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News Roundup: Lanco plans to sell non-core assets worth Rs 1,000 crore this fiscal

03 June, 2013

Lanco Infratech Ltd., is planning to raise Rs 1,000 crore ($176.59 million) this fiscal by selling non-core assets across wind, solar and road segments as part of its efforts to reduce debt burden. The diversified group, which has already started shedding non-core assets, recently mopped up around Rs 42 crore by selling some wind energy assets in Tamil Nadu. The group’s net debt touched Rs 33,593.5 crore ($5.9 billion) at the end of March 2013. (The Economic Times)

Daiwa to sell mutual fund schemes in India to SBI Mutual: Daiwa Securities Group, Japan’s second largest brokerage, is scaling down its India operations. The company is selling its mutual fund schemes to SBI Mutual Fund as a highly competitive environment makes the going tough. Regulatory uncertainties, waning retail investor interest in equity markets and wafer-thin margins are forcing Daiwa to restructure its India business model seven years after it set up shop in the country. Daiwa functions through two arms in India Daiwa Capital Markets, which is into merger advisory and equity broking and Daiwa Asset Management, which managed Rs 267 crore mutual fund assets as of March 31. The transaction is fashioned in such a manner that SBI Mutual Fund, backed by the nation’s largest lender and France’s Amundi, is only buying Daiwa’s mutual fund schemes, leaving out the staff, they added. ()

Philips India to sell unit to Hong Kong company: Philips Electronics India (PEIL) would sell its lifestyle entertainment business to Hong Kong-based Woox Innovations for around Rs 30 crore ($5.29 million) by September this year. Its parent firm Royal Philips Electronics has already sold the global division that includes audio, visual, multimedia, and accessories businesses to Funai Electric of Japan through a $202-million deal in January this year. The Indian arm of the global electronics major called an extraordinary general meeting to sell the lifestyle entertainment division here on Friday. After minority shareholders opposed the move, Philips India VC and MD Rajeev Chopra opted for a poll. PEIL had sold the manufacturing facility of CTV business along with brand licence for five years to Videocon in 2010. (The Times Of India)

Electrolux scouts for partner to enter India’s television and audio products market: Swedish household appliance maker AB Electrolux is scouting for a local partner to enter India’s television and audio products market through brand licensing. The company has exited India in 2005 by selling its assets and brand rights for the air-conditioners, refrigerators, microwave ovens and washing machines it sold under the Electrolux and Kelvinator labels to Videocon. Last week, the company had said it would partner Delhi-based Kent RO Systems in the premium water purifier segment. (The Economic Times)

GMR to infuse Rs 1,700 Cr into power projects: GMR Infrastructure Limited, the Bangalore-based infrastructure major, is set to infuse Rs 1,700 crore ($300.2 million) fresh equity capital in its energy business during the present financial year. The fresh equity would be infused in three of its projects GMR Kamalanga Energy, Emco, Chhattisgarh and transmission projects. The company would infuse Rs 440 crore ($77.7 million) in Kamalanga, Rs 130 crore ($23 million) in Emco, Rs 830 crore ($146.57 million) in Chhattisgarh and Rs 15 – Rs 20 crore ($2.64 million – $3.53 million) in transmission projects this year. The company would use the funds it mobilised through the sale of a 70% stake in GMR Energy Singapore Pte Ltd. The firm is also looking at divesting couple of road projects, where investors have expressed interest. The company is looking at divesting in three toll road projects, such as Hyderabad-Vijaywada, Hungund-Hospet and Ulundurpet. The firm can divest only up to 74% stake and if there is a policy change, the company might consider full divestment. ()

Country Club to acquire properties in US and UK: Having gained a stronghold in Sri Lanka, Thailand and West Asia, Country Club India Ltd., a Hyderabad-based leisure and entertainment company, is now setting its sights on the US and the UK markets. The company is keen to buy properties in and around London in the UK and in Chicago in the US. Meanwhile, the firm has charted a Rs 350-crore ($61.8 million) expansion that aims to create fitness centres across India and abroad. Under the expansion, the company has already launched 14 fitness centres in a span of six months at Ahmedabad, Bengaluru, Chandigarh, New Delhi, Jaipur, Kolkata, Mumbai and Nagpur. ()

