News Roundup: GMR Infrastructure in talks with PE firms to sell stake in four road assets for $330M

09 May, 2013

GMR Infrastructure Ltd. is in talks with potential investors such as Morgan Stanley Infrastructure Fund, Citigroup Venture Capital, SBI Macquarie and ICICI Venture to divest stake in four toll road assets and raise about INR 1,800 crore ($335 million) to cut debt. The infrastructure company, which builds airports, power projects and roads, has received expressions of interest (EoIs) from these prospective investors. The funds are expected to start due diligence of the road assets shortly and complete the stake purchase in six months. Pochenpalli Expressways, Ulundurpet Expressways, Hyderabad-Vijaywada and Hungund Hospet are the assets which are offered for sale. (The Economic Times)

West Bengal hopes to complete Haldia Petrochemicals stake sale by November: The sale of West Bengal government’s stake in the ailing Haldia Petrochemicals Ltd is expected to be completed by November this year. The Minister said the advertisement seeking expression of interest in the HPL is expected to come out any day over the next one week. The earlier target set by the state government to hive off its stake in HPL was June, 2013. Consultancy firm Deloitte has been engaged as the transaction advisor for the proposed stake sale on behalf of the West Bengal Industrial development Corporation (WBIDC). WBIDC is the nodal agency which holds 40% share in the loss-making HPL. (The Economic Times)

Oracle will sell 5.3% stake in Oracle Financial Services Software: US technology company Oracle’s plan to offload 5.3% stake in Oracle Financial Services Software (OFSS) is one of the largest divestments by an MNC in recent times valuing the stake sale at $214 million at current market capitalization. The Indian entity commanding a valuation of $4.4 billion is a strategic outpost offering IT products to financial services industry globally. Oracle will reduce its stake in OFSS from the current 80.3% to 75% to comply with market regulator Sebi’s mandatory requirement of meeting 25% public float by June this year. (The Times Of India)

Indiaproperty.com plans to raise $12 million: After raising $7 million (INR 37.6 crore) from Canaan Partners and Mayfield Fund last year, Indiaproperty.com, leading portal to buy and sell residential property, is planning to raise another $10-12 million (INR 53.8 – INR 64.5 crore). Existing investors are also expected to participate in the company’s series-B fund-raising plan. The funds would be used to improve technology and support marketing initiatives. The company expected to close the deal in two to three months. (Business Standard)

Actis may exit first realty PE investment in India: Emerging markets-focused Actis Private Equity might soon exit from its first and only real estate investment in India. The global PE firm had invested $25 million in early 2008 in a joint venture company floated with Vaishnavi Group to construct a residential and retail property in Bangalore. According to sources, Actis is in active discussions with the promoters to sell back its stake in the venture. Of Actis’ $25-million investment, $7.5 million was for the development of about 925,000 sq ft of residential and retail space at Yeshwantpur, one of Bangalore’s attractive suburbs. The remaining part of the investment was for Vaishnavi Group’s other projects. (Business Standard)

Promoters of Elantas Beck India plans to sell stake: Elantas GmbH, the promoter of Elantas Beck India Ltd. is planning to sell up to 3.65% stake or 289,357 equity shares in the company, to comply with the MPS requirement. SEBI has allowed the promoter of the company for the proposed stake sale. Currently, the promoter holds 78.65% stake in the target company. (BSE)

Courtesy: VCCEdge


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News Roundup: GMR Infrastructure in talks with PE firms to sell stake in four road assets for $330M

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