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News roundup: Nalco-NPCIL JV to raise up to $274M

02 January, 2013

NPCIL- Nalco Power Company Ltd. a joint venture between Nalco and NPCIL (Nuclear Power Corporation of India Ltd) to set up nuclear plants is looking to raise a term loan of up to $274 million (INR 1,500 crore) over the next three months to fund the construction of power generation capacities. The company is already in talks with the banks and hopes to complete the process in the next two-three months. According to he joint venture agreement, Nalco currently holds 26% stake in the company with an option of taking it up to 49%, while the rest is with NPCIL. (Business Standard)

NMDC in talks for coking coal mines in Russia, Mozambique:

State-owned iron ore miner NMDC Ltd. is engaged in active discussions to acquire coking coal assets in Russia and Mozambique to feed its upcoming steel-making plant in Chhattisgarh. The company is also scouting for coking coal assets in the US. NMDC is also looking for buying iron ore assets in Brazil and Russia. The firm has sealed its maiden overseas buy by acquiring 50% stake in Australian firm Legacy Iron Ore last year. (Business Standard)

Miglanis in talks with PE funds to invest in Lloyds Steel:

The Miglani family which jointly owns Uttam Galva Steels Ltd with ArcelorMittal has completed the acquisition of Lloyds Steel by reconstituting its board. The company is now in talks with private equity (PE) companies to inject funds in the company. The erstwhile promoters of Lloyds Steel have resigned and Rajinder Miglani, Ankit Miglani and Rajiv Munjal have taken over the management of the company. After the acquisition, the family now holds 58.35% in Lloyds Steel with 21% still remaining with the promoters of Lloyd. (Business Standard)

HUDCO to launch tax-free bonds issue to raise INR 5,000 cr:

Housing and Urban Development Corporation Ltd ( HUDCO) will launch a public issue of tax-free bonds next month to raise up to $913.55 million (INR 5,000 crore) for financing low-cost housing and urban infrastructure projects. For retail investors, the bond issue carries a coupon rate of 8.01% per annum for 15 years maturity period and 7.84% for 10 years. The coupon rate for qualified institutional buyers (QIB), corporates, high-net worth individuals has been fixed at 7.51% per annum for 15 years and 7.34% per annum. (Business Standard)

MOIL eyes stake buy in Peru mine:

State-run manganese ore producer MOIL has evinced interest in picking up a stake in Maravilloso Mines in Peru owned by Melrose Mines and Minerals. The mines have four manganese ore concessions with a proven reserve of 2.95 mn tones. (Business Standard)

Punjab & Sind gets board nod to raise up to INR 1,000 cr capital:

Punjab & Sind Bank is looking to raise up to $182.71 million (INR 1,000 crore) through preferential allotment route. The company has received the approval from its board for the proposed fundraising. (BSE)

Parsvnath to raise capital to pay Delhi land instalment:

Delhi-based Parsvnath Developers Ltd plans to raise up to $65.77 million (INR 360 crore) through a non-convertible debenture issue (NCD) to pay for land it bought a couple of years ago. The realty firm had bid for a prime piece of railway land in the national capital in 2010 and paid $301.65 million (INR 1,6510 crore). Parsvnath would use the money from the NCD issue to pay the second instalment of the payment. (Live Mint)

Courtesy: VCCEdge


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News roundup: Nalco-NPCIL JV to raise up to $274M

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