Investors Want Exit From DLF Project – About 100 investors, out of a total of 223 who backed real-estate major DLF’s proposed commercial project at New Town in Kolkata are looking for and exit route due to delay in construction and other alleged irregularities. Reportedly, DLF raised about Rs 100 crore from the investors but has not undertaken any significant construction work and also not defined a time line for the completion of the project, which comprises a 3,00,000 square feet retail-cum-office complex on a three-acre and also house retail and food outlets. ()
Pantaloon Raises Rs 500Cr – Pantaloon Retail, the country’s largest listed retailer, raised Rs 500 crore by selling 15.8 million equity shares to investors at Rs 316 a piece. The promoters have diluted around 9% stake in the issue. The QIP proceeds are likely to be used to fund expansion and repayment of debt. The company had shareholder approval to raise around Rs 1,000 crore by share sale. Leading mutual funds and domestic institutions have participated in the issue sale. (BS)
SKS Micro Plans To Raise Rs 1,300Cr – Hyderabad-based SKS Microfinance is planning to raise Rs 1,300 crore, mainly through capital market debt instruments. The total fund requirement of the company is Rs 5,000 crore, of which Rs 1,715 crore has already been raised. The company said it had already tied up funds for Rs 2,000 crore, and another around Rs 1,300 crore was yet to be raised. The debt-equity mix of the company stands at Rs 770 crore and Rs 3,000 crore, respectively. (BS)
Govt Invites Bankers For NTPC Stake Sale – The government of India has invited proposals from merchant bankers to manage its proposed stake sale in NTPC, one of its leading utilities. The government expects to fetch about $1.9 billion against 5% stake sale in NTPC at current market prices. The invitation is also for a 10% stake sale in unlisted state power producer Satluj Jal Vidyut Nigam. The proposals must be made by December 3. (Reuters)
Tatas Eye Actis Stake In Swaraj Mazda – Tata Motors, the country’s largest commercial vehicle maker, is exploring the possibility of buying the equity stake of private equity major Actis in commercial vehicle and bus maker Swaraj Mazda (SML). The Actis stake is also learnt to have attracted other auto majors and a Kolkata-based engineering firm, besides other private equity funds that are looking to enter the fast-growing Indian auto market. The potential buyers are currently looking at the 7.7% stake held directly by Actis. ()
Hindalco Raises $600M From Share Sale – Hindalco Industries, India’s largest aluminium maker, has raised $600 million through sale of shares. The company opened the share for sale at 130.90 rupees a share yesterday. Hindalco had shareholders’ approval to raise $625 million. (Reuters)
RIL Hires Perella Weinberg For LyondellBasell Buy – Reliance Industries Ltd (RIL) has hired advisory boutique Perella Weinberg Partners to guide it on LyondellBasell stake buy. Reliance had submitted an all-cash but non-binding to buy a controlling interest in LyondellBasell if it emerges out of bankruptcy. The value of the bid is expected it to be around $12 billion. (ET)
Subir Gokarn Joins RBI As Deputy Governor – Subir Gokarn, former chief economist of Standard & Poor’s Asia-Pacific, took over charge as the deputy governor of the Reserve Bank of India. He has been appointed to the position for three years and will manage departments like monetary policy, economic analysis and policy, statistics and deposit insurance. (Reuters)
ICICI Venture, Kotak Eye Exit From Home Solutions – Kishore Biyani-led Pantaloon Retail India Ltd is looking to merge its subsidiary Home Solutions Retail with itself in a deal pegged at Rs 700 crore. Reports suggest that private equity major ICICI Venture and Kotak will exit Home Solutions Retail as part of the merger process. Pantaloon Retail has 66.86% stake in Home Solutions Retail, which operates retail formats such as Home Town, E-zone, Home Bazaar, Furniture Bazaar and Electronics Bazaar. (DNA)
JSW Energy In Partnership Talks With Japanese Firm – Sajjan Jindal-led JSW Energy, the power company from the JSW Group, is in talks with Japan’s largest coal-based thermal power producer J-Power to build power plants in India. Reportedly, J-Power is also in talks with other prospective partners to make entry in India, apart from JSW Energy. In a different deal, JSW Steel, the flagship company of the JSW group, last week entered into an alliance with Japanese steelmaker JFE Steel to produce auto-grade steel in India. (DNA)
NSE, MCX Stake On The Block – One of the domestic financial houses plans to sell 450,000 equity shares of the National Stock Exchange (NSE), amounting to 1% stake in the largest exchange in India. The process has already started with SBI Caps Securities, the investment banker for this transaction, asking for bids from institutions. In yet another move, nearly 5.91% of stake in the Multi-Commodity Exchange (MCX) is also on the block and SBI Caps Securities is looking for investors for the same. (BS)
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