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News Roundup: Dighi Port in talks with strategic, PE investors for expansion

17 March, 2016

Dighi Port Ltd, which runs a port on the banks of Rajpuri creek in Maharashtra’s Raigad district, is in talks with private equity (PE) and strategic investors to raise about Rs.200 crore ($32.25 million) for the port’s expansion. This will be aided by IL&FS Transportation Networks Ltd, an investor in Dighi Port, looking to acquire an undisclosed stake in the port company’s road connectivity project. The firm is now looking to raise money to complete the first phase of port development, after which the total installed capacity of the port will be around 30 million tonnes. IL&FS Transportation Networks holds about 23% stake in Dighi Port. Dighi Port is in talks with leading port firms and PE firm Carlyle Group for fund-raising. (Live Mint)

OVL plans to offer stake to US’ Liberty in Russian asset: ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation, has said it would offer an equity stake to American entity Liberty Resources in its Russian asset. The US company is currently helping Imperial Energy, a subsidiary of OVL, exploit shale reserves in the latter’s asset in the Tomsk region of Western Siberia, Russia. ONGC Group Chairman Dinesh K Sarraf said we would be offering them (Liberty Resources) equity at a later stage of the project. Recently, OVL bought US-based Anadarko Petroleum Corporation’s 10 per cent stake in a Mozambique gas field for $2.64 billion. (Business Line)

Food Corp. plans to raise Rs 8,000 cr in biggest rupee-denominated bond sale: Food Corp. of India, the state-owned grain storage firm, plans to raise Rs 8,000 crore ($1.3 billion) selling bonds, the nation’s biggest local-currency corporate issuance till date. The eight-year notes will offer investors a coupon of 9.95%. The Food Corp. last raised Rs 4,700 crore ($ 0.75 billion) selling 8.8% notes maturing 2028, in March 2013. (Live Mint)

Tata Communications may sell Neotel to Vodacom, stock gains 4%: Tata Communications shares soared on talk that the company is close to selling its asset in South Africa Neotel to Vodacom, with two people familiar with the matter saying that while discussions have advanced significantly, some regulatory hurdles remain. The stock was further boosted by a report published on Tuesday by brokerage Religare which said that the Neotel sale negotiations were “largely complete and the deal is in final stages. The Tata Group company is expected to sell Neotel for around Rs 3,094 crore ($500 million), according to earlier news reports, and utilize the funds to pare some of the Rs 8,666 crore ($1.4 billion) net debt it had in December. Tata Communications bought 26% stake in Neotel in 2006 for around $250 million. Subsequently, Tata Communications raised its stake in Neotel in two tranches to 61.5%. ()

Quick Heal plans initial public offer in December-January: Pune-based security software-maker Quick Heal Technologies has drawn up plans for an initial public offering in India in December-January to fund its expansion into new markets and product lines. Quick Heal Managing Director and CEO Kailash Katkar told we are finalizing plans for IPO in December-January to fund our expansion into new overseas markets and launching more products. The promoters own 90% and venture capital fund Sequoia Capital holds 10% equity of the company. The company is yet to finalize size of the IPO and dilution percentage of promoters holding and Sequoia Capital. ()

Over 20 entities enter race for United Spirits’s Whyte and Mackay business: United Spirits’ sale process of Whyte and Mackay has enticed bids from over 20 companies, including global liquor majors and private equity players, and could fetch the Bangalore-based company northwards of $900 million (Rs 5,600 crore). Diageo-controlled USL has asked potential suitors for Scotch whisky brand W&M to put in two bids, for the business entirely and W&M without Dalmore and Tamnavulin, the two distilleries and brands Diageo wants to retain. Investment banks Rothschild, Rabobank and Standard Chartered, which were appointed by USL in the first week of February, have been given the mandate by USL to run the sale process which is expected to be wrapped by the end of the month. Afew companies who are believed to have bid for W&M include private equity firm TPG, French liquor company Pernod Ricard, Japanese family-owned drinks company Suntory and Italy’s Gruppo Campari. () 

Frontline Securities promoters plan to sell stake: Rakesh Kumar Jain and Prerna Jain, form a part of the promoters of Frontline Securities Ltd. are planning to sell an aggregate of 4,25,000 equity shares of face value Rs. 10/- each constituting 5.91% of the equity share capital. The Sale shall take place on the separate window of the Stock Exchange and shall commence on March 05, 2014 at 9:15 a.m. and shall close on the same day at 3:30 p.m. Frontline Capital Services Ltd. was appointed as the manager to the issue. (BSE) 

ELANTAS GmbH plans to sell stake in Elantas Beck India: ELANTAS GmbH, the promoter of Elantas Beck India Ltd. is planning to sell 269,109 equity shares of face value of Rs 10 each, aggregating to approximately 3.39% of the total paid up equity share capital the company. The Sale shall be undertaken exclusively through Sellers’ Broker on the separate window provided by the BSE Ltd. ICICI Securities Ltd was appointed as the manager to the issue. (BSE) 

Courtesy: VCCEdge

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News Roundup: Dighi Port in talks with strategic, PE investors for expansion

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