Baring India May Invest Rs 370Cr In Orient Tollways – Baring Private Equity Partners India is close to investing Rs 370 crore in Oriental Tollways, part of the Rs 1,000-crore Oriental Structural Engineers (OSE). The New Delhi-based OSE is focused on infrastructure development, specialising in highways and runways, an will use the funds for equity contribution of various special purpose vehicles (SPV). (Business Standard)
Tata Motors May Raise Rs 2,500 Crore – Tata Motors will consider ways of raising equity or foreign currency convertible bonds (FCCBs) as efforts to pare debt and improve its debt-equity ratio. The Mumbai-based owner of Indica and Jaguar on Wednesday said its board will meet on Monday to consider raising long-term funds. The company is likely to pass an enabling resolution to raise up to Rs 2,500 crore through global depository receipts (GDRs), FCCBs or share sale to qualified institutional buyers. (Economic Times)
Khazanah May Have To Increase Parkway Offer – Morgan Stanley, independent adviser to the directors of Parkway Holdings, has said the S$3.78-per-share offer by Malaysian fund Khazanah to buy a majority stake in the Singapore-based hospital chain is reasonable but not compelling. This is expected to put pressure on Khazanah to increase its offer and raising the stakes for Fortis Healthcare. (ET)
National Spot Exchange Plans Stake Sale, IPO – National Spot Exchange Limited is looking to rope in investors, with a long-term objective of tapping the capital market through public offering. The exchange is promoted by Financial Technologies India Ltd.(FTIL) and National Agricultural Co-operative Marketing Federation of India Ltd (NAFED). At present, FTIL holds about 99% stake in NSEL, which conducts spot trading in various agricultural and non agricultural commodities. FTIL plans to reduce its stake to about 26%.
Russia To Take 20% in Shyam Sistema By October – The Russian government is expected to complete its pending transaction to pick up a 20% stake in telecom firm Sistema Shyam for around $670 million by October. At present, Russian operator Sistema owns 73.71% in Sistema Shyam Teleservices, while Shyam Group owns the rest. As per the deal, Sistema will sell a 20% stake to the Russian government. The operator would then start the process to list the company. (ET)
Coffee Day May Foray Into Logistics – V G Siddhartha-led Coffee Day Holdings is planning a foray into the logistics sector through an acquisition. Coffee Day Holdings raised close to Rs 1,100 crore from global private equity players – Kohlberg, Kravis, Roberts & Company, Standard Chartered Private Equity and New Silk Route. The due diligence on the target is on and Siddhartha may use a part of the proceeds from the recent infusion of funds to acquire this firm.
Basix To Raise Rs 200 Cr From PE – Hyderabad-based micro finance institution (MFI) Basix is planning to raise Rs 200 crore through private equity route this financial year in its fifth round of private equity infusion since 2001. Existing investors in Basix include SIDBI, IFC and private equity players such as Matrix Partners, Lok Capital, Hivos Triodos Fund and Avishkaar Goodwell. This infusion of Rs 200 crore is likely to happen through a new private equity investor and will be used for meeting growing lending needs with addition of new states such as Gujarat and UP to its network this year. (Financial Chronicle)
Vishal Retail Enters Into a Deal With TPG – Taking a step towards a possible stake sale to US-based TPG, debt-ridden Vishal Retail’s board has approved the terms of a memorandum of understanding (MoU) with the private equity firm in accordance with a debt restructuring programme approved by its lenders. The company did not divulge the terms of the MoU or when or where the understanding was reached between it and the private equity player. (ET)
Investors, Lenders May Delay R-Infratel – GTL Deal – A consortium of investors who picked up a 5% in Reliance Infratel at a very high valuation in 2007, and the company’s debt sponsors could emerge as a hurdle in the proposed merger of the company with GTL Infrastructure. This could also make the deal extremely complex, and delay it by a few weeks to a month. Reliance Infratel is the telecom tower arm of Reliance Communications (RComm). (Financial Chronicle)
Coal India To Divest Only 10% – Coal India is reluctant to sell more than 10% in an initial offer as Coal minister Sriprakash Jaiswal on Wednesday ruled out the possibility of selling more than 10% in the state-owned coal miner even after listing on the bourses. The finance ministry this month amended the Securities Contracts Regulation Act to mandate minimum 25% public holding for listed firms in a phased manner. (ET)
IDFC Gets Infrastructure Finance Company Status – Infrastructure Development Finance Company said the Reserve Bank of India has classified it as a “infrastructure finance company”. The move is expected to help IDFC mobilise funds at cheaper rates and provide more flexibility in its lending to infrastructure projects.