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News Roundup: IL&FS, Kotak PE looking to exit Bangalore based BFW

30 March, 2016

Private equity funds IL&FS and Kotak Private Equity are looking to exit Bangalore-based machine tools maker BFW. The two PE funds had jointly invested 25 crore for an undisclosed stake in BFW seven years ago. Today, the funds are eyeing a valuation of around $100-120 million (INR 550-INR 600 crore),” the banker, who did not wish to be named, said. According to another banker, both PE funds have begun talks with strategic investors from Asia and Europe to sell their stake. (The Economic Times)

Vedanta Hires Six Banks for $1.2 Billion Cairn Debt Refinancing: Vedanta Resources Plc (VED), the oil and metals producer controlled by billionaire Anil Agarwal, hired six banks to arrange a $1.2 billion (INR 6,741 crore) loan to refinance debt used to buy Cairn India Ltd. (CAIR). The London-based company hired Bank of America Corp, Barclays Plc , Citigroup Inc., JPMorgan Chase & Co., Royal Bank of Scotland Group Plc and Standard Chartered Plc to arrange the five-year, dollar-denominated loan. Vedanta bought Cairn India from Edinburgh, Scotland-based Cairn Energy Plc (CNE) and other investors for $8.67 billion in December 2011. (Bloomberg)

ONGC plans to invite partners for 6.5 GW renewable energy venture: The state-owned Oil and Natural Gas Corp. Ltd (ONGC) plans to invite expressions of interest (EoI) shortly from potential partners in a joint venture for generating 6.5 gigawatts (GW) of renewable energy such as wind and solar power. In addition, the explorer also plans to sign an agreement with state-owned Nuclear Power Corp. of India Ltd for setting up six nuclear plants, each with a capacity of 1,740 MW. The firm is also in talks with Royal Dutch Shell plc for joint participation across the hydrocarbon value chain in upstream, mid stream and down activities. (Live Mint)

PowerGrid to raise INR 8,000 crore via domestic,overseas bond sale: State-run power transmission company, Power Grid Corporation plans to raise INR 8,000 crore ($1.4 billion) during the fiscal through domestic and international bonds. The company also looking to borrow some amount from the World Bank and Asian Development Bank, with which, it already have a long-term tie-up. Some amount would come from internal accruals and equity contribution. So for the remaining INR 8,000 crore, the firm would go to the markets. (The Economic Times)

HPCL-Mittal plans to raise minimum INR 3.25 bn via zero coupon bonds:  HPCL-Mittal Energy plans to raise at least INR 3.25 billion ($58.1 million) through three-year, zero-coupon bonds at a yield to maturity of 9.60%, a source with direct knowledge of the deal said. Axis Bank is the sole arranger to the deal. The bonds have a letter of comfort from the parent HPCL and are rated “AA-(ind)” by Fitch Ratings India. ()

Universal Commodity Exchange may sell 5% stake to bullion trader: Universal Commodity Exchange (UCX), is in talks with Dubai-based bullion trader Harish Pawani to sell his company a 5% stake in the exchange, according to two persons aware of the development. This would be the first stake sale by UCX at a premium. Based on the discussions, the premium could vary from 15 to 40 on shares with a face value of 10, which would value the bourse between INR 262.5 crore and INR 525 crore. If the talks are successful, the exchange will issue 50 lakh fresh shares (5% stake) to Pawani’s company, raising the paid-up and subscribed shares to INR 10.5 crore from INR 10 crore. (The Economic Times)

Advance Lifestyles plans to sell stake: Mr. Phulchand Agarwal, a part of the promoter group of Advance Lifestyles Ltd. is planning to sell an aggregate of 1,29,807 equity shares on May 30, 2013 exclusively through the Seller’s broker through a sale on the separate window provided by BSE Ltd. for this purpose. Motilal Oswal is the manager to the issue. (BSE)

RDB Realty plans to sell stake: Pyramid Sales Pvt. Ltd. and Ms. Yashashwi Dugar, who forms a part of the promoter group of the company are planning to sell 720,000 equity shares of the Company through a separate window provided by the BSE Ltd. for this purpose. The Sale shall take place on the separate window of Stock Exchanges and shall commence on May 30, 2013 at 9:15 a.m. and shall close on the same day at 3:30 p.m Indian Standard Time (“Sale Date”). (BSE)

Courtesy: VCCEdge


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News Roundup: IL&FS, Kotak PE looking to exit Bangalore based BFW

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