Bureaucrat-turned-entrepreneur Sanjay Gupta, who resigned recently as Executive Chairman of the Rs 22,000-crore Metro-link Express for Gandhinagar and Ahmedabad (MEGA), to return to his own businesses, is floating a private equity fund to initially raise Rs 250-300 crore ($36.85 million – $44.22 million) from India and abroad to fund his enterprises as well as those of others. He has already approached the Securities and Exchange Board of India (SEBI) in this regard and hopes to obtain its regulatory approvals in the next couple of months for operationalising the fund. The fund, Let India Fly for Ever would focus on the media, hospitality, healthcare and lifestyle businesses. (Business Line)
Reliance Industries eyes oil blocks in Venezuela: Reliance Industries Ltd (RIL) is evaluating investing multi-billion dollars in two-three oil blocks offered by Venezuela as it looks at countries from Myanmar to Canada to expand its overseas energy assets. The company is looking at two things in Venezuela. One is, we have a long-term (crude oil) supply contract and we are looking at enhancing the quantities under this contract, possibly from next year. Venezuela has offered two-three oil blocks to RIL for evaluation. RIL may be looking at the Boyaca 4 block and a separate section in the Ayacucho area of the Orinoco belt. Both these areas can produce 2,00,000 bpd (10 million tonnes a year) each. (Live Mint)
IIFCL plans to raise at least Rs 2 bn via tax-free bonds: India Infrastructure Finance Company Ltd is planning to raise at least Rs 200 crore ($30.25 million) through a private placement of tax-free bonds, according to a termsheet seen by Reuters. The issue has a green shoe option of Rs 11.72 billion, of which Rs 6.72-billion bonds would be issued through the book-building route and Rs 5-billion bonds have been earmarked for allocation to sovereign wealth funds, pension and gratuity funds. Book opening and closing for the issue is on Tuesday, as per the document. ()
Dhanlaxmi Bank plans to sell more shares to NRIs: Dhanlaxmi Bank is exploring options to sell more shares to non-resident Indian (NRI) businessmen. The Thrissur (Kerala) -based private lender is in talks with some of these individual investors and aims to raise about Rs 60 crore ($8.8 million) in the next couple of months through preferential share allotment. In addition, the bank plans to raise Rs 200 crore ($29.48 million) through qualified institutional placement or rights issue by the end of this financial year (FY14). The old-generation private lender had recently raised Rs 37.75 crore by selling 7.55 million shares to NRI businessmen. Bahrain-based industrialist Ravi Pillai and United Arab Emirates-based businessman N V George have acquired the shares. (Business Standard)
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