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News Roundup: PE Consortium to Buy Majority Stake in DLF Assets

18 February, 2009

PE Funds to Buy Majority stake in DLF Assets – A consortium of private equity funds, including UAE’s leading financial institution Taib Bank, the Blackstone group and JP Morgan, are believed to be in advanced negotiations with promoters of the DLF group to pick up a majority stake in affiliate company DLF Assets. The deal, if finalised, would fetch DLF Assets around $400-450 million. A senior team from Taib Bank was in Delhi last week, holding talks with DLF Assets. Sources suggest that the Middle East financial giant is evaluating a $50 million investment in DLF Assets. (The Economic Times)

18 PSU Banks to Get Recapitalisation Finance – Almost all public sector banks, barring a handful such as Punjab National Bank, Bank of India and Canara Bank, are in line to get recapitalisation finance from the government over the next 24 months. According to the sources 18 banks will be taken up for assistance and the government will provide budgetary allocation for recapitalisation in case its proposal to raise around $3 billion from the World Bank does not materialise. The fresh capital infusion, which will be through a mix of instruments ranging from preference shares, subscription to rights issues and other avenues, which are being explored, will also result in an increase in the government holding in these banks to enable them to go for public offers at a later date. (Business Standard)

Sterlite May Get Asarco At Half Price – Sterlite Industries, the flagship firm of London-listed Vedanta group, is close to acquiring US copper miner Asarco at nearly half the earlier agreed price of $2.6 billion. The deal is expected to be finalised in a week as the Asarco board has agreed to the offer price. The valuation of Asarco, which filed for bankruptcy in 2005, have drastically dropped due to fall in copper prices. (BS)

S Kumars’ Brandhouse To List in a Month – S Kumars group company Brandhouse Retails is expected to be listed on the stock exchanges within a month. Brandhouse had demerged with the group’s flagship company S Kumars Nationwide (SKNL) in March last year and was expected to list on the exchanges by October. The company is also looking to sell 6% stake, which is held by IL&FS. When Brandhouse demerged from SKNL, the latters FII shareholding of 30% was also reflected on Brandhouse. Government does not allow FII holding in retail companies of more than 24.9%. (BS)

Govt Approves Nacil’s JV With Singapore Co – The government approved joint venture firms by Nacil, the Air India’s parent company, and Singapore Air Terminal Services (SATS) to provide ground-handling services at major airports, including Delhi and Mumbai. Nacil will now be able set up 50:50 joint ventures for these services. Nacil and SATS will set up different JVs for Bangalore and Hyderabad airports, investing Rs 99.10 crore and Rs 60 crore in each respectively. (BS)

Shobha Developers Restructures Debt – Bangalore-based realty firm Sobha Developers’ is restructuring 45% of its Rs 1,900 crore debt. The company is in talks with banks and financial institutions to restructure around Rs 850 crore debt. it has already got approval for this exercise from three financial institutions to restructure around Rs 100 crore debt to start with. Shobha has a land bank of 3,000 acres and is in discussions with 12 institutions to restructure its debt. (BS)

 


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News Roundup: PE Consortium to Buy Majority Stake in DLF Assets

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