HDFC Realty Fund To Invest $90M In Bangalore IT Park – HDFC India Real Estate Fund International Llc, the overseas real estate-focused private equity (PE) fund of Housing Development Finance Corp. Ltd (HDFC), is investing $90 million (around Rs.440 crore) in an information technology (IT) park coming up in Bangalore. The $800 million fund will pick up a stake of about 40% in the 200-acre project being planned near the Bangalore airport. Embassy Property Developments Ltd, a city-based builder, will develop the project. (Mint)
PC Jeweller Plans Rs 570Cr IPO – PC Jeweller plans to raise up to Rs 570 crore through initial public offer (IPO) for opening of 20 new retail showrooms across the country. The Delhi-based jeweller, which currently has 20 stores, had filed the draft red herring prospectus (DRHP) with the market regulator Sebi last week, to launch its IPO of 4.51 crore equity shares of Rs 10 each. The net proceeds of the issue would be utilised towards capital expenditure that includes costs relating to interior works of the showrooms and cost of finished products to be stocked in such stores. PC Jeweller posted a net profit of Rs 146.7 crore over a turnover of Rs 1,993.84 crore during the last fiscal. (Business Standard)
BSNL Eyes Private Players For Tower, Optical Biz – Bharat Sanchar Nigam Ltd is scouting for private telecom infrastructure companies to manage its tower and optical fibre cable network across the country. According to BSNL’s plan, the private player will be asked to manage, operate and maintain the PSU’s infrastructure across the country. The private partner will also be allowed to further rent out capacity to other players. BSNL has nearly 70,000 towers and about 6.25 lakh route km of optical fibre cables across the country. (Business Line)
Lanco Infra Eyes PE Funding – Lanco Infratech Ltd, which is setting up additional power generation capacity of 6,000 MW with a capex of Rs 30,000 crore, is close to divesting part stake through private equity deals at the holding company level, verticals and special purpose vehicles to part fund the growth equity requirement. The diversified infrastructure company, which has restructured its operations along verticals and consolidated its power business into a separate vertical, is likely to spin off the power business as a separate entity in due course. (Business Line)
Gujarat NRE To Buy Shah Alloys – Gujarat NRE Coke Ltd, the largest independent producer of metallurgical coke in India is likely to join the race to acquire sick steel maker Shah Alloys Ltd. Gujarat NRE owns 4.9% in the loss-making stainless steel maker, whose recast is pending before the Industrial and Financial Reconstruction (BIFR) and whose debt is under a restructuring scheme. Gujarat NRE would be joining the fray with JSL Stainless Ltd, which issaid to be in talks with the lenders of Shah Alloys for a possible buyout . But the promoters of Shah Alloys denied any talks with the Jindals. The company’s debt burden was also at a high Rs716.55 crore on a small equity base of Rs19.75 crore. (DNA)
UTI MF Raises $1 Billion Debt Fund – UTI Mutual Fund has successfully raised around $1 billion, nearly 4,800 crore, through its India dedicated debt fund from overseas investors despite the global economic turmoil and extreme risk aversion. The funds were mobilised through UTI International, the wholly-owned subsidiary of UTI Mutual Fund, India’s oldest and fourth-largest asset management company. This is the largest fund mobilisation by an Indian mutual fund in the overseas market. UTI International that runs India Debt Opportunities Fund since 2004 has an average corpus size of only $100 million. (Economic Times)
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