JSW Energy Ropes In 7 Anchor Investors For IPO – JSW Energy has roped in Eton Park International, Reliance Capital, Deutsche Securities, Credit Suisse, Valiant Mauritius Partners, Highfields Capital Management and Valiant Mauritius Partners Offshore for the initial public offer (IPO) of shares. The price band of the IPO will be Rs 100-115 a share to collect up to Rs 2,700 crore to part-finance expansion plan and repayment of debt. It intends to raise up to Rs 465 crore from anchor investors. (Economic Times)
GMR Raising Rs 13,000 Cr For Power, Road Projects – GMR Infrastructure is raising Rs 13,000 crore for funding its four power projects and two road projects and is in talks with domestic lenders, including State Bank of India (SBI), Axis Bank and IDFC for raising the debt. The company will invest about Rs 4,000 crore towards equity in these projects. GMR is also raising funds for two build-operate-transfer (BOT) road projects worth Rs 3,300 crore. (Business Standard)
Future Group To Bring Financial Service Businesses Under JV – Future Group is planning to bring Future Money, Future Generali and Centrum Direct under a single management. The JV will provide its services through Pantaloon Retail stores. Ernst and Young and Enam Financial Consultants has been appointed to work out the plan. (Business Standard)
Temasek, Sequoia Eye Prestige’s Pre-IPO Sale – Temasek and Sequoia plans to invest Rs 200 crore in Bangalore-based Prestige Estates Projects. This will be part of the pre-IPO placement, which the company will be executing ahead of its proposed public offer. It filed a draft red herring prospectus (DRHP) with the market regulator Securities and Exchange and Board of India (SEBI) and expects to raise nearly Rs 1,200 crore through the public offer. The fund will be invested on ongoing projects, financing land acquisitions and repayment of loans of the company. (Business Standard)
Modak Plans To Start 40 Organic Restaurants In Bangalore – Modak, part of the Aspasia Group, plans to open 40 organic restaurants in the city, 20 each in mid-range and fast-food categories and has also come out with an aggressive pricing strategy. The project is led by Satish Bangalore, who was earlier the managing director of Phoenix Global Solutions. The restaurants would be a mix of group-owned and franchise-operated ones and most of them are expected to fall in the latter category. (DNA)
Kuwait Sells Citigroup Stake, Makes $1.1 Billion – Kuwait Investment Authority (KIA) transferred the preferred stocks it owned in Citigroup to normal stocks and sold all of them for $4.1 billion, making $1.1 billion in profit. KIA had invested an amount of $3 billion in Citigroup in the form of preferred stocks last year. (DNA)
Akfed To Reduce Stake In DCB To 10% In 3-4 Years – The Aga Khan Fund for Economic Development (Akfed) will reduce its stake in Development Credit Bank Ltd (DCB) to 10% from 24.86% in the next 3-4 years to comply with the nation’s rules. The Reserve Bank of India (RBI) has not issued branch licences to DCB in the past one-and-a-half years because Akfed did not lower its holding in the bank to the prescribed 10% limit. (LiveMint)
GMR To Raise 500 Cr – GMR Infrastructure Ltd has approved to raise funds of upto Rs 500 crore through issue of unsecured non-convertible debentures on private placement basis. (BSE)
Edserv Softsystems To Raise $25 Mn -EdServ Softsytems is planning to raise $25 million (Rs 125 crore) through a GDR/FCCB issue to fund its expansion plan to achieve a pan-India presence in career placement and higher education segments, it said in its filing to the BSE. EdServ, which reaches 50,000 students through its recently acquired 2tion.com brand, will spend the proceeds on expansion of its school network and online tution service market, content development and infrastructure. (BSE)
ONGC Eyes Kosmos’ Stake In Ghana – India’s Oil and Natural Gas Corp are among the firms interested in buying the stake of Kosmos Energy in Ghana. (Reuters)
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