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News Roundup: KKR, Singapore GIC to set up real estate-focused NBFC

26 March, 2013

Kohlberg Kravis Roberts and Co. LP (KKR) is joining hands with Singapore’s sovereign wealth fund to set up a non-banking financial company (NBFC) that would lend funds to property developers in India as other sources of cash dry up. To begin with, the NBFC, for which the regulatory approvals are currently under way, will have a corpus of $150 million (around INR 810 crore). This would be the first real estate-focused NBFC in India. Government of Singapore Investment Corp. (GIC) could be one of the anchor investors in the NBFC, while KKR is putting capital from its balance sheet into it. (Live Mint)

IDFC, IFCI plans hit valuation hurdle: Domestic financial institutions Infrastructure Development Finance Company (IDFC) and IFCI Limited may shelve their plans to sell a portion of their holdings in the National Stock Exchange (NSE) if they fail to secure the desired valuations. IDFC and IFCI, which own about five per cent each in India’s largest equity bourse, plan to sell a part of their holdings at Rs 4,500-4,800 a share. However, prospective investors were quoting Rs 3,800-4,000 a share. IDBI Capital Market Services is said to be managing the two share sales. Last month, through a newspaper advertisement, the domestic investment bank had invited bids from investors, including foreign institutional investors. Last year, IDFC had sold about 1.33% of its holding in NSE at INR 4,100 a share, garnering about INR 250 crore. (Business Standard)

Keerthi Ind promoters to dilute stake: The promoters of Keerthi Industries Ltd. are planning to sell stake in the company. The company has received the approval from SEBI for stake sale by promoters through open market sale. Currently, the promoters hold 76.2% stake in the target company. The company’s promoter J. Seshagiri Rao would dilute two lakh shares between March 25 and April 24. (Business Line)

Courtesy: VCCEdge


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News Roundup: KKR, Singapore GIC to set up real estate-focused NBFC

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