Global financial powerhouse JPMorgan, along with another global private equity company 2i Capital, is expected to land a stake worth close to $200 million (Rs 1,203 crore) in BF Utilities, a publicly-held company and a part of $2.4-billion Kalyani Group led by Baba Kalyani. Ashok Kheny, managing director of Nandi Infrastructure Corridor Enterprise (NICE), a subsidiary of BF Utilities, told that it was in the process of restructuring NICE as well as its special purpose vehicle (SPV) subsidiary Nandi Economic Corridor Enterprise (NECE) to enhance shareholder value. "As part of this process, we are looking to merge NECE into the parent instead of a three-layer structure. JPMorgan and 3i, which had invested in the SPV NECE, will most probably land equity in the publicly-held BF Utilities. The promoters currently own a little over 66% in BF Utilities. (Business Standard) 

NCC proposes to raise Rs 650 cr through rights issue: Infrastructure development company NCC Ltd proposes to raise up to an amount of Rs 650 crore ($108 million) through rights issue of equity shares to the existing members. The company informed the BSE  that the board, at its meeting held on Wednesday, had approved raising of funds  through the rights issue. The terms and conditions of the issue, including the rights entitlement ratio, the issue price, issue size, record date, timing etc will be decided subsequently, the company said. The board had also accorded in-principle approval for increasing the authorised share capital from Rs 60 crore to Rs 150 crore. (Business Standard) 

Suzlon Energy to sell Rs 1,000-cr non-critical assets: After selling Big Sky Wind Farm in the US on Wednesday, Suzlon Energy is planning to sell non-critical assets worth Rs 1,000 crore ($166 million) in a year. Chairman and Managing Director Tulsi Tanti said the move was aimed at strengthening the company’s balance sheet.  “Selling the US asset (Big Sky Wind Farm) was part of a Rs 1,500-crore target and the remaining Rs 1,000 crore is yet to be sold,” he added. Some of the company’s non-critical assets were in Pondicherry and Vadodara, where real estate prices had risen, Tanti said. (Business Standard) 

We will invest more in big data, analytics: Ajay Piramal: After his success in investing in a telecom company, Ajay Piramal, chairman, Piramal Enterprises, is now setting sight on technology, financial services and pharmaceutical companies. The company made a massive 50% return on an investment on its deal with Vodafone. Piramal is also looking to invest more in Decision Resources Group, which we acquired in 2012. (It was acquired for $635 million). (Business Standard) 

Tata Steel says merger process with unit Kalimati under way: Tata Steel Ltd is working on absorbing its unit Kalimati Investment Co. Ltd, a move that may help shore up its stand-alone equity and simplify its structure after the sale of a patch of land owned by the subsidiary last month that helped pare debt. The merger process is currently underway and will get completed after all the requisite approvals are received, said Koushik Chatterjee, group executive director, finance and corporate. Kalimati holds 8.26% stake in Steel Strips Wheels Ltd and 1.22% in CARE Ratings. (Live Mint) 

State Bank of India taps offshore bond market: State Bank of India has tapped the overseas bond market with a bond sale to raise between $750 million (Rs 4,511 crore) and $1 billion (Rs 6,016 crore). The unsecured notes, a debt instrument is proposed to be issued through SBI’s London branch and will be listed on the Singapore stock exchange, sources in the banking industry said. The road shows are currently on. There will be two tranches with the first one expected to mature in 2019 and the other in 2024. (Business Line)

Doha Bank eyes acquisitions in India for quick growth: Qatar-headquartered Doha Bank is open to acquiring financial institutions or private sector banks in India to expand its footprint swiftly. The bank, which plans to open its first branch in Mumbai next month, is also looking to expand through the subsidiary route, said Chief Executive Officer R Seetharaman. The bank which received the RBI’s go-ahead late last year, will offer corporate and retail banking, treasury and trade finance services to its customers in India. Besides, it will offer remittance solutions to Indian expatriates in West Asia. The bank can also facilitate cross investments between the two countries. (Business Line)

Courtesy: VCCEdge

Leave Your Comment(s)