Mytrah Energy Ltd, a company focused on wind energy farms in India, is considering initial public offering and listing in the Singapore Exchange Securities Trading Ltd (SEST). The move is aimed at raising funds to meet its capital requirements for expansion and to trim or fully retire its existing debt. The company has Henderson Global Investors and R&H Trust Co among its investors. Business Trust would acquire assets from Mytrah as a part of the proposed listing. (Business Line)
Venture capital firm Ventureast to raise Rs 200 crore for new fund: Venture capital firm Ventureast, which focuses on life sciences, technology and emerging sectors and manages a $300-million (INR 1,634.7 crore) fund, is set to raise INR 200 crore ($36.57 million) soon for a new fund. The new fund, which will be raised from a pool of institutional investors from the US, Europe and Singapore, would primarily focus on investing in early stage startups in education, medical and clean-energy-related technologies. The INR 60-crore Tenet Fund-II, an earlier fund of Ventureast, will be exhausted by the year-end. The fund is set to invest in four-six more entities and certain deals are set to be announced in a couple of weeks. Tenet Fund-II has invested in eight companies. (The Economic Times)
DLF appoints StanChart, JP Morgan, Deutsche Bank & BoAML to raise INR 1,900 crore: India’s real estate developer DLF Ltd. has appointed four global investment bankers to sell fresh shares to the institutional investors in domestic and overseas markets to raise around INR 2,000 crore ($365.73 million) to reduce debt. The issue will also help the company to stick to Securities Exchange Board of India (SEBI) listing guidelines of minimum public shareholding at 25%. The company has mandated Standard Chartered Bank, JP Morgan Chase, Deutsche Bank and Bank of America Merrill Lynch for the issue. DLF owner K.P. Singh and his family owns 78.58% stake in the company. (The Economic Times)
India Plans to Raise $3.7 Billion Selling Coal India Shares: India plans to raise 200 billion rupees ($3.7 billion) selling part of its stake in Coal India Ltd. (COAL), producer of the fuel, and narrow the widest budget deficit among major emerging economies. The government, which owns 90% in the monopoly coal miner, plans to sell a 5% stake to the public and a similar holding to the company. Prime Minister Manmohan Singh’s administration sold stakes in companies including NTPC Ltd., NMDC Ltd. and Oil India Ltd. for about 240 billion rupees ($4.38 billion) in the year ended March 31 to shrink the deficit, pay for subsidies and invest in public works. (Bloomberg)
Piramal Group might sell Vodafone stake this year: Piramal Healthcare is planning to offload its 11% stake in telecom major Vodafone India, and was well on track to do so. The company had invested in Vodafone and it was a 24-36-month exit plan. The firm was still on track for and would exit either sometime this year or next. Pirmal Healthcare had picked up 11% stake for INR 5,900 crore ($1 billion) in two tranches in the Indian arm of Vodafone. The company had paid INR 2,893 crore ($529 million) in August 2011 for 5.5% stake and then another INR 3,007 crore ($549.88 million) in February last year for 5.5%. (Business Standard)
Business Standard in talks with Delhi Press to sell auto magazine: India’s first automobile magazine published by a newspaper, Business Standard Motoring (BSM), is up for sale. Delhi Press Group is in talks to buy the 17-year-old magazine, owned by Business Standard Ltd. The discussions are in the final stages and the deal could be valued at less than INR 10 crore ($1.82 million). (Live Mint)
DLF plans to sell wind biz for INR 300 crore: Real estate major DLF Ltd. is likely to announce sale of its wind business at around INR 300 crore ($54.86 million) later in the day. The company is going to sell its wind assets in Tamil Nadu and Rajasthan. The firm would use this proceeds to pare its debt. The company has sold wind power assets in January 2013for INR 282 crore. (Moneycontrol.com)
Educomp close to ceding IndiaCan to JV partner Pearson: IndiaCan, the 50:50 joint venture (JV) between Educomp, India’s largest educational services company, and Pearson Plc, the $9 billion global publishing and education services major, is set for a change of control and ownership. The deal transferring most, if not all, of Educomp’s 50% shareholding in the vocational training company to Pearson has been closed. Though the exact details of what Pearson will pay Educomp for its share is not known, it is understood to be significantly lesser than what Shantanu Prakash, founder and CEO of Educomp, had apparently been holding off for the last few years. (Forbes India)
Courtesy: VCCEdge
