Narayana Health is planning to raise up to $40 million through private equity. The funds would be used to expand to other countries as well as in the west and northern part of India. The company is looking to raise funds from its existing private equity funds, JP Morgan and Pinebridge though no firm decision has been taken yet. Both JP Morgan and Pinebridge have invested $100 million for a 23% stake in 2008. (Business Line)
Union Bank of India plans to raise $500 million abroad: With the Reserve Bank of India doubling the overseas borrowing limit of banks, Union Bank of India is planning to raise about $500 million (Rs 3,167 crore). The overseas borrowing would be in the form of bilateral loans of one to two year duration. The public sector bank would raise the resources from one of the two international locations Hong Kong or Dubai, where it has branches. The bank expects to tie up the funds at a mark-up of less than 2 percentage points over the benchmark Libor. (Business Line)
Catholic Syrian Bank seeks RBI nod for divesting further stake: The promoters of private sector Catholic Syrian Bank have sought the Reserve Bank’s nod for divesting further stake in the bank to a UAE-based businessman. Siam Vidhya Group, promoted by Bangkok-based Non-Resident Indians, had acquired 36.18% equity shares of the city-based bank in 1994. In May 2012, the holding of stakes by the Group declined to 17.99%. Last April, out of the 17.99% stake held by Siam Vidhya Group, 4.99% had been sold to Abu-Dhabi based EMKE Group promoted by Yusufali M A. The proposal for further transfer of three per cent stake (from Siam Vidhya Group to EMKE Group) has been submitted to the Reserve Bank of India about two months ago. (Economic Times)
McDonald’s offers to buy out Indian partner Vikram Bakshi: McDonald’s offered to buy out estranged Indian partner Vikram Bakshi before the Company Law Board on Thursday. Bakshi’s lawyer ignored the offer, saying he wasn’t interested in selling. Rajiv Nayar, the McDonald’s lawyer, said accepting the offer would effectively end the dispute between the two sides over Bakshi’s removal as managing director of the joint venture. In any case, the general board meeting could not have removed him. As per the joint venture agreement, he can only be removed by a shareholders’ meeting. (Economic Times)
Khaitan & Co appointed legal adviser to manage CIL stake sale: Government has appointed Khaitan & Co as legal adviser for managing disinvestment of five per cent in Coal India, taking ahead the stake sale proposal in the PSU. The appointment of legal adviser comes ahead of the crucial meeting next week between Coal India and its five workers unions which have threatened to go on a three-day strike beginning September 23 to protest the proposed stake sale. Goldman Sachs, Credit Suisse, Deutsche Bank and SBI Capital Markets are among seven merchant bankers which were earlier selected to manage the stake sale in CIL. Currently, the government holds 90% stake in the company. (Economic Times)
Power Ministry to soon float Cabinet note for Power Grid FPO: Power Ministry would soon float a Cabinet note for a follow-on public offer of state-run Power Grid Corp to raise 13% fresh equity and about 4% share sale by the central government. The company is expected to mop up over Rs 4,100 crore ($645 million) through the FPO. At present, the government holds 69% stake in the public sector unit. The funds raised are expected to be utilised towards its expansion plans, including power transmission to the tune of 75,000 MW by 2017. The company had hit the capital market in October, 2007, with its maiden public offer (IPO). (Economic Times)
Shriram Transport Finance to raise up to Rs 500 crore via NCDs: Non-banking finance company Shriram Transport Finance is planning to raise up to Rs 500 crore ($78.6 million) through non-convertible debentures (NCDs) to support financing activities. The company has filed a draft offer document for public issue of secured redeemable NCDs of face value of Rs 1,000 each, NCDs aggregating up to Rs 250 crore with an option to retain over-subscription up to Rs 250 crore for issuance of additional NCDs. The proceeds from the issue would be utilised for financing activities including lending and investments. JM Financial Institutional Securities and A K Capital Services are the lead managers of the issue, while Integrated Enterprises (India) Ltd is the registrar. (Economic Times)
Tata Capital Financial services plans to raise funds: Tata Capital Financial Services Ltd. is planning to raise up to Rs 6,000 crore ($943 million) through issuance of secured, redeemable, non – convertible debentures on a private placement basis as approved at the Board Meeting held on March 25, 2013. The above is being proposed in view of the Guidelines issued by the Reserve Bank of India on “Raising Money through Private Placement by NBFCs – Debentures etc.” which, inter-alia, stipulates that the offer document for private placement of Non-Convertible Debentures should be issued within a maximum period of 6 months from the date of the Board Resolution authorizing the issue. (BSE)
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