| Log in

News Roundup: Parsvnath to Use QIP Route for Raising Rs 2,500 Crore

23 June, 2009

Rolta to Buy Back Bonds Worth $150 Million – Mumbai-based IT solutions and products firm Rolta has made a tender offer to buy back $150 million zero-coupon (the interest rate stated on a bond) convertible bonds. The bonds will be repurchased in the form of a Dutch auction (where the asking price is initially high but gradually brought down till some participant accepts the deal). Bondholders are being provided with a price band of not less than 78% and not exceeding 85.50% of each nominal amount of $1,000 of bonds. (Business Standard)

Pearson to Pick Up Stake in TutorVista – Pearson, the global publishing firm based in UK, is set to pick up a strategic stake in the Bangalore-based e-learning firm TutorVista. Pearson is understood to be investing around $15 million for this strategic stake in TutorVista, which is promoted by serial entrepreneur K Ganesh. TutorVista had earlier raised venture capital from Sequoia Capital, Lightspeed Ventures, Silicon Valley Bank and had subsequently in Manipal Education as an investor. (Business Standard)

Hotel Leela to Exit from Offshore Casino in Goa – Hospitality firm Hotel Leela Ventures is negotiating with the MDLR Group to sell-off its offshore casino in Goa. The deal, which is not yet signed, will be tabled for approval at the company’s board meet on June 27 in Mumbai. Leela intends to sell the casino since off-shore casinos are not the company’s core competence. Hotel Leela had acquired an offshore casino licence from the Goa government in 2006 and spent over Rs 4.5 crore to set up the land-based infrastructure for a floating jetty, besides the Rs 5-crore casino fee every year.(Business Standard)

Parsvnath to Use QIP Route for Raising Rs 2,500 Crore – Parsvnath Developers has announced a plan to mop Rs 2,500 crore through the Qualified Institutional Placement (QIP) route. The funds will be used to reduce its debt and expedite completion of ongoing projects. Due to a cash crunch, the company had to slow down a majority of its ongoing projects in residential, hospitality and SEZ (special economic zone) segments. Parsvnath had plans to develop 17 SEZs. While it has acquired land for six, 11 SEZs have been put on hold. (Business Standard)

Future Group May List VC Arm – Kishore Biyani-promoted Future Group is considering an initial public offering (IPO) for its venture capital arm, Future Venture India Ltd, to raise funds for the group’s expansion plans. Some decision in this regard is likely to be taken within the next few weeks, following which the company would file the prospectus with market regulator Sebi. The company is also open to foraying into new segments. (Business Standard)

Modi Mulls $1 Billion IPO, Scraps Dubai Plan- Indian billionaire Bhupendra Kumar Modi, who has interests spanning telecommunications to financial services, said his holding company planned to raise about $1 billion in an initial public offering (IPO) after scrapping a share sale in Dubai. Singapore-based Spice Global aims to raise the money on another exchange in 2011. Spice Global dropped its planned $500-million Dubai IPO after the Dubai Financial Market General Index slumped 65% in the past year, compared with a 32% decline in the MSCI World Index. (Business Standard)

 


Leave Your Comment
Pearson buys out remaining 20% of TutorVista

Pearson buys out remaining 20% of TutorVista

TEAM VCC 5 years ago
British media group Pearson Plc has completed the acquisition of...
Pearson Snaps Up 76% In TutorVista; Invests Another $127M

Pearson Snaps Up 76% In TutorVista; Invests Another $127M

Madhav A Chanchani 7 years ago
In an unprecedented cross-border transaction covering the hitherto virtually...
TutorVista Global Gets $12.5 Mn From Publishing Major Pearson

TutorVista Global Gets $12.5 Mn From Publishing Major Pearson

Madhav A Chanchani 8 years ago
TutorVista Global Pvt Ltd, an online tutoring and test preparation&nbsp, ...
No Comments

News Roundup: Parsvnath to Use QIP Route for Raising Rs 2,500 Crore

Powered by WordPress.com VIP