Carlyle, others eyeing HP’s MphasiS stake: Private equity giants Carlyle Group LP and Blackstone Group LP as well as Indian outsourcers L&T Infotech and Tech Mahindra Ltd, are lining up bids for Hewlett-Packard Co’s $1-billion (Rs 5,662 crore) stake in India’s MphasiS Ltd, several sources involved in the process said. Buyout firms Advent International and Bain Capital LLC are also in talks to bid for HP’s 60.5% stake in MphasiS. Tech Mahindra and L&T Infotech might team up with private equity firms to make bids for the MphasiS stake. Preliminary bids for the MphasiS stake sale are likely to be invited by the end of June and a deal could be finalised during the July-September quarter. ()

Govt plans to divest in Andrew Yule: The Government is looking to divest stake in Andrew Yule and Company Ltd. The move is aimed to help country’s oldest PSU to comply with market regulator Sebi’s minimum public float norms. The revival packages will help wipe off losses of the firm and help in selling stake in the firm. The company has a public float of 6.7%. Under Sebi norms issued in 2010, all listed private firms are expected to have a minimum float of 25% by June 2013, while PSUs have to have a minimum listing of 10% by August 2013. The Cabinet Committee on Economic Affairs had last month approved revival package for the company. At current market prices, a 3.3% stake sale in Andrew Yule would raise about $2.47 million (Rs 14 crore). (The Indian Express)

Govt plans to divest in HMT: The Government is looking to divest stake in HMT Ltd. The move is aimed to help country’s oldest PSU to comply with market regulator Sebi’s minimum public float norms. The company has a public float of 1.12%. While watch and tractor maker HMT, which has been in the red for the last five years was given a revival package of Rs 1,083 crore. At current market prices, a 9% stake sale in HMT would raise Rs 199 crore ($35.14 million). (The Indian Express)

Marathwada Refractories plans to sell stake: Sushil Pandurang Mantri, the promoter of the company, is looking to sell up to 18,270 equity shares of Marathwada Refractories Ltd., representing 2.61% stake of the total paid up equity share capital of the company as on date through stock exchange mechanism. The Sale shall take place on the separate window of BSE and shall commence on June 03, 2013 at 9.15 AM. (BSE)

Promoters of Rama Phosphates plans for stake sale: Ms. Pooja Ramsinghani, the promoter of the company, is selling up to 11,43,500 equity shares of Rama Phosphates Ltd., representing 6.46% stake of the equity share capital of the company as on date exclusively through the Sellers broker on the separate window provided by the BSE ltd. for this purpose. The Sale shall take place on the separate window of the BSE and shall commence on June 03, 2013 at 09:15 a.m. (BSE)

Promoters of Kartik Invest plans stake sale: Parry Enterprises India Ltd. and Chola Business Services Ltd., which form part of the promoter group of Kartik Investments Trusts Ltd. is looking to sell equity shares of the company on June 03, 2013 through a sale on the separate window provided by BSE Ltd for this purpose. The Sale shall take place on a separate window designated by BSE and will commence on June 03, 2013 at 9.15 a.m. (BSE)

Lords Chloro plans for stake sale: Mrs. Jyoti Ahuja and Mrs. Maneesha Dhir, the promoter of Lords Chloro Alkali Ltd., are looking to sell 3,60,000 equity shares of the company on June 03, 2013 exclusively through the broker through a sale on the separate windows provided by the BSE Ltd. for this purpose. The Sale shall take place on a separate window designated by BSE and will commence on the Sale Dale. i.e. June 03, 2013, at 9:15 a.m. (BSE)

Nexxoft Info plans to sell stake in its subsidiary: Nexxoft Infotel Ltd. is looking to liquidate the investment in subsidiary to meet part of its obligations. The company has already received the approval from its board for the proposed stake sale. (BSE)

Courtesy: VCCEdge


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News Roundup: Lanco plans to sell non-core assets worth Rs 1,000 crore this fiscal

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