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News Roundup: Clariant Chemicals puts Thane land on sale to raise over $250M

10 July, 2013

Pharmaceutical major, Clariant Chemicals has put its Thane land up for sale and expects to raise Rs 1500-1600 crores ($275.16 million – $293.5 million) from the 80 acre land parcel. Sources say that Ambit has been mandated by the company for the land deal. Cash-rich companies like Oberoi Realty, Piramal Realty and Lodha Developers are some of the serious contenders in the fray. The deal is expected to be closed within the next six months. (The Economic Times)

TPG, Advent join race for acquiring Tirumala Milk: French dairy giants Danone, Lactalis and buyout private equity firm TPG Capital have made non-binding offers to acquire a controlling interest in Hyderabad based Tirumala Milk Products valued at over Rs 2,000 crore ($367 million). The company, in which private equity investor Carlyle holds 20% stake, has mandated Barclays to find a suitor for the business. Other buyout funds like Advent International too have met with the company to evaluate an offer. The company would provide more financial and operational details for the suitors to make a binding offer in the next 90 days. (The Times Of India)

Jindal Steel in talks to buy Stemcor’s pellet unit in Odisha: Jindal Steel and Power (JSPL) is in talks with UK-based steel trader Stemcor to buy its Odisha-based unit, Brahmani River Pellets (BRPL). JSPL and Stemcor are engaged in discussions for buying the pellet plant BRPL is a wholly owned Stemcor project. (Business Line)

Power Grid to raise at least Rs 10 bn via bonds: Power Grid Corp of India Ltd is planning to raise Rs 1,000 crore ($164.30 million) through a bond issue on Thursday. The bonds would be issued in three separately tradable principal parts with maturities at the end of fifth, tenth and fifteenth years. The company has set a 8.85% cap on bids. The bonds are rated “AAA/Stable” by CRISIL and “LAAA” by ICRA. ()

Shriram Transport Finance plans to raise up to Rs 7.5 bn via bonds: Shriram Transport Finance, is planning to raise up to Rs 7.5 billion ($123.22 million) through a public issue of bonds. The non-banking financial institution would raise funds through 36-month and 60-month bonds with interest payment frequencies which offer an effective yield ranging from 9.65% to 11.15% for different categories of investors. The base size of the issue is Rs 375 crore ($68.78 million) and the bond sale is scheduled to open on July 16 and close on July 29. ()

Courtesy: VCCEdge


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News Roundup: Clariant Chemicals puts Thane land on sale to raise over $250M

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