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News Roundup: Future Group to Raise Rs 4,000 Crore

10 June, 2009

Unitech Exits New Kolkata SPV – Unitech, the country’s second-largest property developer, has exited from New Kolkata International Development (NKID) Pvt Ltd, a special purpose vehicle (SPV) formed to develop several large projects in West Bengal, including the proposed petroleum, chemicals and petrochemical investment region (PCPIR) at Nayachar. Unitech had 40% stake in NKID, which has been acquired by the Salim group and Universal Success. Sources said NKID was now a 50:50 partnership between these two; earlier, Salim had a 40% stake and Universal had 20%. (Business Standard)

Future Group to Raise Rs 4,000 Crore – The Kishore Biyani-led Future Group plans to raise as much as Rs 4,000 crore in the next two years to fund its expansion plans. Future Group’s CEO Kishore Biyani has said that the group will open 18 Central stores and 45 Big Bazaars in the next one year. Pantaloon Retail, the flagship company of the group, recently raised Rs 368 crore by issuing warrants and shares to promoters and is in the process of raising Rs 1,000 crore from private equity investors. Future group is also in talks with French retailer Carrefour for a joint venture in back-end and logistics. (Business Standard)

Tata Motors Raises Rs 456 Crore in Stake Sale – India’s leading automobile company, Tata Motors, has sold 11 million shares of Tata Steel, or 1.5% of the latter’s equity, to promoter company Tata Sons for Rs 456.8 crore. As a result, Tata Sons’ holding in Tata Steel has gone up to 30.77 per cent, while Tata Motors’ stake in the same company has reduced to 1.43% from 2.93%. Tata Motors had earlier said the company would try to unlock value in some of its group companies to raise resources, mainly to fund a $1 billion loan. (Business Standard)

GMR Infra to Up Stake in DIAL – GMR Infrastructure Ltd, the Bangalore-based global infrastructure major with interests in airports, energy, highways and urban infrastructure, will increase its holding in its subsidiary Delhi International Airport Limited (DIAL) by nearly 4% to 54%. GMR will be increasing its holding by acquiring the stake held by IDFC Infrastructure Fund – India Development Fund, in lieu of close to 1 per cent stake it is offering to IDFC in GMR Infrastructure. IDFC had bought a 3.9% stake for Rs 96 crore in DIAL. (Business Standard)

OBC Plans to Raise Rs 350 Crore – Oriental Bank of Commerce (OBC) plans to raise about Rs 350 crore capital to grow and maintain a comfortable capital adequacy ratio (CAR). The money will be raised through upper Tier-II bonds, or perpetual bonds, during the current fiscal. The bank has headroom of Rs 4,300 crore for raising Tier-II capital and plans to raise Rs 350 crore from perpetual bonds to support the targeted business growth of 23-25% during 2009-10. The bank would need an additional capital of Rs 1,000 crore in the next fiscal. (Business Standard)

Spandana Raises Rs 80 Crore – Spandana Sphoorty Financial Limited, a Hyderabad-based microfinance institution, has raised Rs 80 crore by issuing one-year non-convertible debentures (NCD) redeemable at a premium of 10%. The NCDs have been subscribed by Standard Chartered Bank India and will be listed on the Bombay Stock Exchange (BSE). The company also has a greenshoe option of Rs 220 crore, which would be explored at a later date with the investors that include banks, mutual funds, financial institutions, insurance corporations, foreign institutional investors (FIIs), provident and pension funds and corporate investors. (Business Standard)

RCom, Kribhco to Form JV – Reliance Communications (RCom) has signed a joint venture agreement with Kribhco, a co-operative society, to form a new company Kribhco Reliance Kisan. Kribhco would hold 60 per cent stake in the joint venture firm, while the balance 40 per cent would be held by Reliance ADAG. However, the financial terms of the deal were not disclosed. The JV will initially market telecom products of RCom, both GSM and CDMA. Later, it will also distribute products and services of other business enterprises of Reliance ADAG, including Reliance Capital, Reliance Entertainment and BIG TV. (Business Standard)

Tech Mahindra Raises Over Rs 500 Crore Via OCDs – Tech Mahindra, through its subsidiary Venturebay Consultants has raised over Rs 500 crore from Tata Capital and IDFC by issuing optional convertible debentures (OCDs). Venturbay is a special purpose vehicle in which Tech Mahindra has 100% stake. The company has raised Rs 450 crore funds via OCDs from IDFC and the rest has been raised from Tata Capital. These OCDs will be issued at an interest rate of 15-18 per cent and will mature after three years. (Business Standard)

Swan Telecom Re-Named – Swan Telecom, which was among the new players to get telecom licences, has been re-named as Etisalat DB Telecom India Pvt Ltd. The board of Etisalat DB announced the change of name of the Indian company, a joint venture between Etisalat and DB Realty, on Tuesday. The company is headquartered in Mumbai. Etisalat DB India has been awarded the Unified Services Access Licence in 15 circles including Andhra Pradesh, Delhi, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Mumba i, Punjab, Rajasthan, Tamil Nadu (including Chennai), Uttar Pradesh (East), Uttar Pradesh (West), Madhya Pradesh and Bihar. (The Hindu Business Line)

IATA Names Pacific Airways CEO As Its Chairman – The International Air Transport Association (IATA), a trade body representing some 230 airlines worldwide today named Cathay Pacific Airways CEO Tony Tyler as the Chairman of its Board of Governors. Tyler succeeds Samer Majali, CEO of Royal Jordanian Airlines, who served as Chairman from June 2008. The 32-year veteran of the air transport industry, has served as Cathay Pacific CEO since 2007. (Business Standard)

 


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News Roundup: Future Group to Raise Rs 4,000 Crore

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