Private equity firms Baring Private Equity Partners India and India Value Fund (IVF) are in advanced stage of talks with India's largest amusement parks firm Wonderla Holidays to pick up 5-7% of equity stake. This is part of the pre-IPO placement wherein one the private equity companies that picks up stake will act as anchor client for the IPO. The company is looking at raising INR 250 crore of equity funds through PE and IPO route and the balance through internal accruals and debt funds from lending institutions. The deal is expected to be closed with one of the private equity firms in a month or so. In all, the holding of promoters, which now stands at 100%, will get diluted to around 75%. (The Economic Times)

Uttam Galva plans to raise INR 175 Cr: Uttam Galva Steels Ltd. is plans to raise up to INR 175 crore ($31.91 million) through placement of shares to fund expansion and augment long term resources. The company proposes to raise funds in one or more tranches through a public issue or a private placement basis or qualified institutional placement. The fund could also be used for meeting other general corporate business purposes allied to the business from time to time. (Business Line)

AstraZeneca Pharma promoter to dilute stake: AstraZeneca Pharmaceuticals AB Sweden, promoters of Astrazeneca Pharma India Ltd. are looking to reduce its shareholding in the company to meet minimum public shareholding norm. Currently, the promoter holds 89.99% stake in the target company. (Business Line)

GMR Infra set to sell more assets to offload debt: GMR Infrastructure Ltd, which is reeling under a debt of INR 37,000 crore ($6.74 billion), is planning to raise as much as INR 10,000 crore ($1.8 billion) by the end of the next financial year through asset sales to reduce the debt burden. Immediately after selling its 70% stake in a Singapore-based power project by raking in two times returns and freeing as much as INR 1,600 crore to be deployed, GMR is squaring up for a series of such strategic measures. The company has zeroed in on its coal-mines in South Africa, which may fetch GMR close to $100 million (around INR 550 crore). Parallely, GMR is also working on floating a business trust in Singapore for its highway assets with a target to raise $500 million. (Business Standard)

USE shareholders okay rise in capital, stake sale plans: The United Stock Exchange (USE) has got a nod from its stakeholders for raising more capital and bringing in additional shareholders. The authorized share capital is to be raised from INR 200 crore to INR 250 crore. USE has 21 public sector and six private sector banks as shareholders. Other stakeholders include Indian Potash, Jaypee Capital Services and Minerals and Metals Trading Corporation. Standard Chartered is the sole foreign bank with a stake. (Business Standard)

Magma Fincorp plans to raise funds: Magma Fincorp Ltd. is looking to raise funds up to INR 500 crore ($91.17 million) through issuance of securities. The investment committee of board of directors of the company has decided to seek approval of members of the company by way of postal ballot. (BSE)

HDFC PE to achieve first close of 4th realty fund: HDFC Property Fund, the private equity arm of Housing Development Finance Corporation, is expected to achieve first close of $200 million of its fourth real estate fund, which was launched late last year with a target size of $500 million. HDFC would have a first close in March and has raised capital from institutional and retail investors. The fund has been in talks with sovereign funds, including Qatar Investment Authority, and Japanese and US investors to raise the capital. The fund has a target net internal rate of return of over 20% with an average ticket size of INR 40-50 crore and would primarily invest in residential projects and redevelopment in cities such as Chennai, Pune, Bangalore, Mumbai and Delhi. The fund already has a deal pipeline across these cities and is waiting for first close. (The Economic Times)

Courtesy: VCCEdge

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