Coffee Day Group, a Bangalore-based diversified conglomerate, is understood to be working on raising $100 million (Rs 611 crore) through the private equity route at a valuation of $1.2 billion, almost double from the $650 million valuation during 2010, when it raised a record $200 million. It is understood that the company has had series of discussions with a clutch of PE funds including TA Associates and the talks are now stalled due to the valuation mis-match. The PE funds are willing to look at investing in the holding company of Coffee Day Group at $800 million, but unlikely at the premium which V G Siddhartha, chairman, Coffee Day Group is expecting. As part of its fund-raising plans, Coffee Day Group is also looking to raise debt of close to Rs 100 crore ($16 million) through the NCD route with tenor of upto 36 months. (Business Standard)
JSW Steel to raise $600 million from overseas market: JSW Steel Ltd. is planning to raise around $600 million (Rs 3,668 crore) through external commercial borrowing (ECB) route, part of which will be mopped up in the current quarter. Part of this total amount is likely to be raised in the current quarter, said Joint Managing Director and Group Chief Financial Officer Seshagiri Rao. (The Economic Times)
NHAI plans Rs 5,000 crore tax-free bonds: National Highways Authority of India plans to launch a tax-free bonds issue to mop up about Rs 5,000 crore ($816 million) by December. The process has already begun and would soon mandate a merchant banker for the same, said Satish Chandra, member (finance) at the state-owned autonomous agency. The highways authority, or NHAI, which is responsible for all the national highways in the country, has already notified top merchant bankers and roped in rating agencies Crisil, Care and Brickwork Ratings India for the proposed issue. Delhi-based M V Kini & Co will be its legal advisor. (The Economic Times)
Microsoft close to making strategic investment in Indian tech start-up: The head of Microsoft Corp.’s newly created corporate ventures arm said on Tuesday that it is close to making a strategic investment in an Indian technology start-up, adding that it is looking at a number of sectors in India, including transportation and education in terms of potential investment bets. The company usually makes early-stage investments in the range of $50,000-$300,000 in start-ups, said Rahul Sood, general manager and partner of Microsoft Ventures. It also focuses on larger strategic investments when it intends to partially or completely acquire a promising upcoming technology firm, as and when such opportunities arise. (Live Mint)
REC seeks bids to raise at least Rs 500 crore via bonds: Rural Electrification Corp Ltd (REC) has invited bids on Wednesday to raise at least Rs 500 crore ($82 million) through an issue of five-year bonds, two sources with direct knowledge of the deal said. REC is expected to be followed by Power Finance Corp and other regular issuers after the RBI stuck to script with a widely-expected 25 basis points repo rate hike and a similar cut in marginal standing facility rate. ()
IndoStar Capital plans to raise Rs 50 crore: Indostar Capital Finance Pvt. Ltd. is planning to raise Rs 50 crore ($8.2 million). The funds would be raised through issue of 500 secured, redeemable, non-convertible debentures of Rs 10 lac each for cash to be issued on private placement basis and to be listed on the wholesale debt market segment of the BSE. (BSE)
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