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News Roundup: IREO plans to raise $173M domestic realty fund

20 June, 2013

Ireo, one of the private equity funds dedicated to the Indian real estate sector, is planning to to raise its second fund with a target corpus of Rs 1,000 crore ($173 million) which would be raised in India. The company has been investing in the country since 2004 through its offshore fund and is understood to have invested close to $2 billion in developing real estate across various cities. Ireo over the past eight years has developed a portfolio spanning across Delhi-NCR, Punjab, Chennai, Coimbatore, Pune and Goa. The process to launch the fund is at an advanced stage and the road shows will be kicked off pretty soon. (Business Standard)

Financial institutions, banks to be offered stake in Telecom Finance Corp: The Government could invite banks and financial institutions to pick stake in the proposed Telecom Finance Corporation. The authorised capital of the corporation would be Rs 10,000 crore ($1.7 billion) out of which the initial paid up capital shall be Rs 1,000 crore ($173 million). The initial capital is proposed to be sought fully through budgetary support, the Government may raise additional funds by diluting stake. The Department of Telecom has moved the proposal to create TFC to meet funding needs of the telecom sector. (Business Line)

Prasar Bharati plans to raise Rs 4,000 crore from land parcels: Public broadcaster Prasar Bharati has floated a proposal to raise Rs 4,000 crore ($692 million) by monetising its land parcels across the country, a move aimed at technical upgradation of Doordarshan and All India Radio as part of a larger restructuring. Two land parcels of 400 acre and 200 acre in Delhi and two-three land parcels in Mumbai will be the first to go, a person familiar with the matter said. However, the information and broadcasting ministry’s approval would be required for selling the assets because Prasar Bharati does not own the land parcels. The sale, to be done by a public forum, will help Prasar Bharati reduce its financial dependence on the government. (The Economic Times)

NTPC invites bids to raise up to Rs 10 billion via bonds: NTPC Ltd. is planning to raise up to Rs 1,000 crore ($170.17 million) through an issue of dual tranche bonds. The firm is planning to issue 10 and 15-year bonds, as per the term sheet. Part of the proceeds from the bond sale would be used for NTPC’s ongoing capacity addition programme, renovating and modernising scheme, coal mining project besides refinancing debt. The company has invited bids on Thursday and has scheduled the pay-in date on July 28. ()

PFC plans to raise at least Rs 1.5 billion via bonds: Power Finance Corp Ltd is planning to raise at least Rs 150 crore ($25.5 million) through the issue of 2 and 3-year bonds, a termsheet sent by the company after market hours on Tuesday showed. The company has invited bids on Wednesday from merchant bankers for the bond sale. ()

US-based Cargill eyes larger food play in India: US-based Cargill Inc, which derives close to Rs 10,000 crore from marketing and processing edible oils, staples and food ingredients in the country, proposes to step up investment in India as it seeks a greater share of the Rs 3.85 lakh crore domestic processed food and beverage market. The Indian unit of the $134-billion company is eying acquisitions of edible oil brands and manufacturing plants in southern India. The company may acquire brands or assets in the south. Cargill’s Gemini edible oil, which was acquired in 2005 from a Pune-based company called Parakh Foods, has a presence in the South. Rath was acquired from ConAgra subsidiary Agrotech in 2010, Sweekar from Marico in 2011 and Sunflower Vanaspati from Wipro Consumer Care and Lighting last year. While, the company has never disclosed the size of these acquisitions. (Business Standard)

Goodricke wants to acquire 2,500 ha of tea estates: The Goodricke Group, the Kolkata-based tea plantation entity, is thinking of expanding in Assam. The company is looking for some tea estates in Assam for acquisition this year. The firm is likely to invest around Rs 250 crore ($43.2 million) for this. As on December 2012, the firm acquired 9,643 hectares of planted area. The company sells retail tea under Assam 3-in-1, Barnsbeg, Castelton and Leesh River Strong brands. (Business Standard)

Promoters of Premier Synthetics plans to sell stake: Mr. Anand Arya, the promoter of Premier Synthetics Ltd. is looking to sell 2,30,000 equity shares representing 6.31% stake on the separate window provided by the BSE Ltd. for this purpose. The Sale shall take place on a separate window of the Stock Exchange and shall commence on June 21, 2013 at 9:15 a.m. and shall close on the same date at 3:30 p.m. Unique Stockbro Pvt.Ltd. was appointed as the manager to the issue. (BSE)

Oriental Bank of Commerce to sale NPAs worth Rs 1,000 croreDelhi-based public sector lender Oriental Bank of Commerce has put the block bad loans with principal dues of just over Rs 1,000 crore ($173 million) as a step to spruce its balance sheet. In all, 59 accounts of small, medium and some large companies are up for sale. The bank expects to complete the process of signing the agreement by September, according to the offer document on in its website. (Business Standard)

Courtesy: VCCEdge


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News Roundup: IREO plans to raise $173M domestic realty fund

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