News Roundup: GAIL selling $65M worth of stake in China Gas

14 October, 2013

India’s state-run gas company GAIL is selling about $65 million worth of stake in China Gas Holdings Ltd through block trade, according to a term sheet seen by Reuters. GAIL is selling 60 million shares in China Gas at a price range of HK Dollar 8.2 to HK Dollar 8.3 per share, the term sheet showed.  On October 11, 2013, GAIL India closed at Rs 336.05, up Rs 4.80, or 1.45 per cent. The 52-week high of the share was Rs 395.00 and the 52-week low was Rs 273.00. (MoneyControl)

IIFCL open to raising funds through ECBs: India Infrastructure Finance Company Ltd (IIFCL) is open to raising funds through external commercial borrowings. The senior management of IIFCL plans to go in for no-deal road shows abroad to gauge investor appetite for providing foreign currency-based debt resources to IIFCL. The board of directors of the State-owned infrastructure lender will meet this month end to take a formal view on raising of ECBs. Till Thursday, IIFCL has mobilised Rs 725 crore under the first tranche that was launched on October 3. (Business Line) 

M&M’s Spanish venture eyes acquisitions in new regions: Mahindra and Mahindra Ltd (M&M), the Mumbai-based conglomerate with interests ranging from automobiles to aerospace and financial services, is looking to leverage its recent joint venture with Spanish auto component maker CIE Automotive SA to make joint acquisitions in new regions and optimally utilize its own auto ancillary units in India. Through a uniquely structured deal involving cross-investments by the two entities in each other, announced in June, CIE picked up a 51% stake in M&M’s auto components business, housed in a company to be renamed Mahindra CIE Automotive Ltd (it is now called Mahindra Forgings Ltd). In turn, M&M picked up a 13.5% stake in CIE.  (Live Mint) 

LVMH-owned Sephora may dump Genesis Colors, in talks with DLF Brands for new franchise partner in India: The spat between LVMH-owned private equity firm L Capital Asia and Genesis Colors may lead to Sephora, a beauty products retailer owned by the French luxury goods company, finding itself a new franchise partner in India. Sephora is currently in talks with DLF Brands, according to two people with direct knowledge of the situation. Singapore-based L Capital Asia asked Genesis Colors to buy back the 40% stake that the PE firm holds in Genesis Luxury. L Capital asked Genesis Luxury to get its accounts audited by one of the Big Four firms and said that the private equity firm believes that the management of the company is indifferent to its suggestions. One of the persons cited above said Sephora is expected to sign a deal with DLF in the coming weeks. (Economic Times) 

Courtesy: VCCEdge


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GAIL sells part of stake in China Gas Holdings for $63.5M

GAIL sells part of stake in China Gas Holdings for $63.5M

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News Roundup: GAIL selling $65M worth of stake in China Gas

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