Angel Broking In Talks For Rs 300Cr PE Infusion – Angel Broking is in talks with private equity funds General Atlantic, Blackstone and Advent International to raise up to Rs 300 crore through sale of minority stake. The retail broking firm has appointed investment bank NM Rothschild to rope in an investor. Mumbai-based Thakkar family holds majority stake in the unlisted stock broking firm. Angel Broking, which does retail broking and commodities trading through its 200 branches, records average daily turnover of Rs 5,200 crore. (Economic Times)
Vishal Retail May Go To Future – Lenders to Vishal Retail (VRL) are likely to support a debt restructuring proposal from Kishore Biyani’s Future Group, disregarding a rival offer from private equity firm TPG. Officials of banks with exposure to the debt-laden retail company will meet this week to compare the two proposals as no final decision had been taken. Future Group had written to the Corporate Debt Restructuring (CDR) Cell expressing its interest in acquiring assets of Vishal Retail. (ET)
Iffco To Form Dairy JV – The Indian Farmers Fertiliser Cooperative (Iffco) is close to setting up a dairy project jointly with an overseas partner to cash in on the growing demand of milk. The company is likely to finalise a JV partner, either an American company or a New Zealand firm, within a couple of months. The foreign firm will be an equity partner in the project that will require an investment of Rs 1,000 crore. (ET)
Govt Plans Rs 50,000Cr Power Debt Fund – The government plans to create a Rs50,000 crore debt fund that will raise low-cost and long-term resources for re-financing power projects. The fund is in the process of being formulated and the government is eyeing takeout financing, which helps banks lend to long-duration projects. In takeout financing, a long-term financing institution such as India Infrastructure Finance Co. Ltd (IIFCL) agrees to take an existing loan off the books of a bank for a price. (Mint)
NMDC Eyes Two Russia Mines For $400.3M – Iron ore producer and exporter, NMDC Ltd., is planning to buy two coking coal mines in Russia from Kolmar for $400 million. The reserves of the two mines stand at 353 million tonnes, which have both soft and hard coking coal. At present, Intergeo holds 51% in Kolmar. In Australia, NMDC also plans to bid for Atlas Iron’s Ridley iron ore project, with Kobe. (Business Standard)
Essar Shipping Ports To Raise $500M – Essar Shipping Ports & Logistics Ltd. announced that it is planning to raise approximately $500 million through various instruments. The funds would be raised through issue of equity shares, Foreign Currency Convertible Bonds, Global Depository Receipts, American Depository Receipts and Compulsorily Convertible Bonds. (BSE)
Engineers India Keen To Buy Stake In ONGC’s Barmer Refinery – Engineers India (EIL) is interested in picking up a stake in the Barmer refinery of Rajasthan. The 7.5 million-tonne Barmer refinery project was conceived in 2004, to process the thick crude oil produced from the Mangala field, operated by a consortium of Cairn India and ONGC. EIL is interested in partnering with GAIL, Adani group and Gujarat State Petroleum Corporation to bid for some of the city gas distribution projects and would take up to 25% stake in any specific joint venture. (HindusBusinessLine)
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