Gateway Distriparks Ltd, the port-based logistics company, plans to list subsidiary Snowman Logistics Ltd with an intial public offer. The money raised by the Snowman Logistics IPO will be used to fund expansion.T he draft red herring prospectus would shortly be filed with the securities and exchange board of india (Sebi) and shares would be listed on BSE Ltd and the National Stock Exchange. On 15 June, Gateway Distriparks said global venture and investment firm Norwest Venture Partners would invest INR 60 crore inSnowman Logistics in return for a stake of 14%. Other investors in Snowman Logistics include Mitsubishi Corp., Nichirei LogisticsGroup Inc., Mitsubishi Logistics Corp., and International Finance Corp. (Live Mint)
Rural Electrification Corp plans to raise INR 10 bn via commercial paper: The Rural Electrification Corp Ltd (REC) plans to raise INR 1,000 crore ($164.18 million) through 1 year commercial paper at 10.15%. The sale would be REC’s first debt fundraising deal since the Reserve Bank of India unveiled cash-draining measures on July 15. The CP sale by the state-run power financing company is rated “A1-plus” by CARE. The firm had previously invited bids in late July to raise funds via 80-day commercial paper but did not issue the debt due to the high rates being quoted. ()
Piramal Enterprises plans to raise INR 3.75 bn via CPs: Piramal Enterprises is planning to raise INR 375 crore ($61.57 million) through commercial papers (CP) at 11.75%. The firm, which makes drugs and offers contract drug research and manufacturing services, would issue October maturity CPs for INR 500 million, early November papers for INR 225 crore and December maturity papers for INR 100 crore. (The Economic Times)
Biosense Technologies’ uChek To Raise $42,000 Through Crowd funding: GSF India-backed Biosense Technologies is looking to raise funds worth $42,000 through a crowdfunding platform for its urine analysis app uChek. uChek has raised $5,777 from the platform. In March 2013, the company had raised $500,000 of funding from GSF India and Insitor Fund and $150,000 from GSF Superangels network in March 2012. ()
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