Nitesh Estates Sets IPO Price At Rs 54-56 A Share - Bangalore-based realty developer Nitesh Estates has set a price band of its initial public offering at Rs 54-56 a share. The company had earlier proposed to mop up Rs 450 crore along with a greenshoe option to raise a further Rs 45 crore. The proceeds will be used for funding its upcoming as well as under-construction projects and to repay debt. The public issue will open on April 22 and close on April 27. (Reuters)
Subbu Subramaniam To Float PE Fund - N Subbu Subramaniam, former co-head of leading private equity fund Baring Private Equity Partners, is set to float his own private equity firm in India. Earlier in October last year, Subramaniam told VCCircle that he was busy giving shape to his next innings. Among the various options that he was evaluating were raising a fund himself, joining an international PE, roping in a partner or scouting for an anchor investor. Reportedly, the new entity will be called M Cap Fund Advisors. Subramaniam is currently in the process of building a management team that will identify target companies for possible investments. (DNA)
Lilliput Raises Rs 120Cr From TPG - Lilliput Kidswear Ltd, a leading player in the Indian branded kidswear segment, has raised Rs 120 crore from private equity fund TPG. Though the company did not disclose the quantum of stake it has diluted to raise the fund, reports suggest that TPG has picked up a minority stake in the firm. Last week, Bain Capital had picked up an undisclosed stake in Lilliput for Rs 270 crore. (ET)
Shree Renuka Demands 8% More In Equipav - Shree Renuka Sugars Ltd, which has earlier announced its plan to acquire at least 51% stake in Brazilian sugar firm Equipav SA Açúcar e lcool, is demanding a higher stake in the company. Shree Renuka is demanding 8% more due to a slump in the international market. It has earlier planned to buy 51% stake for Rs 1,530 crore. (ET)
TFCI To Raise PE - Tourism Finance Corporation of India (TFCI), a government of India undertaking which is engaged in financing tourism related projects, is planning to raise private equity fund to finance large infrastructure projects. The company is currently focusing on investments in areas such as power, roads, airports and ports. TFCI is targeting a portfolio of around Rs 5,000 crore in five years. (FC)
Nimbus To Raise Rs 350Cr In IPO - Nimbus Communications, one of India's leading media and entertainment businesses focused on TV, advertising and sports rights, is planning to hit the capital market to raise fund. The company is likely to raise around Rs 350 crore from its proposed initial public offer (IPO). Nimbus, which runs popular sports channel Neo Sports, plans to launch two new channels and expand in to North American markets as well. (FE)
Vicat Buys 51% In Bharathi Cement - SA des Ciments Vicat, the French cement major, is acquiring 51% in Bharathi Cement. Both the companies have already signed an agreement on the same. Vicat is likely to pay $500 million to Bharathi for the acquisition. Jagan Mohan Reddy, son of former Andhra chief minister Y S Rajasekhara Reddy, holds 69% stake in Bharathi. Dalmia Cement, India Cement and N Prasad of Matrix Laboratories also hold stake in the company. (DNA)
ArcelorMittal To Buy Stake In Ferro Alloys - Billionaire Laksmi N Mittal-led steel major ArcelorMittal is in talks with Delhi-based Ferro Alloys Corporation (Facor) for a strategic stake in the company. The development came about six months after the firm bought equity in speciality steel producer Uttam Galva. Saraf family, who are the promoters of Facor, are planning to diversify into the power business and wants to divest a part of their stake to raise funds. Facor has chrome ore mining complex in Orissa. (BS)
ETA Ascon To Raise PE In SPV - ETA Ascon Star Group, a diversified company with interest in civil construction, electro mechanical, elevator engineering and facilities management space, is planning to dilute its stake in Star Tech City, the special purpose vehicle set up to promote an integrated township at Sriperumandur in Chennai. The company had initiated talks with private equity investors to raise funds for the project, which has 70:30 debt equity ratio. The cost of the project was estimated at Rs 3,750 crore in 2008. (BS)
Orient Green To Raise Rs 900Cr In IPO - Orient Green Power Ltd (OGPL), a group firm promoted by Shriram EPC Ltd, is planning to raise Rs 900 crore through public offer. OGPL is engaged in power generation from renewable sources and has a portfolio of about 175 MW, comprising 134.5 MW of wind and 40.5 MW related to biomass projects. OGPL also has over 500 MW capacity under construction. Shriram EPC holds 40% stake in Orient Green while the remaining stake is with two PE investors, Bessemer and Olympus. (Business Line)
Govt Likely To Divest 10% Stake In Nalco - The government of India is planning to divest around 10% stake in the state-owned National Aluminium Company Ltd (NALCO). At the current market price, the government could raise up to Rs 2,228 crore by divesting 10% stake out of its current 87.15% stake in the company. The move is part of government’s plan to raise up to Rs 40,000 crore through its disinvestment programmes across several industries. (Business Line)
