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News Roundup: Piramal may buy 20% in Shriram Capital

08 January, 2014

Piramal may buy 20% in Shriram Capital: Piramal Enterprises is likely to buy a 20% stake in Shriram Capital in three-four months, according to G.S. Sundararajan, Managing Director, Shriram City Union Finance. In May last year, Piramal had bought about 10% stake in Shriram Transport Finance Co for Rs 1,652 crore. Piramal Enterprises aims to become a strategic investor in Shriram Group. Sundararajan said Shriram Group is keen to end its reliance on private equity (PE) players for funding and rely more on strategic investors.(Business Line) 

‘IOC, EIL disinvestment in January’: The government plans to sell stakes in Indian Oil Corporation and Engineers India Ltd this month and in Bhel in February as it rushes to meet its disinvestment target of Rs 40,000 crore ($6.4 billion). The government also proposes to offload equity in Hindustan Aeronautics ( HAL) in March, economic affairs secretary Arvind Mayaram said. As per the road map drawn up by the government, a 10% stake sale in IOC and EIL each is expected to yield Rs 5,000 crore ($803 million) and 500 crore ($80 million), respectively. (The Times of India) 

Irda okays L&T Infra Debt’s Rs 500 cr debt as infra investment: Insurance sector regulator Irda on Tuesday allowed L&T Infra Debt Ltd to issue Rs 500 crore ($80 million) debt instrument to be included as investment in infrastructure. The company would issue secured, redeemable and non-convertible debentures to be reckoned for investment in infrastructure. The categorisation of the above investments is based on the rating of the instrument from time to time.  (The Economic Times) 

Tata Sons plans to raise at least 3 bn rupees via bonds: Tata Sons, the holding company of Tata Group, plans to raise at least Rs 300 crore ($48.12 million) via two separate bond deals, a source with direct knowledge of the matter said on Tuesday. The firm would issue 5-year bonds at 9.78% and 10-year bonds at 9.74%. ICICI Securities Primary Dealership is the arranger to the deal. () 

HDFC Ltd plans to raise at least Rs 5 bn via bonds: Housing Development Finance Corp Ltd plans to raise at least Rs 500 crore ($80 million) through an issue of three-year bonds at 9.75%, said two sources with direct knowledge of the deal. ICICI Securities Primary Dealership and Axis Bank are the arrangers to the bond sale, the sources said. (The Economic Times) 

HM plans to cut stake in Chennai plant: To cut losses, Hindustan Motors (HM) plans to raise Rs 150 crore ($24 million) by divesting stake in its Tiruvallur plant near Chennai. In a notice to shareholders, the company said the board of directors has given the nod to “sell, lease or otherwise dispose of the whole or substantially the whole or part of Chennai car plant of the company” for a consideration of not less than Rs 150 crore. The company was in talks with consultants as well as interested parties and has received enquiries for direct and complete acquisition of the plant. (Business Standard) 

Flipkart can acquire fashion portals like Zovi, YepMe: BANGALORE: Flipkart has launched its own fashion brand and could also acquire another online apparel company as it seeks to increase sales of high-margin products on its portal.  Among the companies most likely to be under consideration are two fashion portals, Zovi and YepMe, which sell exclusively on the web. “They have reached a scale that would interest Flipkart,” said a person with direct knowledge. If successful, this acquisition will be the second in two years for India’s largest online retailer which bought electronics portal Letsbuy in 2012. Last year, Flipkart raised equity funding of Rs 2,200 crore, creating a pool of capital that it can dip into for possible acquisitions. (The Economic Times)

Courtesy: VCCEdge


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News Roundup: Piramal may buy 20% in Shriram Capital

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