Non-banking finance company Cholamandalam Investment and Finance Co Ltd., part of $4.4 billion (Rs 22,300 crore) Murugappa Group, is looking to raise Rs 300 crore ($56.56 million). The Chennai-based company will be raising the funds through placement of equity shares to qualified institutional buyers.. In December, the company board has approved the fundraising. (The Economic Times)
Thomas Cook promoters to dilute stake via IPP: Thomas Cook (India) Ltd is planning to reduce the promoters’ stake to meet the SEBI norm by issuing shares to qualified institutional buyers through an Institutional Placement Programme (IPP). The company board had decided to issue shares not exceeding 3.6 crore to meet the SEBI norm of a maximum 75 per cent promoters’ holding in listed companies. Currently, the promoters holds 87.1% stake in the company. (Business Line)
Fidelity may buy 15% stake in Kurlon for Rs 150Cr: Private equity fund Fidelity India Capital Advisors would purchase around 15% stake in Manipal group-owned home furnisher and decorator Kurlon for about Rs 150 crore ($28.28 million). The deal, which values five-decade old Kurlon at Rs 1,200 crore. The Manipal group, which has interests ranging from education to financial services, was earlier in talks with large buyout funds to sell up to 49% stake in the company. The promoters and the Pai family own around 65% stake while a defunct non-banking finance company, Maha Rashtra Apex, holds 33% stake. In 1998, the company had first raised Rs 14 crore of capital for 27% stake from HSBC’s PE arm. (The Economic Times)
Upper Tamakoshi Hydropower Project gets ready for Rs 518Cr IPO: The Upper Tamakoshi Hydropower Project is preparing to hit the capital market with an initial public offering worth Rs 518 crore ($97.66 million). The company has authorised Citizen Investment Trust (CIT) to manage the tasks relating to the share issue. In the first phase, the shares will be issued for primary beneficiary (the local people of Dolakha where project is located), members of the Employees’ Provident Fund (EPF), its employees, employees of CIT, Nepal Electricity Authority (NEA), Nepal Telecom, Rastriya Beema Sansthan and employees of Upper Tamakoshi Project itself. They have been allocated 34% shares in the project. The project plans to issue ordinary shares for the general public in the second phase. The general public will have a 15 % stake in the company. The majority share (51 %) of the company will be held by four public entities Nepal Electricity Authority (NEA), Nepal Telecom (NT), Citizen Investment Trust (CIT) and Rastriya Beema Sansthan (RBS). (The Economic Times)
Lafarge India plans to raise Rs 500Cr via bond market: Lafarge India, the Indian subsidiary of French cement manufacturing major, is planning to raise Rs 500 crore ($94.26 million) through the local bond market. The company would raise the bonds in tenors of two-three years. The coupon may be anywhere around 9.15-9.20% for these bonds, since they are not frequent issuers. India Ratings has assigned AA+ rating to the bonds. (The Economic Times)
Suzlon Energy may sell stake in three divisions to pay off debt: This year Suzlon Energy might have to either sell its subsidiaries SE Electricals, SE Forge and Suzlon Energy Tianjin or sell stakes in these. Suzlon Group would also have to sell some of its offices, according to a senior banker. The proceeds from these sales would be used to repay debt. This is part of the commitment the company had given 19 lenders, part of the consortium that had restructured the company’s loans. According to the banker, Suzlon Group has committed to divest stake in its wholly-owned Chinese subsidiary Suzlon Energy Tianjin. In the first trance of the stake sale, it has to raise about $27 million (Rs 143 crore) by September. In the second, it has to raise $9 million (INR 47 crore) by September 2017. The company has already commenced the sale of its Chinese facilities. Suzlon would also have either to sell SE Forge or a stake in the unit by September-end. It would also have to exit SE Electricals by the end of this year. (Business Standard)
Maini Group scouts for global partner for aerospace arm: Bangalore-based Rs 385 crore Maini Group is scouting for partner to form a joint venture (JV) company for its proposed foray into aero structures among other components. The Group already has presence in the aircraft components and precision engineering products. The company is already in talks with several global makers of aero structures to form a joint venture company and also identified several potential partners in Europe and the US for a possible JV for its foray into aero structures. (Business Standard)
Sequoia Capital seeks opportunities in emerging tech area: Venture Capital firm Sequoia Capital India is banking on the growing start-up ecosystem in the country to expand its portfolio, with a focus on emerging technologies such as big data analytics, mobile applications, cloud computing and payment solutions. The company has invested in around 12 companies last year such as JustDial, Knowlarity, Freecharge, Freecultr, Practo, iCreate, AdNear among others. Sequoia India has been investing from three funds with a total corpus of $1.4 billion. So far, it has invested around $1.1 billion in over 60 portfolio companies in the country. In 2013, the company is also seeking investment opportunities in the growing consumer segment. (Business Standard)
Hindujas’ share sale plan takes off: In order to cut debt and manage the group balance sheet in a better way, the Hinduja brothers are planning to sell their stake in a number of companies in India and abroad. Group company Ashok Leyland will sell stake in Hinduja Finance and other stocks. The company sources say the group expects to generate Rs 500 crore through the sale of shares in Hinduja Finance and a minority stake in Indusind Bank and ICICI Bank over the next 12 months. The company has a debt of Rs 5,000 crore, and the stake sale would help it tide over the current crisis. The group is also in the process to sell its 49% stake in Saudi Arabia-based lubricant company Petromin for close to Rs 1,860 crore. This money was to help the group to fund the takeover of Houghton International, which the group bought for about Rs 5,580 crore or $ 1.05 billion in November 2012. (Business Standard)
Uttam Galva plans Rs 2000 Cr capital for Lloyds Steel: After acquiring majority stake in the ailing Lloyds Steel , Uttam Galva plans to raise Rs 1,500-2,000 crore ($282.8 million -$377 million) working capital loan for the acquired entity and hopes to close the deal by the end of the current quarter. The company is in discussion with public sector banks to raise working capital loan. The firm is also in talks with strategic investors to come on board Lloyds Steel. (Moneycontrol.com)
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