Coal washeries operator ACB India is planning to raise up to INR 1,100 crore ($200 million) through initial public offerings (IPO) and offer for sale (OFS) routes in the third week of March this year. The company has received all the necessary permissions and is set to hit the capital market in the third week of March with IPO aggregating INR 575 crore ($104.48 million) and remaining offer for sale. Warburg Pincus is expected to sell 8.8% stake in ACB India through an offer for sale out of its total 22% stake. The proceeds would be used to develop pit-head power plants close to its beneficiation facilities. (Live Mint)
Avendus PE to launch five-year, INR 500-crore India Opportunities Fund III: Avendus PE Investment Advisors is launching its third public market fund, reaffirming the private equity industry’s growing interest in PIPE (private investment in public equity) transactions in India. The five- year, INR 500-crore ($90.85 million) India Opportunities Fund III, will be the latest investment vehicle for the mid-sized risk capital firm, which currently manages assets of INR 210 crore. Avendus’ Fund III would focus on investments in education and other consumer discretionary-focused sectors such as rural prosperity and urbanization. The fund would look to make between 12 and 14 investments in companies with market capitalization of up to INR 5,500 crore, taking a 5% stake for a period of about three years. (The Economic Times)
Tata Communications to sell properties in order to raise INR 2,500 crore: Tata Communications plans to sell properties across Delhi, Mumbai and Chennai to raise more than INR 2,500 crore ($454.28 million) to raise capital in the wake of continuing losses. The firm owns prime plots of over one acre each across these cities. Tata Communications has appointed property consultancy firms Jones Lang LaSalle India and Cushman & Wakefield to help sell some unutilised properties that originally belonged to Videsh Sanchar Nigam Ltd. Tatas acquired VSNL in 2002. In first of the deal in the pipeline, the Mumbai-headquartered telecom firm is expected to sign a transaction with VGN Developers of Chennai to sell a 1.5-acre plot in Chennai’s Nungambakkam road for INR 195 crore. (The Economic Times)
MphasiS open to acquire mid & small-sized firms: HP-owned IT services firm MphasiS is open to acquisition of small and medium sized companies, which can help it enhance value proposition in banking and capital markets. Last year, the Bangalore-based IT firm had announced that it will acquire US-based Digital Risk for $175 million (about Rs 960 crore), a move aimed at attaining leadership position in the US mortgage services market. The acquisition was completed last month. The company cash and cash equivalents of about $584 million and every month the company adds $10-15 million to its kitty. (Business Line)
S Kumars plans to raise INR 600 cr by selling Reid and Taylor shares: S. Kumars Nationwide Lt.d (SKNL) plans to raise about INR 600 crore ($109 million) by selling shares of its Reid and Taylor (India) Ltd. unit through a qualified institutional placement (QIP), having put its initial public offer (IPO) plan on the back burner. The money will be used to pay off the company’s debt. UBS India would advise the company on the transaction. (Live Mint)
IndiGo seeks nod for INR 4.6k-cr loan: Low-cost airline IndiGo has sought the Reserve Bank of India (RBI)’s approval for an $849-million (INR 4,661-crore) loan to finance the purchase of aircraft, indicating a possible shift in its aircraft acquisition strategy. In its application to RBI, IndiGo has asked for approval to raise funds through external commercial borrowings. The airline has also ordered 280 Airbus A320s, including 150 A320neo, to be delivered by 2024. The planes were ordered in two separate deals, valued at about $21 billion at list prices. (Business Standard)
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