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News Roundup: PE Firms In Race For Firepro

12 August, 2009

Era Infra To Raise Rs 600 cr – Era Infra Engineering is looking to raise Rs 500-600 crore by issuing fresh shares through a qualified institutional placement (QIP). The Delhi-based engineering and construction company has given the mandate to UBS. The company may go for the issue in next one month. (Economic Times)

Indian Firms Can Merge With Foreign Cos – A bill which which was tabled in Parliament has proposed to allow Indian companies to merge with overseas companies, a move that could introduce greater flexibility in cross-border merger and acquisitions (M&As). The Companies Act Amendment Bill says that payment to shareholders of listed Indian companies being merged can be in the form of cash, shares or Indian Depository Receipts (IDRs) issued by the overseas companies. (Business Standard)

PE Firms In Race For Firepro – Private equity arms of Goldman Sachs and Standard Chartered are in talks with building safety and security solutions provider Firepro Systems to invest Rs 200 crore for a 26% stake. The Bangalore-headquartered company with operations in India, Australia, the Middle East and Singapore has annualised revenue of around Rs 300 crore. In 2006, Firepro raised $12 million from AIG divesting over 15% stake. (ET)

IL&FS, DLF To Invest in Gurgaon Metro – A consortium of DLF Ltd, the largest real estate developer in the country, and IL&FS is looking to invest about Rs 900 crore in the metro rail project in Gurgaon. The companies are looking at debt equity funding of about 70:30 for the project. While DLF will take up 26% stake in the project, IL&FS will hold the rest of the stake. (DNA)

OVL Eyes Russian Partner For YPF Bid – ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned ONGC, is in talks with three Russian companies—Rosneft, Lukoil and Gazprom—for acquiring a substantial stake in YPF, the Argentinean arm of Spanish oil major Repsol YPF SA. The total holding of Repsol YPF in the Argentinean company is 84%, with a potential deal having a ticket size of over $17 billion. The idea of OVL’s joining hands with a partner was to mitigate risk and not just to fund the transaction. (ET)

Bharti To Offer $500 Mn Outsourcing Deal – Telecom major Bharti Airtel will outsource the management and maintenance of its 80,000 km-plus inter-city optic fibre cable network in a deal that is estimated to worth about $500 million over a five-year period. The deal is in line with the company’s policy of outsourcing non-core activities to save costs and become a telecom marketing company. Bharti has sounded out several telecom equipment majors about the contract that will be issued soon. (ET)

Tata Motors Close To Raising £340 Mn – Tata Motors will soon get £340-million loan from the European Investment Bank (EIB). The company will invest the amount for Jaguar Land Rover’s funding. It has already got a three-year financing facility of up to £75 million from London-based Burdale Financial while the company has raised another £175-million through private funding. The EIB loan is part of the company’s £800-million project for product development and environmental technologies while the private funding is for operational expenditure. (Hindu Business Line

Commonwealth Organisers To Raise Rs 1,000 Cr – Organisers of the Commonwealth Games aim to raise Rs 1,000 crore in sponsorship deals and are in talk with top business houses like Bharti Airtel, Tata Group, LG Electronics, Idea, Vodaphone, Coca-Cola, PepsiCo, Hero Honda and Reliance among others. As part of the plan, the two lead partners need to put in Rs 100 crore each while 10 associate sponsorship slots command Rs 50 crore each. (ET) 


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News Roundup: PE Firms In Race For Firepro

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