News Roundup: Peepul Capital-backed Madras Stock Exchange plans to raise $15.7M

16 March, 2016

Peepul Capital-backed Madras Stock Exchange (MSE) is planning to raise around Rs 100 crore ($15.69 million) through private placement and would also go for an IPO. The fund raising would help MSE meet the Securities and Exchange Board of India (Sebi) mandate of Rs 100 crore net worth and Rs 1,000 crore annual turnover. The company is already in talks with a few private equity investors. Peepul Capital already holds less than five per cent stake in MSE. (Business Standard) 

Myntra may make another buy in 12 months: Online fashion and lifestyle retailer Myntra.com may complete another acquisition over the next 6-12 months. In April, the company had bought US-based technology platform provider Fitiquette after acquiring sports apparel retailer SherSingh in November last year. The company is already in talks with the target companies for the proposed acquisition. Currently, Myntra is doing sales of around Rs 800 crore annually, growing at 15 -20%. (Business Line) 

Idea Cellular in talks with PE firms to raise money: Telecom operator Idea Cellular is in talks with private equity firms to raise fund, a top official of the company said. The company had chance in last 15 days to meet serious investors, including Fidelity and Blackrock. Almost everybody is taking it (penalty) as part of debt equity for companies, affecting our ability to raise more cash flow,” Idea Cellular Managing Director Himanshu Kapania said at an open house discussion chaired by Telecom Minister Kapil Sibal here. () 

India Infoline Finance to raise Rs 1,050 crore via NCDs: India Infoline Finance, the non-banking finance arm of India Infoline Ltd. is looking to raise Rs 1,050 crore ($164.76 million) through issuance of secured redeemable non-convertible debentures maturing in three years and five years. The company would issue the NCDs with a face value of Rs 1,000 each, aggregating up to Rs 525 crore with an option to retain over-subscription of a similar amount. The firm offers an annual coupon of 12% on both the NCDs, which also have the option of monthly interest payment with a yield of 12.68% per annum. The issue would open for subscription on September 17 and will close on October 4. Axis Capital, India Infoline, Trust Investment Advisors and IDBI Capital Market Services are appointed as the lead managers to the issue. () 

Jaypee plans to monetise assets to cut debt: Jaypee Group, with debt of Rs 56,000 crore, is planning to monetise its cement, and thermal and hydro power assets and is hunting for partners to reduce the debt to Rs 41,000 crore by the end of this financial year. Moreover, the company is looking at options to sell a good chunk of its land bank of 9,000 acres. Jaiprakash Power was reportedly in talks with Abu Dhabi Water and Electric Authority to sell its 300-megawatts (Mw) Baspa-II and 1,000-Mw Karcham-Wangtoo projects in Himachal Pradesh. The deal with UltraTech is the first step towards debt reduction. Through bulk land sale, the Group is looking to bring down the debt of Jaypee Infratech by about Rs 5,000 crore, from the current Rs 7,000 crore. (Business Standard) 

Mrs. Bector’s Food to sell its biscuit business: Mrs. Bector’s Food, a leading North Indian company engaged in the biscuits, bakery and condiments business, is looking to sell a controlling stake in the biscuit business and in talks with PE investors. According to people in the know, Motilal Oswal Private Equity, which holds about 23% stake, would sell the business along with the stake owned by other promoters in Mrs. Bector’s Food. The firm has appointed Avendus Capital for advising the stake sale. The talks with PEs are at preliminary stages as the de-merger of business was completed recently. (Business Standard) 

CIL plans to become explosives maker to break cartel: Coal India Ltd (CIL), in a tie-up with Indian Oil Corporation, is set to itself become a producer and parts-supplier to ease its procurement need. The company is lining up a two-way strategy. The company is in the process of acquiring Indian Oil Corporation’s explosives division and would be supplying ammonium nitrate, an explosive raw material, to producers who can make explosives got the company. The state-run coal producer buys about Rs 1,500 crore of explosives annually. (Business Standard) 

Reliance road shows to sell forex loans: India’s largest private sector company Reliance Industries is set to raise $1.75 billion from investors by this week-end with bankers saying the issue has received good response while it was marketed abroad. The company has hired 19 banks to sell the loans in Japan, Singapore, Hong Kong and even to Taiwanese investors. Of the $1.75 billion loan, $1.2 billion is in multi-currency while $500 million is in US dollar, a banker said. Apart from State Bank of India, ANZ, BofAML, Barclays, Bank of Tokyo-Mitsubishi UFJ, Bank of Nova Scotia, BNP Paribas, Citigroup, CBA, Credit Agricole, DBS Bank, DNB, HSBC, Mizuho, RBS, StanChart, Sumitomo Mitsui Banking Corp., Westpac and UOB are managing the issue. (Business Standard) 

IIFCL seeks Sebi nod to mop up Rs 8,171 cr via tax-free bonds: State-owned India Infrastructure Finance Company Ltd (IIFCL) has sought market regulator Sebi’s approval to raise up to Rs 8,171 crore ($1.28 billion) through tax-free bonds. Public issue by IIFCL tax-free, secured, redeemable, non-convertible bonds in the nature of debentures of face value of Rs 1,000 each, having tax benefits. The proceeds from the issue would be utilised by IIFCL for financing activities including lending and investments. Besides, the fund would be used to meet working capital requirements. SBI Capital Markets, A K Capital Services, Axis Capital, ICICI Securities, Karvy Investor Services and RR Investors Capital Services are appointed as the managers, while Karvy Computershare is the registrar to the issue. (Business Standard) 

Promoters of Orient Press plans to sell stake: The promoters of Mumbai based Orient Press Ltd. are planning to sell 12,17,578 equity shares, representing 15.08% of the total paid up equity shares capital of the company on September 12, 2013. The stake sale would be held through the separate window provided by the BSE Ltd. for this purpose. EmkayGlobal Financial Services Ltd. is the manager to the offer. () 

Courtesy: VCCEdge

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News Roundup: Peepul Capital-backed Madras Stock Exchange plans to raise $15.7M

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