Financial services firm Avendus Capital Pvt. Ltd is in talks to acquire non-banking financial companies (NBFC) that can help it offer debt to mid-cap firms. The company plans to build a loan book of $100 million (around Rs.550 crore) in three years with this NBFC. The acquisition will be funded through internal accruals, this person said. (Live Mint)
Wipro Consumer Care eyes the Philippines’ bulging middle: Wipro Consumer Care and Lighting (WCCLG), a part of Azim Premji’s Wipro, plans to enter the Philippine market through acquisitions. The Philippines’ per capita consumer spending is almost double that of India. Through acquisitions, Wipro has already brought in global iconic brands and heritage companies, including Yardley, Woods of Windsor and Enchanteur, LD Waxsons and Unza. Singapore’s Unza is so far the biggest acquisition for WCCLG for which it had spent more than INR 1,000 crore in 2007.
IDBI Bank to tap LIC, others for equity capital via QIP: IDBI Bank plans to raise equity capital by issuing shares to institutional investors, including Life Insurance Corporation of India ( LIC), through qualified institutional placement ( QIP) in the fourth quarter. The government, which holds 70.52% stake in the company, has already announced plans to infuse equity capital of INR 555 crore (INR 103.46 million) through preferential placement of shares. (Business Standard)
ACB India may raise INR 1,000 cr through IPO, OFS this fiscal: Coal washeries operator ACB India is planning to raise up to INR 1,000 crore ($186.41 million) through initial public issue and offer for sale (OFS) routes in this fiscal. The company has filed the draft red herring prospectus with the Securities and Exchange Board of India (Sebi). ACB India is likely to raise INR 575 crore ($107.18 million)through primary issue and sub shares and may also make an offer-for-sale for approximately 12.5% of the existing capital of the company, industry sources said. (Business Standard)
IIFL plans to invest in projects: IIFL Domestic Series I fund, the private equity (PE) arm of India Infoline Group, is planning to invest in two residential apartment projects in Bangalore. Recently, the fund had invested INR 75 crore ($13.98 million) in a plotted development project in Faridabad, Haryana. By April, IIFL’s real estate fund will invest the remaining of the INR 700 crore it raised early last year for its first real estate fund. (Live Mint)
Proparco in talks to invest $10 million in RenewGen, a renewable energy firm: Global development finance institution Proparco is currently in discussions to invest $10 million (about INR 54 crore) in RenewGen Enviro Ventures India, a Bangalore-based renewable energy firm. The investment, which would be in the form of debt, follows the $9 million debt-and-equity investment made by International Finance Corp, the private investment arm of the World Bank, last May. Additionally, RenewGen has also raised $3 million from global infrastructure development company Infra-Co Asia Development. (The Economic Times)
REC to raise Rs 15,00Cr in 5-year bonds: Report: Rural Electrification Corp. Ltd. is looking to raise INR 1,500 crore ($278.73 million) at 8.70% through the sale of five-year bonds. The firm scrapped the plans of raising funds in the seven-year tenure. The issue is tentatively scheduled to open and close on Tuesday.
Apollo Hospitals’ Reddy may buy part of stake owned by Apax: Prathap C. Reddy, founder and chairman of Apollo Hospitals Enterprise Ltd. (APHS) may purchase part of the stake held by private-equity fund Apax Partners LLP in the company. He plans to raise his holdings in his company by buying shares either from the secondary market or purchasing 5% of equity from London-based Apax. Currently, Apax owned 9.67% stake in the target company. (Bloomberg)
Mahindra 2 Wheelers mulls IPO for growth: Mahindra 2 Wheelers, a subsidiary of Mahindra & Mahindra, is eying the initial public offering (IPO) route to raise funds. The company is looking to raise money to fund its growth plans. Apart from new models, the company also plans to invest significantly in research and development activities. The firm plans to raise INR 600-INR 700 crore to fund capital investments and plans to invest INR 500 crores in research and development (R&D) facilities through the next five years and launch at least three variants of scooters and one of a motorcycle this year. Currently, Mahindra & Mahindra holds 83% stake, while Kinetic Motor holds the remaining equity in Mahindra 2 Wheelers. Sources indicated the IPO could also be a route to offer an exit to Kinetic. (Business Standard)