Blackstone, Carlyle close in on Reliance Infratel deal – After months of negotiations, Anil Ambani’s plan to sell his tower business has reached the final lap. Private equity giants Blackstone and Carlyle Group have signed a term sheet to buy up to 95 per cent stake in Reliance Infratel. The term sheet was signed a few weeks ago. RCom, which controls Infratel, owns nearly 50,000 towers across the country and the valuation of the deal has been pegged at Rs 15,000-20,000 crore, sources in the know say. Based on this value, RCom will get Rs 31-41 lakh a tower, substantially less than the nearly Rs 1.2 crore a tower the company got by selling five per cent stake to sundry investors in 2007. (Business Standard)
Outsourcer Aegis lines up $400 million IPO – Aegis, Essar group’s back office services arm, aims to raise up to $400 million through an initial public offering (IPO). It hasn’t set a timeline for this yet,Aparup Sengupta, CEO, Aegis, told DNA Money. “We are in conversation with bankers and will take another 3-4 months to finalise things. But I am looking at the UK, the US and India as the primary markets for the IPO,” he said. (DNA Money)
Warren Tea promoters agree to split 14 Assam gardens equally – The warring promoters of Warren Tea, arguably the third largest in the country, after months-long negotiations finally reached a settlement to split the total 14 Assam tea garden assets of the company equally between the two factions. The settlement entailed hiving off seven gardens to a new company, which would be under the control of the Ruias. While the remaining seven other gardens would under the control of the Goenkas. ( Business Line)
IndusInd Bank to pick up 3-5% stake in Aviva Life – Private sector lender IndusInd Bank is set to pick up three-five per cent stake in private sector life insurer Aviva Life Insurance. According to sources privy to the development, as part of the deal, apart from offering shares, Aviva Life would also pay an advance commission, taking the total valuation of the deal to around Rs 1,000 crore. “The final modalities are being worked out. IndusInd Bank would have a board meeting later this week, after which the deal would be announced,” a source said. The private sector lender is already a corporate agent for Aviva Life, a joint venture between fast-moving consumer goods major Dabur Group and UK’s Aviva, with the latter holding 26 per cent stake. (Business Standard)
Muthoot Finance’s 3rd bond issue by month-end; to raise Rs 500 cr
Gold finance company Muthoot Finance today said the company hopes to hit the debt markets with the third bond issue in this fiscal for up to Rs 500 crore by this month-end. “We have applied for Sebi permission this Monday and hope to get the go-ahead early next week for our Rs 250 crore NCD (non-convertible debenture) issue which has a green-shoe option of the same amount,” Muthoot Finance managing director George Alexander Muthoot told PTI over the phone from Kochi. This is the third NCD issue from the company this fiscal. Earlier, the largest gold financing company in terms of loan portfolio had raised Rs 1,150 crore through two NCD issues. (PTI)
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