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News Roundup: Food Corporation of India plans to raise $1.4B via bonds issue in FY14

12 June, 2013

State-run Food Corporation of India is planning to raise Rs 8,000 crore ($1.4 billion) through issue of bonds in the current fiscal to improve its working capital. The board of directors has given approval for the proposed fundraising. Last year, FCI had raised Rs 5,000 crore ($884.3 million) via bonds issue though it had sought approval for Rs 13,000 ($2.3 billion) crore to improve cash flow for working capital. The bid could be made for minimum amount of Rs 250 crore ($44.2 million). (The Economic Times)

Ashok Leyland plans to raise Rs 3 billion via bonds: Ashok Leyland Ltd. is planning to raise Rs 300 crore ($51.80 million) via dual tranche bonds. The maker of buses, trucks and commercial vehicles will issue three-year bonds at 9.45% and five-year bonds at 9.60%. Axis Bank is the sole arranger to the bond sale. The bonds are rated AA- by ICRA. ()

B’lore Metro plans to raise Rs 300 crore via bond issue: The Bangalore Metro Rail Corporation Ltd. (BMRCL) is planning to raise Rs 300 crore ($53 million) through a private placement route sometime in July. The money would be used to fund its ongoing development of the first phase. The corporation is executing the 42.3-km Phase 1 of the metro project in Bangalore at an estimated cost of Rs 11,609 crore. The Japan International Co-operation Agency (JICA) and France-based Agence Française de Developpement (AFD) have extended loans with sovereign guarantees to it. Both the Centre and Karnataka government have taken a 15% each equity stake in BMRCL. (Business Standard)

Lanco Infra plans to refinance Rs 25k crore debt: Lanco Infratech Ltd. is likely to refinance Rs 25,000 crore ($4.4 billion) debt. The company is exploring options to raise up to Rs 7,500 crore ($1.3 billion) via bond issue and the remaining would be through external commercial borrowings. The firm may also look at evaluating options to raise capital by taking dollar denominated loan from foreign banks. The company is also learnt to be in talks with investment banks to finalise details of the refinancing plans. (Moneycontrol.com)

Courtesy: VCCEdge


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News Roundup: Food Corporation of India plans to raise $1.4B via bonds issue in FY14

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