The local arm of the American private equity biggie, Kohlberg Kravis Roberts and Co (KKR), will raise Rs 2,000 crore ($366.67 million) from wealthy Indian investors and institutions. KKR’s alternative investment fund, which has been recently registered with the capital market regulator SEBI, plans to invest the money in mezzanine and structured credit instruments to fund promoters, among other things. Till now, KKR’s non-banking financial services, KKR India Financial Services, has been offering debt financing to Indian corporate houses. (The Economic Times)
Axis Capital to advise Shriram on buying HSBC’s stake in life insurance JV: Shriram Capital, the holding company for the group’s ventures in financial services, has hired Axis Capital to advise it on the purchase of HSBC’s stake in its life insurance venture, along with Canara Bank and Oriental Bank of Commerce. The purchase of HSBC’s stake in Canara HSBC OBC Life Insurance Company and a subsequent merger of Shriram Life Insurance with it will propel Shriram to under-10 ranking from the current 18, based on current financials. The Chennai-based firm will be competing with Manulife, HDFC Life and ICICI Prudential to buy 26% stake from HSBC that is reducing its non-core businesses. Canara Bank is the largest shareholder with 51% stake while Oriental Bank of Commerce owns 23%. (The Economic Times)
Mahindra’s rural housing to raise Rs 200 crore: The rural housing finance arm of the Mahindra Group is planning to raise around Rs 200 crore ($36.66 million). The company has a target to increase its book size over threefold to Rs 4,000 crore by 2015. A total of Rs 200 crore was being raised to support the company’s expansion and business plans. (The Economic Times)
Som Distilleries in talks to raise $30 million: Bhopal-based beverage company Som Distilleries and Breweries, maker of Hunter beer, is in talks with the European investment bank Bryan, Garnier & Co, for an investment of $30 million (Rs 164.4 crore) in the company. The beverage company will use the money for making strategic acquisitions and developing greenfield breweries and distilleries. The company also appointed an investment banker to advise it on the fundraising process. (The Economic Times)
EXIM Bank plans to raise $36.5M via 3-yr bonds: Export Import Bank of India is planning to raise $36.50 million (Rs 200 crore) via three-year bonds at 7.87%. Standard Chartered Bank will be the sole arranger to the deal. (The Economic Times)
United Bank plans to raise $183M via QIP: United Bank of India is planning to raise Rs 1,000 crore ($183.33 million) through a qualified institutional placement in the next 3-4 months. This will be over and above the rights issue the bank is planning. The PSU bank also has plans to set up 7-8 offices in foreign countries. (Business Standard)
Eveready plans to exit tea processing: Eveready Industries India Ltd is set to exit tea processing business. The company has decided to sell assets related to this activity and move towards an outsourcing model. The firm is also looking to retire some of its debt through this move. The company will seek, through postal ballot, shareholders’ approval for sale or transfer or disposal of the building and other assets of its lone tea blending and packaging factory at Chaupara in the Dooars tea-belt of West Bengal. (The Hindu)
Linde India plans fundraising through promoter’s stake sale: The BOC Group Ltd, promoter of Linde India Ltd, is planning to sell 12.34 million equity shares, representing 14.5% stake in the company, on May 16, 2013, exclusively through the seller’s broker, on the separate window provided by the BSE and the NSE. Citigroup Global Markets India Pvt Ltd is appointed as the manager to the proposed issue. (BSE)
HT Media plans to sell stake in Hindustan Media Ventures: HT Media Ltd, promoter of Hindustan Media Ventures Ltd, is planning to sell stake through the stock exchange mechanism, to enable HMVL to achieve minimum 25% public shareholding. (BSE)
Global Hospitals to go for public issue after becoming debt-free: Global Hospitals, which has a total of 2,200 beds in four cities, is likely to raise another round of funding from private equity investors, to provide an exit route for existing investors. The company is also looking to raise funds through initial public offering in 2016 after becoming debt-free. The company is in the process of signing a deal (likely with IFC and Sabre Partners) for a private equity investment to raise Rs 200 crore ($36.66 million). The firm will utilise Rs 100 crore ($18.33 million) for reducing the debt burden and the remaining for consolidation of its existing operations. (Business Line)
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