News Roundup: Infotech eyeing $20M overseas buy

13 November, 2013

Infotech Enterprises is close to acquiring a foreign company for about $20 million in the next few months. It has signed a letter of intent to acquire the firm and the last leg of discussions is under way. The company has considered about 100 deals. Of these, 42 were filtered for further talks and finally zeroed in on one company. It is going to be a cross-border transaction. (Business Line) 

India Infrastructure Finance Company Ltd is in talks with three intl agencies to raise $750 mn: State-owned India Infrastructure Finance Company Ltd (IIFCL) is in discussions with three international agencies to raise $ 750 million (Rs 4,680 crore). The three overseas institutions that the company is in talks with are Japan International Cooperation Agency, European Investment Bank and French Development Agency (AFD). The talks are being held to raise $ 500 million from JICA, $ 150 million from EIB and $ 100 million from ADF. Recently, the Asian Development Bank (ADB) has approved $ 700 million in loans to IIFCL to fund infrastructure Projects.  (The Economic Times

IRFC plans to raise Rs 10,000 crore through issue of tax-free bonds: Indian Railway Finance Corporation (IRFC), the financing arm of the Railway Ministry, is planning to raise Rs 10,000 crore ($1.6 billion) through tax-free bonds. Public issue by Indian Railway Finance Corporation Ltd of tax free, secured, redeemable, non-convertible bonds of face value of Rs 1,000 each in the nature of debentures having tax benefits. The funds raised through the issue would be used for financing the acquisition of rolling stock which would be leased to the Ministry of Railways in line with present business activities. SBI Capital Markets, A K Capital Services, Axis Capital, ICICI Securities and Kotak Mahindra Capital Co are the lead managers to the issue. Karvy Computershare Private Ltd is the registrar to the issue.  (The Economic Times)

IIFCL plans to issue tax-free bonds in Nov: Government-owned India Infrastructure Finance Company Ltd. is planning to raise Rs 5,800 crore ($927.3 million) through tax-free bonds in two equal installments, the first one in the third or the fourth week of this month and the next in January. The company is also negotiating with three overseas multilateral agencies to raise $750 million as a part of the funding needs in the next couple of years. With the proposed tax-free bonds issue, IIFCL would be achieving the mandate to raise Rs 10,000 crore under this route in the current year as it had already issued Rs 4,200-crore tax-free bonds earlier this year. (Business Standard) 

IOB plans to raise Rs 1,626 cr from govt & LIC: Indian Overseas Bank (IOB) said it planned to raise Rs 1,626 crore ($260 million) from the government of India and Life Insurance Corporation of India (LIC) this financial year, via a preferential allotment of equity shares. The Chennai-based public sector lender said the government of India had told them it would infuse Rs 1,200 crore ($192 million). The bank’s board of directors met on Tuesday and gave its nod to issue equity shares to the government and LIC. The bank recently said it planned to raise Rs 900 crore ($144 million) through qualified institutional placement (QIP), private placement and other modes. (Business Standard)

Courtesy: VCCEdge


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News Roundup: Infotech eyeing $20M overseas buy

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