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News Roundup: DLF May Raise Rs 3,000 Crore

08 May, 2009

 

DLF May Raise Rs 3,000 Crore – Billionaire KP Singh and family, the promoters of India’s largest real estate company DLF, are close to finalising a deal with some foreign and domestic institutional investors which might fetch them around Rs 3,000 crore. Based on Thursday’s closing price of Rs 245, this would mean promoters offloading a little over 7% stake.  According to sources Deutsche Bank has been given the mandate and a deal may be announced shortly. (The Economic Times)

Essar Seen Selling Stake in Indus Towers – The Ruias-owned Essar group is considering monetising its holding in Indus Towers, the world’s largest telecom tower company. This holding is estimated at 14% and the money from any stake sale is expected to be utilised for the rollout of its wireless services through Loop Telecom, which has the licence to provide cellular services on a pan-India basis. Standard Chartered is advising Essar on the transaction and the deal is at a preliminary stage. (The Economic Times)

Barclays Retail and Commercial Business Head Bhatia Quits – Samir Bhatia, head of Barclays retail and commercial business in India, and the man who built the bank’s retail business from scratch, put in his papers on Thursday. The move puts to rest market speculation that Mr. Bhatia was on his way out of Barclays. Ram Gopal, chief operating officer for GRCB India, will act as the interim MD and report to Mark Jones, managing director — Asia, GRCB Emerging Markets. Though Bhatia has not commented on the reason for quitting, according o sources, he is planning to start his own business in the non finance sector. (The Economic Times)

BHEL-NPCIL Scout for a Third Partner for JV – Power equipment maker BHEL today said it is scouting for a third partner for its existing joint venture with the Nuclear Power Corporation and is in talks with foreign companies, including Alstom and Siemens, for manufacturing turbines for nuclear power plants. The JV company will finalise a third partner in about a months time as it is talking to a number or European and German companies for the same. (Business Standard)

Dhanalakshmi Plans to Raise Rs 400 Crore Via Tier-II Bonds – Kerala-based Dhanalakshmi Bank plans to raise Rs 400 crore, through Tier-II bonds in 2009-10, to support its asset growth. Net worth of the bank was above Rs 400 crore at the end of March 2009. While this forms Tier-I capital, the bank can tap the market to raise capital by issuing Tier-II bonds. The capital adequacy ratio (CAR) at the end of March 2009 was 15.38 per cent, much above the regulatory floor of 9 per cent. This capital, along with the Tier-II bonds, could support in doubling of the bank’s balance sheet. (Business Standard)

Tata Motors to Raise Rs 5,000 Crore Through Bond Issue for JLR – Tata Motors, India’s largest commercial vehicle maker, is in the process of raising Rs 5,000 crore through a bond issue to refinance the remaining $2 billion (Rs 10,000 crore) bridge loan it took to acquire Jaguar and Land Rover. Sources associated with the fund-raising exercise said State Bank of India (SBI), along with several other banks, was providing a guarantee. SBI Caps, the capital markets division of the bank, is the lead manager. (Business Standard)


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News Roundup: DLF May Raise Rs 3,000 Crore

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