ICICI Prudential Asset Management Co. Ltd is looking to raise an alternative debt fund with a corpus of Rs 1,000 crore ($168 million), according to two people close to the development who asked not to be identified. The fund will look at providing structured financing (a mix of debt and equity) to companies and promoters, a strategy similar to that adopted by large private equity (PE) firms such as KKR and Co. that have lately sharpened their focus on the segment in India. The firm has already started speaking with investors and expects the first close of the fund by June and the final close by December. This person added that the fund will be raised entirely from domestic institutional investors and high net-worth individuals. A fund can start making investments after its first close. (Live Mint)
Venture debt lender IntelleGrow Finance in talks to raise Rs 150-200 crore fund: Venture debt lender IntelleGrow Finance is in talks with a number of global investors to raise a fresh round of funding, estimated at between Rs 150 crore and Rs 200 crore ($25.24 million – $33.66 million), as it looks to increase its loan book size to Rs 500 crore ($84.15 million). The Mumbai-based NBFC has held discussions with international development agencies, including International Finance Corp, the private lending arm of the World Bank and Germany’s KfW and DEG. We’re looking at equity funding of between $10 million (Rs 60 crore) and $15 million (Rs 90 crore), with the rest as debt, said Jha. (The Economic Times)
Technip plans to merge India units: France’s Technip SA, an offshore engineering and construction company, plans to merge its four Indian companies into one under Technip India Ltd in order to consolidate its activities. Technip KT India Ltd (based out of New Delhi), Technip India Ltd (Chennai), Stone and Webster Process Ltd and Global Industries Ltd (both in Mumbai) will be merged into Technip India Ltd. We have secured all necessary legal approvals for this merger. As a part of this merger, we will be standardising our engneering, procurement and construction capabilities in India and will offer one-stop offshore services under one brand, said Samik Mukherjee managing director. Technip is in the process of selling its Indian offshore company Seamec Ltd to logistics company HAL Offshore Ltd. Last month, HAL Offshore, part of the MM Agrawal Group, had agreed to buy a 75% stake in Seamec from Coflexip Stena Offshore (Mauritius) Ltd, a part of Technip SA, for Rs 246 crore. (Live Mint)
Hindustan Motors scouting for investors to revive Uttarpara plant: Hindustan Motors (HM) Limited is scouting for new investors to revive its loss-making Uttarpara plant in West Bengal. “We are looking at all possible options for the revival of the Uttarpara plant, which include roping in new investors for funds,” a company source told. With the resignation of Uttam Bose as MD and CEO of HM last week, Moloy Chowdhury has been appointed as acting MD and CEO of the company, which owns assets at Uttarpara and Indore. (Business Standard)
Sistema is open to M&A in India: SSTL CEO Dmitry Shukov: Sistema Shyam Teleservices is open to talks on merger and acquisitions, according to its chief executive, Dmitry Shukov. We are interested in such M&A stories but, as of now, don’t have much concrete information to share. On whether the company was in talks with Tata Teleservices, Shukov said the telco “was open” to discussions but it was “premature to discuss specifics”. There were reports last year that Sistema Shyam was in exploratory talks for a three-way merger with Tata Teleservices and Aircel. However, no deal has been signed so far. Japan’s NTT DoCoMo, which holds 26% stake in Tata Teleservices, has decided to exit the joint venture, citing the telco’s failure to meet performance parameters as reason. (The Economic Times)
Aban Offshore rallies on fund raising plan: Aban Offshore has rallied 5% to Rs 536 after the company said it has called a meeting of its board of directors on May 28 to consider raising funds via securities issue to qualified institutional buyers. The board will consider raising of long term funds through issue of foreign currency convertible bonds (FCCBs), ADRs, GDRs and issue of equity related securities, etc. to qualified institutional buyers, said in a statement. The board will also consider the audited quarterly standalone and consolidated financial results for the period ended March 31, 2014, it added. (Business Standard)
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