The Kishore Biyani-promoted Future Group will increase its presence in the retail business by acquiring a significant minority stake in Mumbai-based footwear retail company Tresmode, soon after exiting its noncore businesses. Future Ventures is in advanced talks to buy 25% stake in Tresmode, valuing the footwear retailer at $32.95 million (INR 180 crore). A formal announcement is expected shortly. (The Times Of India)
HDFC fund may sell stakes in three projects: HDFC Property Fund has firmed up plans to sell its stakes in three residential projects back to developers in the coming months. The fund would exit with returns of around $110 million (about INR 600 crore) on an investment of $40 million (INR 218 crore). The fund would sell part of its stake in a project by Lodha Developers Ltd. in Hyderabad back to the real estate firm, and its entire holdings in projects by Sterling Developers Pvt. Ltd. in Bangalore and Paranjape Schemes (Construction) Ltd. in Pune. (Live Mint)
M&M Financial plans to raise at least Rs 2.5 billion via bonds: Mahindra & Mahindra Financial Services Ltd. is looking to raise at least $45.57 million (INR 250 crore) through 10-year unsecured subordinate debt at 9.80% annual coupon. IDFC is the sole arranger to the deal.
IDFC plans to raise at least Rs 3 billion via bonds: Infrastructure Development Finance Co. Ltd. is planning to raise at least $54.69 million (INR 300 crore) via three-year bonds at 8.85%. Axis Bank, Nomura, ICICI Bank, Darashaw, Trust Capital, Deutsche Bank and ING Vysya Bank are the arrangers to the deal.
Govt to divest 10% stake in EIL; aims to raise INR 800 cr: The government decided to offload its 10% stake in Engineers India Ltd. through public offer, which may fetch it around $146.46 million (INR 800 crore). The meeting of the Cabinet Committee on Economic Affairs (CCEA), has approved the disinvestment in EIL. Currently, the government holds 80.40% stake in the target company. In 2010, government had divested 10% stake through an FPO in EIL. (Moneycontrol.com)
‘L’Oreal open to acquisitions in India’: French cosmetics and beauty products maker L’Oreal SA will $177.58 million (INR 970 crore) over the next five years in India. The firm, which entered India in 1994, opened its first research & innovation centre in Mumbai. The company is also looking to acquire an ayurvedic brand to leverage the ancient Indian heritage both within and outside the country. (The Times Of India)
Shriram Transport planning to raise Rs 1,000 cr via public issue: Shriram Transport Finance Company Ltd. is looking to raise around $183.08 million (INR 1,000 crore) through public issue (debt issuance). Besides, the NBFC arm of INR 60,000 crore Shriram Group also planning to enter rental business for vehicles and equipments. (Business Standard)