JK Cement said its board has approved raising up to Rs 200 crore capital by issuing shares to qualified institutional buyers (QIBs). However, it did not mention the size of the greenshoe option. The proposal is subject to the approval of shareholders. (Moneycontrol.com)
Govt considers part sale of shares held by SUUTI: The government’s attempts to monetise a portion of the shares held by the Specified Undertaking of UTI (SUUTI) appears to be gathering steam. The finance ministry is considering a proposal to sell some shares of ITC, Axis Bank and Larsen & Toubro, held by SUUTI — the restructured unit of the erstwhile UTI — as the government rushes to meet its disinvestment target for the current financial year. If the government opts for an OFS only in Axis Bank, it could look at raising between $ 500 million and $ 1 billion. In the case of a secondary market sale option for a basket of three stocks, the target could be in the range of $ 1 billion to $2 billion. (Business Standard)
L&T raises Rs 500 cr short-term loan for Hyd metro: Hyderabad metro rail concessionaire L&T Metro Rail Hyderabad Ltd. said it had raised Rs 500 crore short-term loan from YES Bank, outside the consortium of lenders that has pledged close to Rs 12,000 crore loan to the ongoing project. The move has eased pressure of bringing equity money in large amounts early on into the project by the parent company. The project concessionaire has so far spent Rs 600 crore on the works in addition to Rs 100-200 crore advances towards contracts. Most of it has been funded by the short-term loan. (Business Standard)
Tata Steel Plans to Raise INR 1,500 cr via Bond Sale: Tata Steel, the nation’s biggest private sector steel maker, plans to raise INR 1,500 crore through bond sale as it aims to capitalise on the easing interest rates, said two people familiar with the matter. The company that accumulated huge debt for acquiring the Anglo-Dutch Corus Group Plc may be able to raise bonds at 9.5%, about 150 basis points lower than what it would have paid six months ago. The company is in discussions with bankers to give out a mandate. (The Times Of India)
Bhushan Steel to raise Rs 475 cr through rights issue: Bhushan Steel is planning to raise Rs 475 crore through rights issue, which will be launched in the third week of this month, a senior company official said today. “The rights issue will open in the third week of January. We are planning to raise Rs 475 crore through it,” the company’s Director (Finance) Nittin Johari told PTI. The company may also retire part of its over Rs 22,000 crore debt through the fund raising. (mydigitalfc.com)
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