K M Cherian, a noted cardiac surgeon and founder of Frontier Lifeline Hospitals, is in talks with many foreign institutions to raise about INR 500 crore ($92.48 million) for setting up Frontier Mediville, India's first medical science park. The proposed fund would be used to complete the second phase of Mediville. At present, Rajasthan Venture Capital Fund (RVCF) holds 11% in the project. The first phase is complete and would start functioning in a couple of months. The promoter and his family own 73% of the shares, while another 16% stake is with the Technology Development Board of the department of science and technology. (Business Standard)

IL&FS Financial to raise up to INR 1 bn via sub-debt: IL&FS Financial Services plans to raise up to INR 100 crore ($ 18.56 million) through 10-year subordinate debt at 9.55%. ICICI Bank and ICICI Securities Primary Dealership are the arrangers in the deal. (The Economic Times)

SAIL to raise at least INR 1.5 bn via bonds: Steel Authority of India Ltd (SAIL) plans to raise at least INR 150 crore (INR 27.83 million) through a bond sale at 8.70%. The company is looking to raise funds through five-year bonds redeemable in three equal annual installments. Each bond will have three detachable, Separately Transferable Redeemable Principal Parts (STRPPS), redeemable at par at the end of 3rd, 4th, and 5th years. The firm has invited bids on Wednesday and has scheduled the pay-in for March 6. The bonds are rated "AAA" by Crisil and Fitch. 

HDFC plans to raise INR 5 billion via bonds: Housing Development Finance Corp. is looking to raise INR 500 crore ($ 92.78 million) through three- year bonds at 9.35%. Axis Bank is the sole arranger for the bond sale. 

Courtesy: VCCEdge 


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