Fortis promoters to raise Rs 900 cr by selling 16.5% stake through offer for sale:
Billionaire brothers Malvinder and Shivinder Mohan Singh, the promoters of India’s largest hospital chain Fortis Healthcare, will raise . 900 crore by selling about 16.5% stake through a mix of offer for sale (OFS) in the public market and a separate sale of shares to private equity funds. “A two-stage inter-linked deal is being considered, which involves promoters divesting their 6.5% stake through the auction route followed by a private placement of about 10% stake to PE firms at a negotiated price to raise around $100 million,” said one of the two persons quoted above. “As per the mandate of the regulator, the promoters will reduce their holding in the company from 81% to 75%.” The company has various options for fund-raising, but cannot confirm at this time which instruments it will use towards this process, he added. (The Economic Times)
Binani Industries to divest up to 40% stake in Binani Cement:
Binani Industries today said its Board has given in-principle approval to divest its holding in subsidiary firm Binani Cement by up to 40%. “…The Board of Directors of the company at its meeting held on December 24, 2012, inter alia, has approved “in-principle” to divest out of its holding in Binani Cement Ltd (BCL), a subsidiary of the company, up to 40% of the paid-up share capital of BCL,” the company said in a filing to the BSE. The company has formed a Committee of Directors “to approve other terms including investor rights, funding schedule and the price” at which the stake in Binani Cement will be divested to the investors, it added. (Business Standard)
Three steel PSUs look to buy iron ore assets in Brazil:
Three state-run firms, Rashtriya Ispat Nigam, NMDC and MOIL , under the Steel Ministry are looking to acquire iron ore assets in Brazil, the world’s second largest exporter of the steel-making raw material. NMDC has already started due diligence in a couple of mines in the Amapa province. The Steel Ministry has initiated talks with the Brazilian authority for identifying potential targets for the other two for acquisition. The source said all three of them are eager to have their presence in the mineral-rich Latin American nation, be it by way of acquiring stake in a company having operative mine or outrightly buying a yet-to-be-developed mine. (Money Control)
Expect 12.5% divestment in RCF by Q4 FY13 via OFS: CMD:
RG Rajan, CMD, Rashtriya Chemicals and Fertilisers (RCF), says that he expects disinvestment in the company to happen in the last quarter of this financial year and via OFS. We are still waiting for final communication from the government. Company’s current capacity is 2.3 million tonnes for urea and 0.7 million tonnes for NPK at our two plants and have lined up an investment proposal at Thal for 1.3 million costing around Rs 4100 crore. This project is on the advanced stages and is hoped that the zero date will be in the first quarter of the next financial year. (Money Control)
IIFCL to raise up to Rs 9,215cr through tax-free bonds:
State-owned India Infrastructure Finance Company Ltd (IIFCL) said it plans to raise up to Rs 9,215 cr through tax-free bonds to fund infrastructure projects in the country. “We plan to raise Rs 1,500 crore with green-shoe option up to the shelf limit of Rs 9,215 crore on first-come first-serve basis,” IIFCL chairman and managing director S K Goel said. “These funds will be utilised to provide long-term funding to PPP projects in the sectors like power, infrastructure, etc,” he said. There will not be any tax implication at the time of investment in these bonds while interest earned from the bonds is tax free. (Money Control)
Union Bank of India raises Rs 1,100 cr via tier-I, II bonds:
Public sector lender Union Bank of India has raised about Rs 1,100 crore by issuing tier-I-and-II bonds, taking its total capital adequacy ratio close to 12 per cent. The bank has issued tier-I perpetual bonds for Rs 300 crore. They carry a coupon rate of 9.29 per cent. Also, Mumbai-based Commercial Bank raised Rs 800 crore via 10-year bonds, which is included in computing tier-II capital adequacy. Besides raising capital through bonds, the bank had sought equity infusion from the government, which holds 54.35 per cent stake. (Business Standard)
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