Indian Property Advisors Pvt. Ltd. (IPAL), a private equity (PE) fund, is planning to raise an Rs 300 crore ($47.7 million) domestic fund and a $250-300 million Rs 1,500-1,800 crore) offshore fund. “I am planning to raise the two funds by the second quarter of next year. Before that, I will invest my own money in four-five projects,” IPAL managing partner Ramesh Jogani said in an interview last week. To begin with, Jogani is investing in the slum rehabilitation and society redevelopment space in Mumbai. IPAL has committed Rs 50 crore ($7.9 million) to an ongoing special purpose vehicle (SPV) with the Mumbai-based Neumec Group, a property developer, to redevelop projects in Vile Parle, a suburb of Mumbai. (Live Mint)
BoI to raise Rs 1,500 crore capital through Basel III bonds: Public sector lender Bank of India plans to raise upto Rs 1,500 crore ($237.3 million) through Basel III compliant bonds to boost its tier II capital for business growth. Rating agency CRISIL has assigned ‘AAA/Stable’ rating to Tier II bonds issue. These bonds carry a feature called “Point of non-viability (PONV)” trigger. Occurrence of such event results in loss of principal amount to investors and default on the instrument. The rating assigned to bonds issued under Basel III norms factors in the risk associated with the PONV feature. CRISIL has also reaffirmed its ratings on the bank’s existing debt instruments at ‘CRISIL AAA/Stable/CRISIL A1+’. (Business Standard)
ONGC Videsh Ltd blocks Chinese Sinochem bid, to buy stake in Brazilian oilfield: In a first by an Indian firm,ONGC Videsh Ltd (OVL) has exercised its pre-emption rights to block China’s Sinochem Group from buying 35 per cent interest in a Brazilian oilfield for $ 1.54 billion.
OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), in collaboration with Royal Dutch Shell will buy the 35 per cent stake in block BC-10, known as Parque das Conchas, that Brazil’s Petrobras had planned to sell to Sinochem, sources with direct knowledge of the development said. (Economic Times)
TaxiForSure.com to look at second round of funding by January: Bangalore-based online taxi aggregator TaxiForSure.com is eying a second round of institutional funding, and may raise around $10 million (Rs 62.8 crore) by January for launching overseas operations. Even as the company implements an aggressive expansion plan within India, it is also looking to launch operations initially in the Middle East and the UK.
Earlier this year, TaxiForSure.com had raised $4 million from its seed investors– Accel Partners, Helion Venture Partners, and Blume Ventures. TaxiForSure.com, which currently has operations in Bangalore and Delhi, will be launching operations in Chennai this month, which will be followed by Hyderabad by December. The company also plans to expand in various other Indian cities including Mumbai and Pune. (Business Standard)
K M Birla to hike promoter stake; wants over 40% holding in group companies: Aditya Birla Group chairmanKumar Mangalam Birla plans to scale up promoter holding in his group companies such as Hindalco and Grasim Industries to a comfortable level to prevent any hostile takeover bids. The promoters currently hold 32% stake in Hindalco and 25% stake in Grasim. “We will be happy with a promoter holding of 40% in our group companies,” Birla told TOI. He would not do it through a share buyback but creeping acquisitions, he said. (Economic Times)
Heidelberg to treble capacity, eyes acquisitions in India: German building material producer Heidelberg Cement plans to treble its capacity in India to 15 mtpa in three-four years through inorganic and organic routes involving over Rs 8,000 crore investment.
“We have plans to raise capacity to 15 mtpa in the next three-four years from the current level of 5.4 mtpa. We will be pursuing both organic and inorganic routes to achieve the target,” Heidelberg Cement India’s Chief Executive Officer Ashish Guha told PTI today.
Heidelberg Cement operates in India through a subsidiary, Heidelberg Cement India. It had entered into Indian market in 2006 with the acquisition of majority stake in Mysore Cements. Guha said since organic route for expansion has become a little tougher now following the passage of Land Acquisition Bill, the company would focus on acquisitions or the inorganic route to hike capacity to 15 mtpa in next three-four years. (Business Standard)