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News Roundup: IL&FS, Stanchart PE plan $600M infrastructure fund

17 March, 2016

IL&FS Investment Managers Ltd and Standard Chartered Plc’s private equity arm Standard Chartered Private Equity Ltd are raising a new infrastructure fund that is estimated to be around $600 million (Rs 3,344 crore). The two companies had raised a $658 million infrastructure fund in 2008. The Standard Chartered IL&FS Asia Infrastructure Growth Fund was a pan-Asia fund with a special focus on investment in India and China. It has invested in IL&FS Transportation Networks Ltd and Malakoff Corporation Bhd, among others. The new fund would also be looking to invest in Middle East nations as plenty of infrastructure projects are coming up in the region. The fund is likely to close within a year and the existing investors for the first fund would be approached for the new fund as well. (Live Mint)

Jet Airways likely to raise Rs 250Cr by 5% stake dilution: Naresh Goyal-promoted Jet Airways is likely to raise Rs 253 crore ($45.39 million) through divesting its 5% stake of the promoter to meet the Sebi norms of 25% public float, which is likely to be done before May 30. Goyal and other promoters hold 80% in Jet Airways and the 5% stake dilution is required to conform to market regulator’s minimum 25 per cent float norm, which has to be met by June 30. Post the offer for sale (OFS) and 24% proposed stake sale to Etihad Airways, Goyal’s holding will come down to 51%. As part of the OFS and Etihad deal, last week Goyal had bought back around 28% holding from the promoter company Tail Wind, which is fully-owned by him. ()

Maxis set to invest Rs 5000Cr in Aircel: Malaysian telecom giant Maxis Communications would infuse up to $900 million (over Rs 5,000 crore) in fresh equity and bring more capital through a proposed sale of broadband wireless access (BWA) spectrum, as part of a refinancing plan for its Indian mobile telephony unit Aircel. Lenders, led by the State Bank of India (SBI), are working out a new tenure and cost for Aircel’s $3.5-billion (nearly Rs 20,000-crore) debt, which does not involve any haircuts. Standard Chartered Bank and IDFC are advising Maxis on the latest capital infusion. Maxis owns 74% stake while the local partner, the Reddys of Apollo Hospitals, keep the rest in Aircel. Aircel shareholders T Ananda Krishnan and the Reddys have been facing an ongoing probe in recent telecom sector controversies. So, the move to infuse fresh equity will be a complex affair, since the local partner’s 26% minimum ownership needs to be pr served. (Times of India)

Udaipur heritage hotel chain scouts for funds: HRH Group of Hotels, owned by royal Mewar family of Udaipur, seeks foreign funds to expand by enlarging existing hotels, leasing hotel units or vacant lands from other member companies and acquiring fresh properties. The company plans to open at least two new art galleries in the next financial year such as sculpture, costumes. The investment of Rs 250 crore (Rs 44.85 million) would be funded through internal accruals and bank loans, according to Mewar. The firm invites foreign direct investment by sale of its equity shares to foreign investors by private placement. The number of fresh equity shares to be purchased by a foreign investor is negotiable subject to an overall maximum limit of 20% of the enlarged paid up equity of the company. (Financial Chronicle)

Nava Bharat seeks strategic investors for Odisha ops: Hyderabad-based Nava Bharat Ventures Limited is looking for strategic investors who could use its Odisha assets for captive purposes as these operations have been undergoing ‘regulatory restrictions’. In February, the company had commissioned and synchronised with the Odisha power grid two 64 Mw power units at Kharagprasad village in Dhenkanal district where it has a 75,000-tonne per annum capacity ferro chrome plant. The board of directors at its meeting yesterday decided to create two separate special purpose vehicles by segregating power and ferro chrome operations for roping in strategic investors. (Business Standard)

Courtesy: VCCEdge


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News Roundup: IL&FS, Stanchart PE plan $600M infrastructure fund

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