PE fund New Silk Route to focus on exit plans for portfolio companies: Private equity fund New Silk Route will focus on managing its portfolio companies and building a road map for their exit, its founding general partner and CEO Parag Saxena told ET. The New York-based fund, which focuses on Asia, has made 15 investments in India totalling about $587.47 million. Saxena said there was no pressure on the company to invest its remaining resources and move on to the next fund. (The Economic Times)
LivLife Hospital to raise Rs 50Cr for expansion: Hyderabad-based LivLife Hospital, a boutique hospital chain, is planning to raise Rs 50 crore in the next three months to support its pan-India expansion plan. LivLife, which started its operation in 2011, currently runs two hospitals in Hyderabad and Vijayawada. (Business Standard)
Promoters, private equity investor 3i look to exit Vijai Electricals: Promoters of power transmission and distribution equipment maker Vijai Electricals are looking to exit the business along with private equity firm 3i, three people familiar with the development said.The promoters of the Hyderabad-based firm have mandated Kotak Mahindra Capital to scout for buyers, these people said. (The Economic Times)
Jain Irrigation approves issue to raise Rs 610Cr: Jain Irrigation Systems Ltd (JSPL) today approved the raising of about Rs 610 crore through a combination of preferential issue and foreign currency bonds. The company has approved a preferential issue of 4.97 crore shares of Rs 80 each to non-promoters to raise about Rs 398 crore and raising $40 million (around Rs 211.76 crore) through FCCBs. (Business Standard)
Standard Chartered Bank set to buy Barclays’ retail assets: Standard Chartered Bank is set to acquire retail assets of Barclays Bank in India and an announcement is expected soon, bankers familiar with the development said. The London-based, Asia-focussed bank is likely to pay a small premium, about 5%, of Barclay’s total book size that is around Rs 3,000 crore, they said. The assets have also been evaluated by select private sector banks. (The Economic Times)
HDFC to raise at least Rs 5B via bonds: Housing Development Finance Corp plans to raise at least 5 billion rupees ($94.29 million) through two-year bonds at 9.18 per cent, a source with direct knowledge of the matter said on Tuesday. ICICI Bank is the sole arranger to the deal, the source said.
LIC Housing Finance plans to raise minimum Rs 6.5B via bonds: LIC Housing Finance plans to raise at least 6.5 billion rupees ($122.58 million) in two tranche bond sale, three sources with direct knowledge of the deal said. The firm is planning to raise at least 5 billion rupees via 5-year bonds with a put after one year one day at 9 per cent, said a source, adding that ICICI Bank is the arranger to the deal.
Godrej Consumer to raise Rs 2.5B via bonds: Godrej Consumer Products LtdBSE 0.70 % plans to raise 2.5 billion rupees ($47.15 million) via two-year zero coupon bonds at 9.40 per cent, a source with direct knowledge of the deal said on Tuesday. The firm has a call option at the end of one year, said the source.
GMR ready to buy out DIAL partners: GMR Group is willing to pick up the equity stakes of its joint venture partners — German airport giant Fraport and Eraman Malaysia — which want to pull out of Delhi International Airport Ltd (DIAL), the company that runs Delhi airport. (Business Standard)
ONGC, GAIL keen on stake in BPCL’s Rs 5,000Cr Kochi project: State-owned Oil and Natural Gas Corp (ONGC) and gas utility GAIL India Ltd have evinced interest in picking up stake in the Rs 5,000-crore Kochi petrochemical project that Bharat Petroleum Corp Ltd (BPCL) is building in joint venture with Korea’s LG Chemicals. “We have got written proposal from several companies to join the project,” BPCLChairman and Managing Director R K Singh said on the sidelines of the Petrotech Conference here. (The Economic Times)