Emaar MGF To Launch IPO In The Next Three Months – Emaar MGF Land Ltd, the real estate developer in India, is planning to launch its initial public offer (IPO) in the next 3 months. Last month, the company had received the stock market regulator’s approval for a $770 million initial public offering. The company’s board was considering an opportune time for the IPO to hit the market. Emaar MGF Land is a joint venture between Emaar Properties PJSC of Dubai and MGF Development Ltd of India. (Reuters)
Pipavav Shipyard Raises $40M From US Funds – Private shipbuilder Pipavav Shipyard Ltd has raised $40 million (around Rs 177.80 crore) from Valiant Funds of the United States. Pipavav has raised the fund through the issue of compulsorily convertible debentures to Valiant Mauritius Partners and Valiant Mauritius Partners Offshore. It plans to utilise the fund to finance a potential buyout of an offshore shipping company for $100 million in Europe. (Financial Chronicle)
Veesons Energy To Raise Private Equity – Veesons Energy Systems Pvt Ltd, a Tamil Nadu-based boiler and power plant manufacturer, is planning to raise private equity to fund its expansion plan. The company has earmarked an investment of Rs 100 to Rs 150 crore in the next three years to grow its existing process and power boilers’ business as well as add new verticals like CFBC boilers. The company is expecting 35% growth in topline every year to touch Rs 1,000 crore by 2015. (ET)
Essar Energy Eyes $2.5B LSE Listing Next Week – Essar Energy, the holding company for power and oil assets of Shashi Ruia-led Essar Group, is planning to launch an initial public offer (IPO) of $2.5 billion early next week in the London Stock Exchange. It plans to utilise the proceeds to build power plants and invest in oil and gas exploration. The firm has hired JPMorgan and Deutsche Bank as advisors for the share sale. (ET)
Kingfisher To Raise $100M Via GDR – Vijay Mallya-led loss making Kingfisher Airlines is planning to raise over $100 million in the next six to eight weeks. The company will issue global depository receipts (GDR) to raise the funds. Kingfisher has appointed UK-based Linklaters as legal advisors for the issue. The airline currently has around Rs 5,500 crore of debt. (BusinessLine)
GSPC May Fix IPO Price Band In Rs 80-90 Range – Gujarat State Petroleum Corporation (GSPC), the state owned public sector unit (PSU), may fix the issue price of its initial public offering at Rs 80-90 per share. The PSU is expecting to raise up to Rs 3,000 crore from the offer. The government of Gujarat intends to divest 16.70% stake to the public, financial institutions and high net worth individuals. (BS)
JP Morgan Plans Corporate Banking Foray In India – JP Morgan Chase, the global financial services firm with investment, research, banking, finance, insurance, and other businesses, is planning to enter India with corporate banking suit. The company plans to offer services such as providing working capital, cash management solutions, foreign exchange and hedging tools. The move is part of company’s plan to serve the needs of US clients operating in India, and also part of global expansion in high growth countries like China and Brazil. (BS)
Gem Group, Vision India In real Estate JV – Chennai-based Gem Group, a leading stone mining and export group, and Vision India Real Estate, the Indian arm of a US-based player in property development, have entered into a joint venture to promote a residential project. The move is part of Vision India’s plan to invest over $100-200 million in real estate development and logistics and warehousing projects in India through FDI route over the next three years. Vision India is also exploring more joint investments in Chennai and other cities in residential development and logistics and warehousing projects. (BusinessLine)
Andreas Preuss Joins BSE Board As Director – Andreas Preuss, the deputy CEO of Deutsche Boerse AG and CEO of Eurex, has joined the board of Bombay Stock Exchange (BSE) as a director. He joined the BSE at the end of March. Preuss is also member of the board of directors, International Securities Exchange, and member of the executive board, Clearstream Holding AG. Deutsche Boerse AG and Singapore Exchange Ltd are shareholders of the BSE. (BusinessLine)
Jagran Prakashan Denies Alliance With Mid-Day – Jagran Prakashan, in which US private equity fund Blackstone Group has invested Rs $50 million recently, has denied the news report suggesting a strategic alliance between Mid-day Multimedia and the company. In its clarification, Jagran says the company keeps on talking to various media houses and explores the possibilities of equity and non-equity participation based alliances in pursuing growth strategy. However, no such development happened in this case that would be termed as strategic alliance, it informed the Bombay Stock Exchange. (Team VCC)
Religare Enterprises Plans PE, VC Buys – Financial services firm Religare Enterprises Ltd is planning to acquire a fund of funds, private equity businesses, asset management companies as well as venture capitals. The company, which is already in the private equity business with focus on education and healthcare sectors, believes the PE business is going to be a significant growth driver for the firm on going forward. It plans to diversify its PE play in other sectors as well, and foray in other geographies. The firm currently has $1 billion warchest for acquisition. (Moneycontrol)
GCPL To Raise Fund Via QIP – FMCG major Godrej Consumer Products Ltd (GCPL) is planning to raise funds through qualified institutional placement. The company requires capital infusion to fund acquisitions. Godrej is active in acquisition, and has very recently acquired an insecticides firm in Indonesia. It has earlier acquired two other firms in Nigeria as well. (Reuters)
Cabinet Approves 20% Stake Sale In SAIL – The union cabinet has approved a 20% stake sale in state-run Steel Authority of India Ltd. The sale will take place in two tranches. It is expecting to fetch around Rs 8,000 crore ($1.8 billion) in the first sale of 10% government stake in the company. The government currently holds 86%stake in SAIL. (Reuters)
Government Bans FDI In Tobacco Sector – The government of India has finally banned the foreign direct investment (FDI) in tobacco products, including cigarette manufacturing, a Reuters report says quoting commerce minister Anand Sharma. Earlier, 100% FDI was permitted in the sector, but an industrial licence was required and the proposals needed to be approved by the Foreign Investment Promotion Board (FIPB) for the fund raise. (Reuters)
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