 150 basis points. (The Economic Times)
K-Dow Deal Failure Might Delay RIL –Rohm and Hass JV – The joint venture between Reliance Industries (RIL) and Philadelphia-based Rohm and Haas for setting up an acrylic monomer complex in Jamnagar is expected to get delayed as the $17 billion K-Dow deal hasn’t gone through. Dow had to pay $15.4 billion to seal the Rohm and Haas acquisition deal and was banking on the $17-billion K-Dow deal to fund this buyout. Since the K-Dow deal is not going through, the acquisition of Rohm and Haas is uncertain. (The Economic Times)
Blackstone to Invest $50-$80 Million in Hyderabad-Based Seeds Firm – Blackstone Group Lp. is investing $50-$80 million (about Rs239-383 crore) in Hyderabad-based Nuziveedu Seeds Ltd. The promoter group of Nuziveedu will dilute less than 25% stake in the company’s equity. The amount raised will be used to develop and market seeds of rice, corn and vegetable hybrids. Nuziveedu, a privately held company, currently earns at least 80% of its Rs500 crore revenue by selling hybrid cotton seeds. (LiveMint.com)
Confidence Petroleum Acquires Two Ethanol Manufacturing Units – Confidence petroleum has acquired 80% equity stake in Garg Distilleries, for an undisclosed amount. Garg Distilleries is an unlisted, closely-held ethanol manufacturing unit. Confidence has also acquired Laxmi Nirmal Petrochemicals situated near Pune which is also engaged in the manufacturing of ethanol, with an installed capacity of 21,600 kilo litres. (The Economic Times)
Tata Metaliks to Raise Rs 100 Crore via Debentures
Metaliks will raise Rs 100 crore through private placement by issue of debentures. Tata Metaliks also announced that the board has decided to issue privately placed non-convertible redeemable debentures amounting to Rs 100 crore. The shares of the company were trading at Rs 75, down 1.96 per cent on the BSE. (Sify.com)
Future Group to Buy Out Le Marche – Retail major, Future Group plans to buy out Le Marche, the hypermarket business of Fu-Com Retail India. Fu-Com India was set up by Fu-Com International, UAE-based retailing partners of the $30-billion French retail group Groupe Casino. Future Group’s value retailing business contributes to 62% of the group’s turnover. (The Economic Times)
Great Easter Energy files DRHP for IPO of 9.13 Crore Equity Shares – Great Eastern Energy Corporation has filed its draft red herring prospectus (DRHP) with SEBI for an IPO of 9.13 crore equity shares of Re 1 each for cash. The price would be determined through a 100% book-building process. The equity shares are proposed to be listed on BSE as well as NSE. The issue would constitute approximately 15.45% of the fully diluted post issue paid up capital of the company. (The Economic Times)
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