Gautam Thapar-led Avantha Group is in talks with three private equity firms to raise $250 million through a structured deal that promises nearly assured returns to the investors. The company has mandated Standard Chartered bank’s investment banking arm for the deal and approached Kohlberg Kravis Roberts and Co. Lp (KKR), Aditya Birla Private Equity and Standard Chartered Private Equity Advisors (India) Pvt. Ltd for the capital. Avantha Power and Infrastructure Ltd had earlier raised an undisclosed amount of debt from KKR India Financial Services Pvt. Ltd. The deal is likely to be done through a consortium of investors. The structured deal would not involve any stake sale. A special purpose vehicle will be created and investors will be issued bonds that can be converted into shares of Crompton Greaves Ltd. The talks were initiated some months ago. (Live Mint)
Blackstone scans realty market for investment: Private equity giant Blackstone, which manages assets worth $210 billion globally, is upping the ante in the Indian property mart. The firm, which has invested $1 billion in the country’s commercial and residential assets in just two years, is again on the prowl for investment targets. On the table are two properties the Express Towers in Mumbai and the Mantri Mall in Bangalore both of which are valued at under INR 1,000 crore ($187.39 million) each. Blackstone have been presented with a brochure on Express Towers, toplevel executives from Embassy Office Parks are planning to go to Mumbai to get a walk-through of the 25-storey building, which has a built up area of approximately 4 lakh sq ft. ICICI Ventures and Viveck Goenka, CMD of the Indian Express Group, jointly own the four-decade-old Express Towers along with a clutch of smaller investors. Real estate consultant Jones Lang Lasalle India , who was mandated by ICICI Ventures to seek out buyers. (The Times Of India)
Suzlon eyes to raise $400 million by selling 15 non-core assets: Suzlon Energy Ltd. is planning to raise up to $400 million (INR 2,134 crore) by selling 15 of its non-core assets in a bid to partly retire the huge debt pile of nearly INR 14,600 crore ($2.73 billion). Earlier, the company was planning to raise $100 million (INR 533 crore). The company has identified 15 non-core assets, mostly in overseas markets like China, US, etc, which we plan to sell in the next 12-18 months in a phased manner. The company has already initiated the process to sell stake in its wholly-owned Chinese subsidiary Suzlon Energy Tianjin, through which it will realise $ 60 million (INR 338 crore). The entire proceeds from these planned sales will go into retire debt. Suzlon is also planning to sell stake in its forging business SE Forge. (The Economic Times)
HCC eyes INR 1k core from non-core asset sale: Loss-making Hindustan Construction Company aims to raise up to INR 1,000 crore ($187 million) this fiscal by selling some of its non-core assets, an exercise aimed at paring some of its debt and reducing the strain on its balance sheet. The Mumbai-based company, which received lenders’ approval last year to recast term loans of INR 3,200 crore, now plans to sell stake in some real estate and infrastructure assets to pare debt. The company has already identified some investments that it wants to exit. The company has put on the block land parcels in Mumbai and Pune. Besides, it is looking at selling stake in 247 Park, an office property in Mumbai’s Vikhroli area, in which it holds 26% equity stake. (The Economic Times)
Promoters of Surat Textile plans to raise funds: Mita Rajen Shah, Rajen P. Shah, Sanjay Suresh Shah and Garden Silk Mills Ltd, Partner of Saska Investments, which form part of the promoter and promoter group of Surat based Surat Textile Mills Ltd. are planning to sell stake in the company. The company would sell 1,30,44,142 equity shares constituting 5.87% of the paid up equity share capital of the Company on May 8, 2013. (BSE)
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