KKR To Invest $75M In Avantha Power – Gautam Thapar-controlled Avantha Power & Infrastructure Ltd (APIL) is set to raise $75 million from US-based Kohlberg Kravis & Roberts (KKR). KKR, which had invested $50 million in the first half of last fiscal for 9% stake, will acquire additional 11% equity shares for $75 million to take its holding to a little over 20%in the power company. Avantha Power, which was planning to mop up around Rs 1,100 crore earlier this year through an initial public offer, had shelved this plan due to bearish market conditions. (Economic Times)
Madhucon To Raise Rs 1300Cr From Project Stake Sales – Hyderabad-based Madhucon Projects hopes to mop up about Rs 1,300 crore by selling stakes in its highway and power projects in five to six months. The company plans to dilute 26% and 20% in its road holding company and its 1,920 mw thermal power project at Nellore in Andhra Pradesh. Madhucon is forming a holding company for seven road projects which could be valued at Rs 2,000-2,200 crore. Simhapuri Energy Pvt Ltd, which is the special purpose vehicle for the power project, could be valued at Rs 3,800-4,000 crore. (DNA)
Manjeera Group To Raise Rs 150Cr From PEs, HNIs – Hyderabad-based Manjeera group of construction is planning to raise Rs 150 crore from private equities and high networth individuals (HNIs). From this, Rs 100 crore will be used for the real estate business and the rest will be used for the hotels business. (Business Standard)
Walt Disney May Up Stake In UTV, Delist – Walt Disney Company, the US headquartered entertainment giant, is looking at raising its stake in Indian joint venture partner UTV Software Communication. The move is likely to trigger the eventual delisting of the stock from the Indian exchanges as well. Disney currently owns 50.4% in the media firm through its subsidiary Walt Disney Company Southeast Asia. The Indian promoters, led by Rohinton (Ronnie) Screwvala have a 19.8% stake. Disney has already appointed Ernst & Young to carry on a detailed tax diligence exercise while Deloitte has been roped in for the due diligence. (Business Standard)
Cox & Kings Seeks FIPB Nod For Rs 1500Cr Fundraise – Foreign institutional investors (FIIs) may soon pick up around 14% stake in leisure travel operator Cox & Kings. The company plans to allot warrants, redeemable non-convertible debentures, equity shares and convertible securities to non-resident qualified institutional buyers through a QIP aggregating to Rs 1,500 crore. Cox & Kings plans to use the proceeds for acquisitions, launch of new businesses apart from funding its current operations. (Financial Express)
Tata, Essar In Race For For Nigeria’s PHCN – Indian conglomerates Essar and the Tatas are among the entities shortlisted by the Nigerian authorities for privatisation of firms created out of Power Holding Company of Nigeria. Dangote Industries, Oando Gas and Power, Honeywell Energy Resources International, Actis Infrastructure, an Essar consortium and Tata Group are prominent among the 207 companies with 525 bids pre-qualified for the next stage of privatisation of successor companies of PHCN. (Bloomberg)
Peninsula Land Plans Second Realty Fund – Peninsula Land Ltd, an Ashok Piramal group company, has acquired a number of land assets in recent months and plans to raise a second fund. The Mumbai-focused realty firm has bought land in its core operational market Mumbai as well as in new markets such as Bangalore, Lonavala and Pune. For its second real estate fund, the company will secure money from domestic investors along with a Canadian firm. In fiscal 2011, Peninsula Land acquired 10 new projects, investing around Rs 600 crore.
Raymond To Sell Thane Land For Rs 2,250Cr – Textile major Raymond plans to sell its 125 acre plot housing its plant in Thane, Mumbai for a whopping Rs 2,250 crore. The said plot was earlier going to be developed by the company. Oberoi Realty, Peninsula Land and Runwal Group may be in the race for the land. (Moneycontrol)