IDBI Bank To Launch $5B Infra Debt Fund – State-run IDBI Bank will launch the country’s first infrastructure debt fund (IDF) to raise $5 billion for building roads, ports and airports. Such debt funds, announced in the budget 2011-12, can be floated through non-banking finance companies (NBFC) or as trusts.IDBI Bank has sought Reserve Bank of India’s approval for an NBFC, which will have a capital base of 1,000 crore. The bank will hold 30% stake in the NBFC and the rest will be held by some state-run banks and Life Insurance Corporation of India. (Economic Times)
Gati Shoots Up Stake Sale Talks – Secunderabad-based logistics services provider Gati Ltd is in talks with potential investors to sell up to a 25% stake as the company’s shares rose close to 20% for a second consecutive day on Thursday. It is talking to a clutch of investors, including private equity investors. Gati needs money to fund expansion. For the financial year ending 30 June, the company reported a profit of Rs. 14.3 crore on sales of Rs. 905.07 crore. (Mint)
Hindalco To Raise Rs 2,000Cr Through Preferential Issue – Hindalco Industries will issue up to 150 million preferential warrants to the promoters and raise Rs 2,000 crore, the company that is part of the Aditya Birla Group said on Thursday. The warrant price for this issue will be calculated on a formula prescribed by Securities and Exchange Board of India (Sebi). The company is yet to achieve the financial closure of its Rs 10,000-crore Aditya smelter project. (Business Standard)
Tamilnad Mercantile Bank CEO Quits – A couple of days after Dhanlaxmi Bank’s chief executive resigned, the top post in Tamilnad Mercantile Bank has also become vacant. A K Jagannathan, managing director and chief executive of the Tuticorin-based, old generation private bank, put in his papers on Thursday, citing personal reasons. He took charge in October 2010, after moving from State Bank of Travancore. He has an experience of three and a half decades in the banking industry. (Business Standard)
Radiance Realty Buys Greaves Cotton Property – Radiance Realty Developers India Ltd has purchased four acres land from Greaves Cotton for Rs 80 crore to develop the property. Radiance Realty (formerly NAPC Properties Ltd) plans to establish a premium, high-rise residential complex on the property at Thoraipakkam to the South of Chennai on the Old Mahabalipuram Road. The deal works out to about Rs 4,580 a sq ft in the fast-developing southern suburb. (Business Line)
NBCC Files For IPO – National Buildings Construction Corporation (NBCC), a public sector undertaking filed a draft red herring prospectus with SEBI for a public offer of 1.2 crore shares of face value Rs 10 each. One per cent of the issue (1.2 lakh shares) is reserved for employees. The offer constitutes 10 per cent of the post issue paid up capital of the company. IDBI Capital and Enam Securities are the book runners to the issue and BigShare services the registrar and transfer agent. (Business Line)
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