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News Roundup: Pantaloon To Sell Non-Core Assets

18 August, 2009

Pantaloon To Sell Non-Core Assets – Pantaloon Retail, the retail entity unit of Future Group, is floating an FDI-compliant special purpose vehicle (SPV) to offload its non-core assets to private equity players. The PE firms will buy into this PSV, which will acquire non-core assets owned by as many as 18 subsidiaries including IT, manpower development and brand development. The sale is expected to fetch Rs 500 crore and the firm has reached an informal agreement with Bain Capital. (ET)

L&T Finance To Raise Rs 1,000 Cr – L&T Finance, promoted by engineering and construction major Larsen & Toubro (L&T), plans to raise Rs 1,000-crore through its first-ever public offer of non convertible debentures. The company said today the issue will remain open between August 18 and September 4. (DNA)

IDBI Bank To Sell Housing Finance Unit – IDBI has revived the proposal to sell IDBI Home Finance, its wholly-owned subsidiary, to Dewan Housing Finance, even though the government was yet to decide on the issue. This comes after IDBI pumped in Rs 20 crore into the home finance company to shore up its capital base to meet the National Housing Bank-prescribed norms. (Business Standard)

HCL Info To Raise Rs 825 Cr – IT firm HCL Infosystems is planning to raise Rs 825 crore through the issue of securities.  The company would raise Rs 500 crore through the issue of securities in domestic or international markets, while another Rs 325 crore will be raised through the allotment of warrants to the company’s promoters. The various means of securities for raising Rs 500 crore in the domestic or global markets include equity shares, American depository receipts, global depository receipts, foreign currency convertible bonds and bonds with share warrants attached. (Times of India) 

RIL Plans To Sell Stakes In Global Exploration Blocks – Reliance Industries has initiated talks with global energy majors to divest its shareholding in at least half-a-dozen overseas exploration blocks to reduce risk. RIL owns majority stakes, from 70% to 100%, in blocks in countries including Columbia, Oman, Australia and Yemen through its wholly-owned subsidiary Reliance Exploration and Production DMCC (REP DMCC). The company aims at divesting majority stake in offshore blocks in Australia, Oman and Columbia and a minority stake in two on-shore blocks in Yemen. (Economic Times) 

Chairman Venu Srinivasan’s Daughter To Join SCL– Lakshmi Venu, daughter of TVS Motor chairman and managing director Venu Srinivasan, will be inducted into Sundaram-Clayton ((SCL) in the next few weeks time. SCL is the holding company of TVS Motor. She is likely to be appointed as a director on the board of SCL. The move is seen as a precursor to her joining TVS Motor giving her potential power over the expanding two-wheeler and three-wheeler businesses in India and overseas markets. (ET)

Essar Bids For Three Shell Refineries – Essar Energy has submitted a bid to acquire three of Royal Dutch Shell’s European refineries. Essar is among the bidders for two German refineries at Heide and Harburg as well as Shell’s UK refinery at Stanlow. The package is valued at about £1.5 billion ($2.4bn).The three refineries have a combined capacity to process around 18 metric million tonnes of crude oil per annum. (Financial Times) 

Essel Propack Puts Medical Devices Biz On The Block – Plastic packaging company Essel Propack has put its medical devices business on the block as part of its plan to get rid of non-core businesses to meet its capital expenditure requirements. The company is in talks with potential suitors to sell its medical devices, which are estimated at around Rs 100 crore. It expects to get over Rs 200 crore through this sale. Essel Propack is operational in 14 countries including Mexico, Colombia, Germany, Egypt, Philippines, Singapore, Indonesia and India. It manufactures laminated tubes for oral care, cosmetics, personal care, pharmaceutical, food and industrial sectors. (ET)


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News Roundup: Pantaloon To Sell Non-Core Assets

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