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News Roundup: Manipal Global to return 72%+ for early investors

04 October, 2012

Manipal Global to return 72%+ for early investors: Manipal Global, the Rs 1,000-crore higher education services provider from the Manipal group, is closing in on a deal to provide healthy exits to its private equity investors IDFC Private Equity and Capital International. In 2006, the two investors pumped in $70 million in Manipal Global for a 12 per cent stake, and it is understood the two private equity players might get $120-130 million from the exit, valuing the company at about $900 million. (Business Standard)

Sun Pharma gets board nod to raise up to Rs 8,000Cr: Drug firm Sun Pharmaceutical Industries Ltd. is looking to raise up to $1.5 billion (INR 8,000 crores) through domestic or international offerings. The company has received approval from its board of directors for the fundraising. (BSE)

OIL-IOC to take stake in Carrizo’s shale gas asset: The Oil India Ltd-Indian Oil Corporation partnership is expected to acquire participating interest in Houston-based Carrizo Oil & Gas’s Niobrara shale gas asset in Colorado. While financial details of the deal were not available, indications are that the two public sector undertakings are looking at a 30 per cent stake in the Carrizo’s shale gas asset, with Oil India holding 20 per cent and IndianOil 10 per cent. (Business Line)

Mytrah Energy to raise Rs 1,400Cr: Wind energy company Mytrah Energy is in talks with lenders to raise about Rs 1,400 crore to fund its expansion. It is hopeful of closing the deals with the lenders by the end of the year, according to its chairman Ravi Kailas. The company now has total of 316 MW commissioned and 24 MW is likely to be delivered in the fourth quarter of 2012.

VLCC plans stake sale to fund acquisition: The founders of home-grown slimming and beauty services chain VLCC have initiated a sale process with the 23-year-old firm valued at about $230 million. The Luthras have mandated JM Financial to find a strategic minority investor for the firm, said a person with knowledge of the move. This will be VLCC’s third round of fund raising and the proceeds from the sale will be used to expand the business. (The Times of India)

Govt to divest more stake in Engineers India, PowerGrid: The divestment bandwagon continues to roll on. This time it is Engineers India and Power Grid Corporation – both listed firms, where the government will soon decide to offload additional stakes. The move is a part of the overall strategy that the government is attempting on this front. Accordingly, the government may consider selling a fresh 5-percent stake in PowerGrid through the offer-for-sale route later this year. (Moneycontrol)

Godrej Properties to raise Rs 200cr through commercial paper: Mumbai-based Godrej Properties Ltd (GPL) will raise Rs.200 crore by issuing commercial paper that will allow it to raise money from a broad set of investors at attractive rates, largely for working capital requirements. (Mint)

Hotel Leela sees Rs 620Cr from sale of non-core assets: Debt ridden Hotel Leela Venture expects to raise Rs 620 crore by selling non-core assets.The company, which operates luxury hotels and resorts, has a debt of around Rs 4,000 crore on its books.For instance, it expects Leela Business Park in Chennai to be sold in the next six months and Leela hopes to raise Rs 200 crore from the sale, Vivek Nair, vice-chairman and MD, told CNBC-TV18 on Wednesday. (Moneycontrol)

USL-Diageo to discuss contours of deal today: The deal between Diageo and United Spirits is likely to be in the last leg. Executives of both the firms are meeting today to discuss contours of the deal, reports CNBC-TV18 quoting sources. It is learnt that the deal may be done in two tranches with a combination of fresh issue and secondary sale. According to sources, Vijay Mallya-controlled firm USL will issue fresh equity shares to Diageo. (Moneycontrol)

Courtesy: VCCEdge  


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News Roundup: Manipal Global to return 72%+ for early investors

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