Mawana Sugars To Sell Chemical Biz – Siddharth Shriram-controlled Mawana Sugars has initiated the process for selling its chemical business. The proceeds would be used to bring down the company’s debt, currently at Rs 470 crore, to below Rs 200 crore. The company has appointed SBI Capital as an advisor for evaluating strategic options for the chemical business. Its reserve price has been fixed at Rs 151 crore. The bid will close tomorrow. Of Mawana’s annual revenue of Rs 680 crore, 24% comes from the chemical business. This business is, however, debt free. (Business Standard)
Core Projects May Buy ITN Mark For $25M – Technology-enabled education solutions provider Core Projects & Technologies is set to acquire UK-based educational consulting services firm ITN Mark for about $25 million. Core Projects will buy 100% stake in ITN Mark, majority of which is owned by private equity firm Ochre House, which is part of NBGI Private Equity. The company will fund the acquisition via internal accruals and borrowings. ITN Mark has 5% market share in the education sector in the UK and at present services more than 1,600 schools. (Economic Times)
BSNL Eyes PE Funding For Tower Unit – Bharat Sanchar Nigam Ltd (BSNL) is planning to rope in private equity investors, including telecom companies, to pick up stake in a new company that will be floated by hiving off the state-run telecom major’s towers. BSNL has over 40,000 towers across the country, which, based on previous deals, are valued at around Rs 16,000- Rs 20,000 crore. If permitted by the company’s board, BSNL will have to seek government’s approval to go in for private equity. (Business Standard)
Promoters To Sell Stake In Hindusthan National Glass – The Somany family, founders of India’s biggest glass container manufacturer Hindusthan National Glass and Industries Ltd (HNGI), is looking to sell around 7.5% of the company’s shares to invest in an “unrelated business”. The proposed share sale may raise around Rs.135 crore at current prices, paring the family’s stake to 62.5%. The stake sale is expected to be concluded in the current fiscal. The company is also looking for investors to sell an additional 7.5% stake from its 14.64 million treasury stocks.
Gammon Infra To Sell Stake In Port, Road Projects – Gammon Infrastructure is planning to sell stake in two infrastructure projects for raising equity funding to meet expansion plans. The company hopes to raise around Rs 300 crore through this route, in addition to Rs 200 crore it plans to raise through a rights issue. The company would either divest a part of their special purpose vehicles or look at securitising receivables from existing projects. Fund raising from both these sources can happen in the next six months.
Aditya Birla, JSW Reach Second Round For Bandanna Bid – India’s Aditya Birla, JSW Steel, and Jindal Steel and Power are among firms shortlisted to bid for Australian coal explorer Bandanna Energy as part of a billion-dollar-plus sale. China’s CITIC Resources Holdings and a subsidiary of China Coal had also made it to the second round of the sale process after lodging indicative bids earlier this month. Bandanna could fetch between $853 million-$1.6 billion.
Govt May Sell 5% In BHEL For Rs 4,500Cr – The Government is likely to divest 5% equity in state-owned engineering giant BHEL as part of the exercise to raise Rs 40,000 crore from disinvestment during the current financial year. The stake sale in BHEL is likely to yield the Government about Rs 4,500 crore at existing market prices. The Government currently holds 67.72% equity in BHEL, which will come down to 62.72% following the disinvestment. (Business Line)
Claridges Acquires Lohagarh Fort – Suresh Nanda-promoted hotel firm, the Claridges Hotels & Resorts , has acquired the 100-year-old Lohagarh Fort in Bharatpur, Rajasthan, as part of a strategy to spread its wings around the country. The company currently owns and operates three hotels under the Claridges brand – one each in New Delhi, Surajkund (Faridabad) and Mussorie, and a 3-star business hotel under the Atrium brand in Surajkund. (Economic Times)