The Anil Ambani-led Reliance Group is all set to pick up a significant minority stake in Nashik Vintners, the parent of India's largest winemaker Sula. Ambani is teaming up with Singapore-based wine investor Ravi Vishwanathan to buy existing financial investor Everstone Private Equity's 30% stake for Rs 200 crore ($33 million), said multiple sources involved in the ongoing negotiations on condition of anonymity. Since last year, the company has been looking to rope in new investors and allow Everstone an exit, having mandated investment bank Avendus to launch a formal search. Several strategic and financial investors, including family offices, had participated in the process that ended recently, said one of the people mentioned above. The Ambani-Vishwanathan combine trumped aggressive offers from PremjiInvest and Analjit Singh's family office, the people said. (The Economic Times)
Power2SME to raise Rs 100 cr funding in six months: Power2SME, the B2B buying club for SMEs in the country, plans to raise up to Rs 100 crore ($16.5 million) in the next two quarters to fund its expansion plans. The Gurgaon-based firm, which counts Accel Partners, Kalaari Capital and Inventus Capital among its investors, buys raw materials directly from manufacturers to sell to the small businesses, cutting out the middle link of distributors and wholesalers and lowering prices for the SMEs. "In series A and B, we have raised about Rs 50 crore in total. In the next two quarters, we are looking at raising between Rs 80-100 crore to fund our growth plans," Narayan said. (The Economic Times)
Sundaram BNP Paribas Home Finance to raise Rs 3,800 crore: Sundaram BNP Paribas Home Finance has proposed to raise Rs 3,800 crore ($68 million) during this financial year through a mix of term loans, non-convertible debentures and refinancing from National Housing Bank, a top official said today. The company which would look at foraying into builder financing by end of this financial year, would also look at ECB route to its fund raising plans, said Managing Director Srinivas Acharya. He said the company plans to open 20 new branches this year in Gujarat and Rajasthan. (The Economic Times)
Cholamandalam plans equity offering: Cholamandalam Investment and Finance Company Limited, a Murugappa Group company, is looking to raise capital through equity offering in the second half of the year to fund business growth. The company may raise equity through the Qualified Institutional Placement (QIP) route or private equity. The final decision will be based on performance and business outlook, the company said. (Business Standard)
Strategic players eye two of GMR's coal-based projects: Strategic players, as well as global private equity funds, are understood to be keen on acquiring significant stakes in two of GMR Infrastructure"s coal-fired projects Emco in Maharashtra (generating 600 Mw) and Kamalanga in Odisha (1,050 Mw). Investment bankers in the know said strategic players were keen to acquire Emco, in which GMR had made an equity investment of about Rs 1,000 crore, and the transaction was expected to be closed within two months. GMR had acquired this asset in 2009. The two power projects, commissioned in various stages through the past 12 months, have generated revenue of Rs 575 crore for the nine months ended December 2013. (Business Standard)
Courtesy: VCCEdge
