IndusInd Bank, the fourth biggest private sector lender, may raise as much as $300 million from overseas investors, exploiting the Reserve Bank of India’s window of attractive swap options. The company has already borrowed around $800 million of debt. Other banks, including ICICI Bank, HDFC Bank and Axis Bank are also talking to investment bankers to finalize fund raising, which is expected to raise at least $5 billion. HDFC Bank may raise as much as $750 million, said a person familiar with the negotiations. ()
IL&FS Financial plans to raise Rs 1.77 billion via 2 bond deals: IL&FS Financial Services Ltd plans to raise Rs 770 million ($12.42 million) via three-year bonds with a 15-month put option at 10.50%, a source with knowledge of the deal said. ICICI Securities Primary Dealership is the sole arranger for the deal. On Wednesday, the firm had raised Rs 1 billion ($16 million) from a bond sale of a similar tenure, with ICICI Bank as the sole arranger, another source with direct knowledge of the deal said. ()
OMC plans to acquire 9% stake in Angul-Sukinda rail project: State controlled miner Odisha Mining Corporation (OMC) is set to pick up 9% stake in Angul-Duburi-Sukinda Special Railway, a special purpose vehicle (SPV) formed to implement the Rs 1100-crore ($177.5 million) rail link project. The state government will hold 10% stake in the SPV through its two PSUs of which nine per cent equity will be of OMC and the residual 1% of Odisha Industrial Infrastructure Development Corporation (Idco). In the SPV, Rail Vikas Nigam Ltd (RVNL) holds 45% stake while Jindal Steel & Power Ltd (JSPL) and Bhushan Steel & Power Ltd have 25% and 20% equity respectively. (Business Standard)
SpiceJet says still looking for strategic partners: The Kalanithi Maran-owned SpiceJet is looking for a strategic partner, and not a financial investor, to help improve efficiency. This statement comes amid recurring buzz in the media about SpiceJet looking to shed stake to overseas carriers such as Emirates Airline and Tiger Airways. SpiceJet would also be restructuring some routes that have proved unviable and would add more international routes. (Economic Times)
Som Distilleries on acquisition spree: Bhopal-headquartered Som Distilleries and Breweries Ltd. is planning for two strategic acquisitions this year to improve footprint in the domestic liquor market. Group Chairman J K Arora said that the while one will be a contract liquor manufacturing firm based out of Chhattisgarh, the other will be a Tamil Nadu-based liquor firm. The company is acquiring Legend Distilleries which does contract manufacturing for a consideration of Rs 50 crore ($8 million). The other acquisition is still in due diligence stage and the deal size is estimated at Rs 400 crore ($64.5 million). European investment firm Bryan, Garnier & Co has been appointed as the investment banker to mandate the deals. (Business Line)
J K Files is looking for overseas acquisitions:J K Files (India) Ltd, a Raymond group company, is looking at acquisition opportunities abroad to increase its global presence. The company manufactures 50 per cent of products its sells and rest it sources from 3-4 suppliers. The firm is also planning to invest up to Rs 40 crore in the next year to enhance production capacity in its plants in Madhya Pradesh and West Bengal. (Business Line)
OVL expresses interest for bidding in Tanzanian oil blocks: ONGC Videsh Ltd. has expressed interest for bidding in the 4th Licensing round for seven offshore and one onshore oil/gas blocks in Tanzania, keeping in mind the measures to be taken to strengthen cooperation in the field of Oil and Gas. The matter came up for discussion between Dr. D Purandeswari, Minister of State for Commerce and Industry and Dr. Abdallah O Kigoda, Minister of Industry and Trade, Tanzania, during the 3rd meeting of the Tanzania-India Joint Trade Committee (JTC) held at Dar-es-Salaam, Tanzania yesterday. (Press Information Bureau)
Tatas is in race for Chennai, Kolkata airport projects: Tata Sons is set to make another big splash in aviation after its recent foray with Singapore Airlines and Air Asia. Tata Group is likely to bid for 100% stake in two airport projects, i.e they are planning to bid for the government’s stake in the Chennai and Kolkata airports. The government had allowed privatisation of six airports in August this year. Tata group’s interest in this clearly comes at an appropriate time, considering that the Tatas have announced their two airline joint ventures (JVs), one with Air Asia and one with Singapore Airlines recently. (Money Control)
L&T plans to sell stake in Hyderabad Metro, Dhamra port: India’s largest construction and engineering major, L&T is selling a slew of assets to raise close to Rs 8,200 crore ($1.3 billion) to fund its new projects by this fiscal-end. The firm is planning to sell 26% stake in the Hyderabad Metro project and 50% stake in Dhamra Port project for close to Rs 4,200 crore ($677.8 million). The company is also looking at listing one of its infrastructure company L&T IDPL in the Singapore stock exchange via the trust route to raise another Rs 4,000 crore ($646 million). Of the sale proceeds, L&T will deploy Rs 6,200 crore ($1 billion) in the existing projects and will commit another Rs 2,000 crore ($323 million) for the new projects over the next five years. According to bankers close to the development, the company expects to raise Rs 1,300 crore by selling a 26% equity stake in project level for the metro project. The project includes construction of approximately 72 kms of railway line. (Business Standard)
Tiger Airways gears up funds for SpiceJet bid: Within days of the Tata Sons-Singapore Airlines joint venture for introducing a full service carrier being announced, Tiger Airways could be seeking alliance with SpiceJet. The airline is gearing up for funds to invest in SpiceJet. The airline has reportedly been in talks with various investors for selling a minority stake in the company. Tiger Airways is currently in talks with PE players to raise funds to invest in the company. Oman Investment Fund is one of the players and the company is also talking to 2-3 other PE players for the sale. As per the discussions between the SpiceJet and prospective buyers, the foreign investor is likely to get upto 40% in the company, according to sources. If the deal goes through, sources say PE players would get only a part of that 40% in the company. (Money Control)
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