The Kishore Chhabria-led Allied Blenders and Distillers (ABD) is looking to acquire majority stake in Tilaknagar Industries. To fund the acquisition, ABD has started raising $200 million. The move will give ABD a strong foothold in the brandy market and, consequently, good presence in the southern part of the country, as that region is the biggest market for brandy in India. Recently, ABD had acquired 100% stake in Wales Distilleries in West Bengal and announced its foray into the US market. (Business Standard)
IVRCL seeks Rs 2,750-crore debt restructure: Infrastructure player IVRCL Ltd has initiated the process to rejig its debt of Rs 2,750 crore ($446.3 million) at the holding company level under the corporate debt restructuring (CDR) mechanism. Under CDR, banks typically increase the repayment period of loans to stressed borrowers, offer a moratorium and reduce lending rates. Together with various special purpose vehicles, IVRCL has a debt burden of about Rs 5,000 crore. (Business Line)
IDG Ventures India targets rupee fund from rich, sets trend: IDG Ventures India, one of the country’s most active technology investors, is raising rupee capital from wealthy Indians for its second fund. Bangalore-based IDG expects to raise over Rs 1,000 crore ($162 million) from high net worth individuals and family offices whose interest in startup funding is being stoked by favourable regulation and the promise of handsome returns from this new asset class. IDG’ s new fund, the second for the firm, will invest in technology and technology-enabled businesses. (The Economic Times)
Suzlon looks to list its crown jewel, Repower: Wind energy turbine maker Suzlon Energy had earlier declined the possibility of selling its German subsidiary, REpower. However, it is now looking at the option of a share sale of Repower. Though the amount of money to be raised and the timing of the listing is not known, sources say the turbine manufacturer could be listed on the London Stock Exchange. The decision to look at raising equity from its crown jewel, as REpower is referred to by Suzlon, could have been influenced by the fact that the company is under corporate debt restructuring (CDR). (Business Standard)
SUUTI appoints bankers for Axis Bank stake sale: Specified Undertaking of Unit Trust of India (SUUTI) on Tuesday appointed three merchant bankers to facilitate sale of its 23.58% stake in Axis Bank valued over Rs 13,000 crore ($2.1 billion). JPMorgan, Citigroup Global Markets and JM Financial are the lead managers of the issue. The government also has plans to sell its stake in other companies in which it doesn’t hold a majority stake. The merchant bankers will sell the government’s stake in the bank through block trades on exchanges. Life Insurance Corporation, General Insurance Corporation and New India Assurance and National Insurance Company are the other promoters of Axis Bank. (Business Standard)
Bharti Airtel puts Bangladesh towers up for sale too: Bharti Airtel has put the company’s Bangladesh tower assets on its divestiture list as the world’s fourth largest mobile telephony firm seeks to raise more than $2 billion (Rs 12,294 crore) from selling its infra networks to bolster cash reserves , said people directly aware of the matter. The Sunil Mittal-led Bharti has received offers from potential acquirers to sell its tower networks in Africa and Bangladesh in separate deals, they added. The mobile operator expects at least $200 million (Rs 1,229 crore) from divesting its towers in Airtel Bangladesh. (The Economic Times)
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