Just over a year after selling off his flagship fashion chain Pantaloon to Aditya Birla Group, Kishore Biyani is set to become a big player in fashion business yet again by acquiring or buying into at least six brands. Future Lifestyle Fashions, the demerged entity of Future Retail and Future Ventures, will buy out Bangalore-based garment chain Coupon, pick up controlling stake in New Delhi-based premium apparel brand Giovani Fashion and buy significant stakes in department chain Ritu Wears Biglife and Famozi footwear chain, two officials involved in these deals told ET. The company is also close to deals with another fashion brand and a handbag brand, they said. (The Economic Times)
Best Foods in talks with PE firms; launches ready-to-eat range: Best Foods Ltd today said it is in talks with private equity (PE) firms to dilute minority stake in the company as it forays into ready-to-eat food range across India. The company is targeting up to Rs 400 crore turnover from the new business in the next three years and to contribute 15% to the company’s total turnover in five years time, Gupta said. (The Economic Times)
IDBI Bank plans to raise Rs 1,200-crore fresh capital through QIP: State-run IDBI Bank is planning to raise up to Rs 1,200 crore ($191 million) through institutional placement of shares. The bank needs an additional Rs 3,000 this fiscal, of which Rs 1,800 crore would come from the government and the rest will have to be raised via qualified institutional placement route. IDBI started out as a dedicated financial institution for corporate finance and turned into a full-fledged lender around a decade back. (The Economic Times)
BS Ltd plans to raise $100 million through FCCB: Hyderabad-based BS Ltd. a leading infrastructure and EPC provider, plans to raise up to $100 million (Rs 626 crore) through issue of Foreign Currency Convertible Bonds or GDRs to fund its expansion plans. The company has approved proposals to increase the authorised capital to Rs 50 crore. The amount would be used to fund expansion plans and growth. (The Economic Times)
NTPC gets nod for Rs 1,750cr tax-free bond: The Central Board of Direct Taxes (CBDT) has allowed state-run generation utility NTPC to issue tax-free bonds aggregating Rs 1,750 crore ($279 million) in the remaining part of the current fiscal. This would be the first of the Rs 50,000 crore tax-free infrastructure bonds that the government had said in the Budget it would issue this fiscal. The bonds would be issued with tenures of 10, 15 or 20 years. NTPC expects to incur a capital expenditure of Rs 20,200 crore in 2013-14 on various heads. The utility expects to fund Rs 7,959 crore of this from internal resources and raise debt of Rs 12,241 crore. The bonds would form part of the debt component. (The Times of India)
‘SBI plans to raise Rs 5,000cr via bonds’: State Bank of India is looking to raise up to Rs 5,000 crore ($797 million) through bonds (debt) by the fiscal end. Earlier this week, Bhattacharya had said the State Bank of India (SBI) plans to raise over Rs 9,000 crore in tier-I capital through the qualified institutional placement route to strengthen its core capital. Besides, the government has also promised to infuse Rs 2,000 crore through a preferential allotment of shares. The bank started late on the scheme, introduced by RBI in September to attract dollars, and has already mopped up to $500 million. (The Times of India)
Sanofi close to acquiring Elder Pharma for Rs 2,200 cr: French drug maker Sanofi SA is close to acquiring city-based Elder Pharmaceuticals, valuing the pharmaceuticals company at about Rs 2,200 crore ($350 million). The transaction is expected to be closed in the next few weeks, said a banker close to the development. Bankers say Sanofi has sent details of the deal and legal agreements to Elder Pharma and the Indian company is now vetting the legal papers. (Business Standard)
GMR Infrastructure rejigs holdings in airports: GMR Infrastructure has changed the course of its airports’ business. The infrastructure major has started the process of transferring its shareholdings in three airports to a holding company. The move is being seen as a precursor to an initial public offering in the next financial year and a platform for private equity investors to exit. The listed infrastructure major and its step-down subsidiary, GMR Energy, have direct stakes in the Delhi International Airport (54%), in the Hyderabad International Airport (63%), and the Istanbul Sabiha Gokcen International Airport (40%). The Delhi airport holdings, worth Rs 2,500 crore ($398 million) at face value, have been transferred to GMR Airports Ltd, the holding company for the airport vertical. The other airports’ holdings are yet to be transferred. GMR Infrastructure now hold 97% in GMR Airports Limited. The rest would be held by the employee welfare trust of GMR. (Business Standard)
Dena Bank plans to sell NPAs, floats tender for consultant: Dena Bank plans to sell some of its non-performing assets (NPAs) this financial year. The state-run lender will soon appoint a consultant for the sale of these stressed assets. The company has floated a tender to appoint a consultant and hopes to complete the sale process by the end of January or early February, Chairman and Managing Director Ashwani Kumar said. Typically, banks sell NPAs in the last quarter of a financial year. (Business Standard)
5 years ago
Future Lifestyle Fashion (FLF), the fashion arm of Kishore Biyani-led Future...
4 years ago
Kishore Biyani-led Future Group has decided not to go ahead with its plans to...
4 years ago
Private equity firm Everstone Capital has picked a minority stake by investing...