Lanco Infratech is in talks with Kolkata-based CESC to sell the Budhil Hydro Power Project, sources with direct knowledge said. Deal talks are hovering around Rs 750 cr ($121 million) for the 70 MW hyro power project in Himachal Pradesh, negotiations are still on, sources said. Macquarie is the advisor to Lanco for sale of Budhil Hydro Project. Lanco needs to sell assets and infuse cash into the company to fulfill the terms of CDR ( Corporate Debt Restructuring), a source said. A consortium of lenders has given a nod to a Rs 7,700 cr CDR package. ()
HeidelbergCement plans to raise Rs 370-cr NCD issue: HeidelbergCement India plans to raise Rs 370 crore ($60 million) through a private placement of unsecured non-convertible debenture to its non-resident parent and group companies. A meeting of the cement maker’s board of directors will be held on December 16 to consider issuance and allotment of the debentures aggregating to Rs 370 crore, said the company in a statement. India Ratings and Research has assigned an ‘Ind AA-’ with stable outlook rating to the unsecured debentures, reflecting strong legal, strategic and operational linkages between HeidelbergCement India and its parent. (Business Line)
Kotak Bank puts old office space on the block: After having begun shifting into its new headquarters in the Bandra Kurla Complex area of Mumbai in mid-October, Kotak Mahindra Bank has now put on sale one floor of its erstwhile headquarters in Bakhtawar Towers, Nariman Point. The asking price is about Rs 56 crore ($9 million). In addition to office space, any possible deal would also include four car parking slots of which two would be in the basement and two in the open. The bank plans to retain the other two floors as part of its business strategy to hold on to office space in the prestigious central business district to function as its swing office, where the group’s top brass would meet occasionally to discuss strategy. The bank has roped in Cushman and Wakefield as property consultants to advice on the deal. (Business Line)
Forbes Marshall to hike stake in UK-based Codel: Pune-based Forbes Marshall will raise its stake in Codel, a UK-based maker of emission monitoring systems, from the current 50% to 85%The company, which offers steam engineering and control instrumentation solutions for the process industry, plans to begin making these systems at a newly launched manufacturing site at Chakan. It is also entering the solar cogeneration systems business in partnership with Germany-based Azur Earth GmbH. (Business Line)
Tata Group plans to inject Rs 4,000 crore into Tata Teleservices after bank snub: The Tata Group is investing around Rs 4,000 crore in two tranches in its telecom arm Tata Teleservices, said four people aware of the matter. The investment is likely to be through a convertible loan instrument the exact terms of which are yet to be finalised. The group would invest Rs 2,500 crore ($405 million) now and Rs 1,500 crore ($243 million) in a few months, said one of the people. Japan’s NTT DoCoMo, a 26% partner in Tata Tele, and Temasek, a 7% shareholder, will not be investing along with the Tata Group. One of the people said NTT DoCoMo is looking to exit the company in March when it would be entitled to exercise that option under the terms of the original agreement with the Tata Group. ()
GMR picks Citi, three others for $300-$350 million airport IPO: GMR Infrastructure Ltd has hired four banks including Citigroup and JPMorgan to manage the listing of its airport business that is expected to raise $300-$350 million (Rs 1,849 crore – Rs 2,157 crore), sources with direct knowledge of the matter said. The company, whose business interest includes airport, power and roads, has also picked Axis Capital, a unit of private Indian lender Axis Bank, and IDFC for the public offering. ()
Bombay Stock Exchange public offer size likely between Rs 400-1,000 cr: The public offer of country’s premier bourse Bombay Stock Exchange (BSE) could range between Rs 400 crore and Rs 1,000 crore ($65 million – $162 million). The issue would emerge only after Bombay Stock Exchange received SEBI approval and discussions held with merchant bankers. The bourse hoped to hit the market after 5-6 months following approval by the regulator. Listing was decided at the time when the exchange was demutualised. It has 7000 shareholders broadly constituting 40% from the broking community, 30% from foreign institutions, including foreign bourses and the remaining 30% from domestic non-broking institutions. (Financial Express)
Heineken is looking to up further stake in UBL: Dutch breweries firm Heineken, which was in the news recently for picking up 1.35% stake in United Breweries Ltd through the open market, may be looking to further increase its stake in the Indian company. UBL executives recently met with the management of the global beer major, which offered to buy UB Group’s stake in the firm. Sources added that while both Heineken and UB Group have been working on the contours of the deal, UB Group is reluctant to opt for a complete buyout and is seeking a premium for a stake sale in the Rs 21,000 crore ($3.4 billion) firm. As part of the deal, UB Group is likely to retain a minority stake in the firm while Vijay Mallya is looking to remain as chairman, it is learnt. Currently, Heineken owns 38.9% stake while Vijay Mallya has 37.3%. (Money Control)
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