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News Roundup: Essar Ports to refinance debt to cut interest costs

08 October, 2012

Essar Ports to refinance debt to cut interest costs: Essar Ports Ltd, a unit of the $17 billion Essar group, plans to pare its interest costs by refinancing the debt of all its existing projects.The company will initially refinance up to Rs 1,000 crore through long-term financing, and may later raise money through the external commercial borrowing (ECB) route and long-term bonds to fund future projects, chief executive officer and managing director Rajiv Agarwal said. (Mint)

V-mart plans to raise Rs 120Cr via IPO: Multi-brand retail chain V-mart plans to raise Rs 120 crore through an initial public offer to fund its expansion strategy, under which it will almost double its showrooms to 120 outlets by 2015.The company is also looking to aggressively expand in the North Eastern region and aims to have a presence in all the states. To start with, it will open the first outlet in Assam in 2014. (Business Standard)

Yebhi.com plans to raise more funds in 2013: Yebhi.com, a fashion, home and lifestyle e-commerce portal, is eying to raise more funds in 2013 to fund its infrastructure expansion plans. The company has recently raised around Rs 100 crore from Fidelity Growth Partners India, Qualcomm Ventures and Catamaran Ventures. (Business Standard)

Tilaknagar Industries eyes buys in North: The Rs 1,400-crore Tilaknagar Industries Ltd plans to acquire interests in an alcoholic beverage manufacturing company in North India. The Mumbai-headquartered company, better known for its ‘Mansion House’ brandy, has not divulged details of the targeted acquisition. (Business Line)

GSPC looking for investors to buy up to 49% stake in power generation arm: Lying low for months, the State-promoted Gujarat State Petroleum Corporation Ltd (GSPC) has suddenly turned hyper-active. Soon after the deal to buy 65.12 per cent stake in Gujarat Gas, it is now looking for bidders for equity investment to buy up to 49 per cent stake in its integrated power generation arm, GSPC Pipavav Power Company Ltd (GPPC). (Business Line)

Max plans to sell 5% in life insurance JV with Mitsui: Insurance and healthcare major Max India may divest around 5% in its life insurance joint venture with Mitsui Sumitomo Insurance – Max Life Insurance – to long-term foreign financial investors if parliament approves the proposed hike in insurance FDI cap to 49%. (The Economic Times)

VLCC in talks to buy Malaysian Company Wyann for Rs 100-150Cr: Beauty and slimming services firm VLCC is buying Malaysian counterpart Wyann International in a Rs 100-crore-plus deal that will give it access to Southeast Asian market and Asia rights for American cosmetics brand Skin Nutrition, two officials with direct knowledge of the development said. (The Economic Times)

DLF’s Vadra-linked Saket to sell hotel: Saket Courtyard Hospitalty has put the Hilton Garden Inn Hotel, its only operational property with a Hilton association, on the block, according to reliable sources. Saket is the controversial joint venture between the DLF Group, India’s largest real estate player, and Robert Vadra, an entrepreneur married to Priyanka Gandhi. (DNA)

Omaxe set to raise Rs 600Cr by shedding 15% equity: Real estate developer Omaxe Ltd is planning to raise Rs 600 crore in six months by diluting a 15 per cent stake in order to comply with the market regulator’s norm that all listed companies should have at least 25 per cent public shareholding by June 2013. At present, the promoters hold a 90 per cent stake in the company. Although Omaxe has not yet identified the route through which it will offload the stake, it is expected to rope in merchant bankers soon for the same. (Business Standard)

Courtesy: VCCEdge  


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News Roundup: Essar Ports to refinance debt to cut interest costs

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