OIJIF, a equal joint venture between State Bank of India (SBI) and State General Reserve Fund (SGRF), will start raising money from December. SGRF is Oman’s sovereign wealth fund. Formed in 2010, OIJIF started with a corpus of $100 million. The fund has made five investments since 2011. Its current investments include National Commodity and Derivatives Exchange Ltd, ING Vysya Bank Ltd and Solar Explosives Ltd. So far, 70% of the first fund has been invested. The new fund will invest in sectors such as single-brand retail, specialty chemicals, pharmaceuticals and industrials. The average ticket size will be about $15 million. (Live Mint)
IOC to raise $900 million debt in overseas market: The country’s biggest refiner Indian Oil Corporation will raise $1.65 billion (INR 9,689 crore) debt in overseas market in the current financial year. The company will raise $900 million (INR 5,285 crore) through external commercial borrowings to replace short-term costlier loan while another $750 million (INR 4,404 crore) will be raised over the financial year, its director finance PK Goyal said. The company raised $1.17 billion foreign debt in the last fiscal. (The Economic Times)
JustDial’s private equity backers set to sell $600 million shares: Three private equity backers of India’s first voice-based search firm JustDial Sequoia Capital, Tiger Global and SAIF Partners will at least part-sell their shares worth $600 million (INR 3,523 crore) as the capital markets regulator-mandated lock-in period gets over this week. Investment bankers have held talks with the PE funds for a block trade on bourses, which would see them making one of the heftiest returns in Indian start-up investing. The three funds hold about 38% in JustDial and their exit move coincides with the recent stock market rally, swinging to their advantage. (The Times of India)
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