Pipavav in talks with European firm to raise up to $150M: Shipmaker Pipavav Defence and Offshore Engineering Co. Ltd is in talks with a European company to raise $100-150 million (Rs 610 crore – Rs 915 crore) by selling a minority stake. The company is likely to close the deal in two months, according to two company executives. If the deal fructifies, Pipavav Defence may drop its plan to list the company on the London Stock Exchange. In July, the Mumbai-based company was planning to raise $150 million by listing its shares on LSE by October. The investment was to capitalize in its subsidiaries to build wide spectrum defence manufacturing facilities and infrastructure for meeting global demand. In November 2012, Sweden’s Saab AB invested Rs 201 crore for a small stake in Pipavav Defence, making it the first strategic investment by a global defence company in an Indian shipbuilder focused on defence production. (Live Mint)
Sula taps investors for stake sale: India’s largest winemaker Nashik Vintners, owners of Sula wines, has kicked off a big stake sale to facilitate exit for financial investors who control around 50% in the company valued at about $125 million (Rs 762 crore), said people directly familiar with the process. The process has attracted early interest from L Capital, an investment arm of French luxury goods conglomerate Moet Hennessy Louis Vuitton (LVMH), and cognac maker Remy Cointreau, among others, who have been approached. Investment bank Avendus Capital is mandated to find either financial or strategic suitors for the proposed stake sale. Indivision Venture, Verlinvest SA, Confintra SA, GIA (Sula) Holdings and ICP Holdings together have over 50% ownership of the winemaker. The Samant family owns most of the remaining stake. Verlinvest and Confintra, which together own about 20% stake, are the investment vehicles of a Belgium family office, who are the founders of beer giant Anheuser Busch InBev. Everstone Capital’s arm Indivision has about 18% stake. (Times of India)
Dhanlaxmi Bank plans to raise Rs 130Cr this quarter: Private sector lender Dhanlaxmi Bank will raise Rs 130 crore ($21.26 million) this quarter as part of its efforts to intensify business growth, a senior official said. The bank, which had a target to mop up Rs 300 crore as Tier-I capital, has already raised Rs 170 crore during the first quarter of the current fiscal. The funds would be utilised to intensify business growth and further strengthen the Capital Adequacy Ratio. (Economic Times)
Shriram City seeks SEBI nod for NCD issue: Shriram City Union Finance has sought market regulator SEBI’s approval to raise up to Rs 200 crore through non-convertible debentures (NCDs). The public issue by Shriram City of secured redeemable NCDs of face value of Rs 1,000 each aggregating up to Rs 10,000 lakh with an option to retain over subscription up to Rs 10,000 lakh for issuance of additional NCDs aggregating to a total of up to Rs 20,000 lakh. The funds raised through the issue would be used for financing and lending activities, to repay existing loans and meet business operations including for capital expenditure and working capital requirements. ICICI Securities is the lead managers to the proposed issue, while Shriram Insight Share Brokers is the registrar. (Business Line)
RPower knocks PFC’s doors again: Reliance Power Ltd (RPower) has once again approached Power Finance Corporation Ltd (PFC) for loans totalling Rs 5,000 crore ($817 million) for its two projects Samalkot (Andhra Pradesh) and Tato-II (Arunachal Pradesh). The Anil Ambani group company has sought Rs 2,500 crore for the 2,400-MW Samalkot gas-based station and Rs 2,584 crore for the 700-MW Tato-II hydro power project. The Tato-II case was discussed by PFC Board on November 8, while the one for Samalkot is under examination, an official privy to the development told. (Business Line)
Loop Mobile in talks with Airtel, PE funds: Loop Mobile Ltd. telecom operator is in talks with a string of investors to raise funds for renewing its licence that expires next year. Dubai-based I.P. Khaitan and family are in discussions with Bharti Airtel to sell the GSM operator to the telecom service provider. Separately, discussions are also on with a host of private equity (PE) players to raise funds in exchange for a stake, sources privy to the development told. The company has also appointed a merchant banker for the fund-raising exercise. The quantum of the stake to be offloaded would depend on the valuation. (Business Line)
Reliance Group puts 100 Navi Mumbai flats on sale: The Anil Ambani-led Reliance Group has put up on sale some 100 flats in the upscale NRI Seawoods Complex in Nerul, Navi Mumbai, two people familiar with the development said, continuing with its move to divest property. The conglomerate has appointed realty consultant Jones Lang LaSalle to conduct the sale of these apartments that were being used to house senior executives, who have been given the first right to buy. The Reliance Group could get around Rs 122-250 crore if it sells all its flats. The group has already sold some 30 flats and is looking to sell the rest. (Live Mint)
Dena Bank plans to raise Rs 600 crore through QIP: State-run lender Dena Bank is planning to raise Rs 600 crore ($98 million) through qualified institutional placement after it receives capital from the government, which is expected to happen by December-end. The bank expect Rs 700 crore by way of capital infusion for which, the company would be issuing preferential shares to the government. Currently, the government holds 55.25% stake in the bank and maintaining the government share at the same level. (Live Mint)
Govt appoints 5 merchant bankers for Power Grid FPO: Government has appointed five merchant bankers, including SBI Caps and Kotak Mahindra, for the upcoming 17% follow-on public offer of state-run Power Grid Corporation. Citigroup, ICICI Securities, UBS, SBI Caps and Kotak Mahindra have been appointed as the book running lead managers for the Power Grid FPO, said a source close to the development. The follow-on offer, which is likely to get Cabinet nod today, will comprise 4% stake sale by the central government and the company will also raise fresh equity to the tune of 13%. At current market valuations, the FPO is likely to fetch close to Rs 7,500 crore ($1.22 billion). This would be the second follow-on offer from Power Grid, which sold a 10% stake along with a similar stake divested by the government in November 2010 at an issue price of Rs 90 a share. (Business Standard)
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