News Roundup: Essar Shipping to raise Rs 2,500Cr through GDRs, FCCBs

24 August, 2012

Essar Shipping To Raise Rs 2,500Cr Through GDRs, FCCBs– Essar Shipping, the demerged entity of Essar Shipping Ports & Logistics, will look to raise more than Rs 2,500 crore through market instruments to fund its capital expansion plans. Essar Shipping said that the company would raise $500 million, or its equivalent, in Indian currency through issue of securities, global depository receipts (GDRs), foreign currency convertible bonds (FCCBs), or any other issue of security to meet the company’s expansion plans. (Economic Times)

DLF To Sell Aman Resorts For $350M – Country’s largest realty firm DLF is in advance stage of discussion to sell luxury hospitality business Aman resorts for around $350 million (about Rs 1,900 crore) and the deal may be finalised next month. Recently, DLF sold 17 acres of prime land in Mumbai to Lodha Developers for Rs 2,700 crore — almost four times higher than the price it had paid in 2005 — as part of the company’s strategy to exit from non-core business. (Business Standard)

Cochin Shipyard Mulls IPO To Fund Capex – Country’s leading shipbuilder Cochin Shipyard (CSL) plans to meet a part of its proposed Rs 1,500 crore expansion project through an initial public offering (IPO). However, it did not specify the time of the disinvestment which has been pending for long. (Business Standard)

Reliance Power Forms JV With China Datang – Anil Ambani-led Reliance Power has entered into a partnership with China’s state-owned China Datang Corporation for offering operation and maintenance services to power plants in India and overseas. The joint venture would particularly target coal-based power projects built on Chinese equipment. China Datang is a power generation company with an installed capacity of 105,000 MW. (Economic Times)

Jindal Hikes Stake In Gujarat NRE’s Autralian Arm –  Jindal Steel and Power has increased its holding in Gujarat NRE Coking Coal (GNCC) by 2.67 per cent to 12.74 per cent with an investment of Rs 43 crore. GNCC is the Australian subsidiary of Kolkata-based Gujarat NRE Coke. The Naveen Jindal-owned firm Jindal Steel acquired 10.07 per cent in the Australian company for Rs 135 crore in May. (Business Line)

Vedanta Raises Balco, Hindustan Zinc Offer – After eight months of fruitless meetings and representations, the London-listed and India-focussed mining major Vedanta Resources Plc has sweetened its offer to buy residual stakes in Hindustan Zinc and Balco from the government by a combined 20%. For Hindustan Zinc, it may shell out $3.37 billion while for Balco, the offer has been increased to $550 million from $338 million. (DNA Money)

Walt Disney’s Rs 1000 crore Deal Approved By FIPB – The government has cleared entertainment major Walt Disney’s FDI proposal of Rs 1,000 crore to expand its operations in India. Besides, the Foreign Investment Promotion Board (FIPB) cleared nine other FDI proposals amounting to about Rs 260 crore. (Financial Express)


Leave Your Comment
News Roundup: ICICI To Sell 27% Stake In 3i Infotech

News Roundup: ICICI To Sell 27% Stake In 3i Infotech

TEAM VCC 8 years ago
ICICI To Sell 27% Stake In 3i Infotech  – The ICICI Group plans to sell its 27% stake in 3i Infotech. Global private equity firms...
News Roundup: Indiabulls Power Plans Rs 1,500 Crore IPO

News Roundup: Indiabulls Power Plans Rs 1,500 Crore IPO

TEAM VCC 1 year ago
      ArcelorMittal’s Rs 40,000 Crore Project Put on Hold for 2 Years – The world’s largest steel maker, ArcelorMittal, has put on hold...
News Roundup: Hindalco Plans $500 Mn GDR Issue

News Roundup: Hindalco Plans $500 Mn GDR Issue

TEAM VCC 8 years ago
DE Shaw May Stay Invested in DLF Assets – DLF Assets (DAL), a wholly owned firm by the promoters of DLF, may allow one of...
No Comments

News Roundup: Essar Shipping to raise Rs 2,500Cr through GDRs, FCCBs

Powered by WordPress.com VIP