Ackruti City In Talks To Raise Rs 150Cr From Red Fort – Realty developer Ackruti City is in advanced talks with two-three private equity players to raise around Rs 150 crore by selling around 25% in its proposed redevelopment project in Chembur, north eastern suburb of Mumbai. Private equity firm Red Fort Capital is believed to be the frontrunner for the structured deal that is expected to be signed soon. Of the total around 15-acre redevelopment project, Ackruti is estimated get around nine acres to develop over 1 million sq ft of free sale component. (Economic Times)
Renuka Ramnath’s Multiples Raises Rs 2,000Cr – Amid tough market conditions, former ICICI Venture boss Renuka Ramnath raised $405 million (about Rs 2,000 crore) private equity fund for her own venture Multiples Alternate Asset Management. The fund that has been backed by as many as 15 institutional investors, including pension funds from Canada, Europe and Asia and large Indian banks, will be sector agnostic. The firm is looking to build a portfolio of 12-15 companies over the next three years and close deals in the range of Rs 200-250 crore along with its investors. (Economic Times)
ARSS Promoters Buyback 6.2% Pledged With IFCI – ARSS Infrastructure Projects today said it had revoked 6.23% of its shares, worth around Rs 30 crore, from IFCI. The company focuses on infrastructure construction segment including railway infrastructure, roads, highways, bridges and irrigation projects. On April 19 this year, the promoters had pledged 9,24,395 shares, representing 6.23% of the share capital, as collateral security with IFCI for securing a Rs 82-crore term loan. (Business Standard)
Kiri Industries Acquires Taiwan Firm – Kiri Industries Ltd, which manufactures dyes and dyes intermediates, has acquired SMS Chemical Co Ltd based in Taiwan. However, the financial details were not disclosed by the company. (Business Line)
Rajesh Exports Raises $135M Through FCCB Conversion – Bangalore-based manufacturer of gold jewellery, Rajesh Exports, has raised $134.9 million through conversion of 1,349 Foreign Currency Convertible Bonds (FCCB), issued in 2007, into equity shares. There will be no further dilution of equity due to conversion of FCCB and trustees of the remaining 151 bonds have been notified for redemption. (Business Line)
NSE To Launch SME Platform This Month – The National Stock Exchange (NSE) aims to launch its Small and Medium Enterprises (SME) exchange platform this month. The NSE received the Securities and Exchange Board of India’s (SEBI) nod to start its proposed SME exchange in October this year. The SME exchange will be a separate platform within the NSE. The platform is expected to offer SMEs opportunities to raise equity from the market and unlock the intrinsic value of these enterprises. (Business Line)
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