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News Roundup: GMR Airports to sell shares in public offer to raise $372M, help PEs exit

18 April, 2013

GMR Airports, which owns Delhi, Hyderabad, and Sabiha Gokcen International Airport in Istanbul, will sell shares in a public offer this financial year to raise roughly INR 2,000 crore ($371.68 million) for expansion and to help a clutch of private equity investors to sell shares in the company. The listing is primarily aimed at providing exit route to the investors as the company does not have immediate fund requirement. The issue would be a combination of fresh issue and secondary sale of shares by the existing private equity investors. The private equity investors together own about 21% stake in the company. (The Economic Times)

Ma Foi Connecting to raise $7 million private equity: City-based management consulting company Ma Foi Connecting Dots hopes to raise around $7 million (INR 376.66 million) from private equity and is open to acquire boutique consulting firm in the finance space. The 20-member Ma Foi Connecting Dots is promoted by a group of industry veterans from diverse manufacturing sectors to offer consultancy on operationalising strategy, enterprise performance management/enhancement/transformation and building capabilities in the field of defence and aerospace. (News Track India)

Pipavav Defence in talks with France’s DCNS for tie-up: Pipavav Defence and Offshore Engineering Company Ltd (PDOECL) is in “advanced stages” of discussions with DCNS for a strategic partnership, which may include selling some stake to the French defence firm. Last year in June, Pipavav had said that it has decided to establish the strategic partnership with DCNS for bringing in its technologies, methods and skills. However, both the firms are yet to finalize the size of the stake sale and its route. The stake sale’s route could be through issuing new equity to DCNS, thereby diluting the present share capital of Pipavav. Last year, Pipavav had forged a similar strategic partnership with Swedish defence firm SAAB and had announced to allot about 3.5% stake to SAAB for 250 million Swedish Kronors (INR 200 crore). (Live Mint)

YES Bank plans to raise $500 million: YES Bank Ltd has proposed to raise up to $500 million (INR 2,690 crores) in one or more tranches through multiple options including Qualified Institutional Placement. The funds would be raised through QIP or any other international offering like global depository receipts or American depository receipts ), ordinary shares through (Depository Receipt Mechanism) Scheme 1993, follow on public issue or by any other appropriate mode as decided by the committee. (Business Line)

Reliance Industries to give up 56% of KG-D6 block: Reliance Industries Ltd. is looking to sell about 56% of “low prospectivity area” in its eastern offshore KG-D6 block to retain only the portion where oil and gas discoveries have been made. Only “3,412 sq. km. of area” out of a total of 7,645 sq km in KG-DWN-98/3 or KG-D6 block will be retained. The area RIL intends to retain contains 18 gas and one oil discovery, including the currently producing Dhirubhai-1 and 3 (D1&D3) gas and MA oil and gas fields. RIL and its partner Niko Resources of Canada were awarded the KG-D6 block in 2000. (Business Line)

Real Value to raise INR 200 cr from PE: Chennai-based real estate firm Real Value Promoters Pvt. Ltd. plans to raise INR 200 crore ($37.16 million) from private equity players for its projects. The company also announced INR 500 crore new project at Padmalaya, Chennai. Besides, the company has planned for another 6.2 million sft of new projects across categories, including budget, medium and upmarket. Meanwhile, the firm is in the process of finalizing one or two projects, which would be backed by PE funds and going forward, the money would be raised on a project-to-project basis. In April 2010, the company had raised around INR 50 crore from ASK Property Investment Advisors, a venture of the ASK group set up to manage real estate dedicated funds. (Business Standard)

Oil India to raise $400 mn via external commercial borrowings: State-run Oil India would raise $400 million (INR 2,152 crores) through external commercial borrowings (ECB) to part finance $650 million of capital expenditure this year. The company also plans to enter the liquefied natural gas (LNG) business. The firm had raised about $50 million (INR 269 crores) through ECB in the previous financial year at 0.68% and is expecting better rates this year. (The Economic Times)

Courtesy: VCCEdge


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News Roundup: GMR Airports to sell shares in public offer to raise $372M, help PEs exit

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