L&T Seeks Shareholder Nod To Raise Rs 3,200Cr - Construction firm Larsen & Toubro has sought shareholders' approval to raise up to Rs 3,200 crore through sale of equity or other securities from public and institutional investors. The company may use options like public issue and private or qualified institutional placement (QIP) through one or more tranches or any convertible securities for raising the fund not exceeding Rs 3,200 crore. (Business Standard)
Kamdhenu Ispat To Raise Rs 100Cr From PEs - Kamdhenu Ispat today said it is in talks with private equity firms to raise up to Rs 100 crore for setting up a plant to produce raw material for its paints division and meeting working capital needs. Kamdhenu Ispat, which is mainly into manufacturing of TMT bars and structural steels for use in the construction sector, had forayed into the paints business in 2008 by setting up a plant near its steel mill. (Business Standard)
Accel Invests $18M In Bookmyshow - Facebook investor Accel Partners has become the largest shareholder in Bigtree Entertainment, which owns online ticketing company Bookmyshow, after investing Rs 100 crore, or $18 million. Accel has heavily backed India's e-commerce start-ups, buying large stakes in Flipkart and Myntra. This investment is being made jointly by Accel's US and India funds. (Times of India)
CRH To Buy 51% In Jaypee's Gujarat Plants - CRH, the Irish building materials group, is set to pick up a controlling 51 per cent stake in the cement operations of Jaiprakash Associates in Gujarat for an enterprise value of Rs 4,200 crore. CRH will also have the option of increasing its holding to 65 per cent over the next three years at a pre-fixed price via a call option. (Business Standard)
Kesoram Industries Plans Rs 500Cr Rights Issue - Kesoram Industries Ltd board on Wednesday proposed the issue of equity shares on rights basis. The issue, the BK Birla group-controlled company said, would be “for an amount not exceeding Rs 500 crore.†The current paid-up capital of the company stands at Rs 45.74 crore. The reserves are placed at Rs 866.56 crore. Promoters’ holding is at 27.12 per cent. (Business Line)
Gayatri Projects Redeems Rs 40Cr FCCBs - Hyderabad-based infrastructure company Gayatri Projects today said it has initiated redemption of its foreign currency convertible bonds (FCCB) worth Rs 193 crore (raised in yen) and paid Rs 40 crore towards redemption of the first tranche. It also said the company will remit second and final tranche of the remaining amount of Rs 153 crore by the end of September. (Business Line)
CA Claims 99% Stake In Brilliant Tutorials - The erstwhile leader of private tutored education in India--Brilliant Tutorials--is in the throes of a legal battle. The Chennai-headquartered tutorial chain has just seen a chartered accountant R Raghunandan staking claim to 99% shareholding after he converted loans extended to the troubled company into equity. Raghunandan hails from a business family in Chennai which owned large tracts of land in prime areas of the city. (Times of India)
