News Roundup: Pratibha Industries To Sell Saw Pipe Biz For Rs 110Cr

30 March, 2016

Pratibha Industries To Sell Saw Pipe Biz – Pratibha Industries, a flagship firm of Pratibha Group, is searching for buyers for its SAW pipe manufacturing business as it plans to reduce costs and improve net profit margin. Pratibha Industries has valued its SAW pipe business at more than Rs 110 crore. The SAW pipe manufacturing plant has machines and equipment worth Rs 50-60 crore and is working on orders worth the equivalent number. (Financial Express)

Muthoot Fincorp To Sell 5-6% Stake To PEs – Muthoot Fincorp Ltd, is looking to dilute five-six per cent stake to private equity (PE) players or strategic investors. The non-deposit taking non-banking finance company (NBFC) expects to raise Rs 500-600 crore by divesting this stake. Muthoot Fincorp is a 100 per cent subsidiary of  Kerala-based Rs 20,000 crore, Muthoot Pappachan Group, which has interests in financial services-primarily gold loans —hospitality, IT infrastructure, property, automotive and renewable energy. (Business Standard)

3i Infotech Headed For Debt Restructuring – ICICI-backed 3I Infotech Ltd, a software product and services company, is heading for corporate debt restructuring (CDR). It had loans and advances worth Rs 1,966 crore on the books as of the end of September 2011. Among the options being explored under financial restructuring are converting short-term loans into long-term credit and revision in interest rates. (Business Standard)

M3M Buys DLF’s Gurgaon Land For Rs 440Cr – Gurgaon-based real estate firm M3M India Ltd. has bought 28 acres of land in Gurgaon from the country’s largest developer DLF Ltd. for Rs. 440 crore and plans to invest another Rs. 660 crore to build a housing project on it. The project cost will be funded through internal accruals and advances from customers. DLF Ltd. has been selling its non-core assets such as hotel plots in the last couple of years to cut debt that stood at Rs. 22,519 crore at the end of the September quarter. (Mint)

ASK Property To Raise Rs 1,000Cr Realty Fund – ASK Property Investment Advisors is close to raising Rs 1000 crore ($192 million) for a fund that will invest in property projects in five cities.

The fund, which is open only to Indian investors, is the company’s second. ASK has fully invested the first fund, which raised Rs 340 crore in 2009. The company raised Rs 500 crore for the current fund in June last year. The fund, which will focus on residential assets in Mumbai, Pune, Chennai, Bangalore and Delhi.

Cairn Energy To Give Back $3.5B – Cairn Energy shares rose on Tuesday as the Edinburgh-based oil and gas exploration firm unveiled details of its plans to return $3.5 billion to shareholders, following the completion of its sale of Cairn India to Vedanta Resources last month. Shareholders of Cairn Energy will receive a £1.60 a share. (Business Line)

Venugopal Manghat Quits Tata MF – Venugopal Manghat, who was Co-Head Equities with Tata Mutual Fund, has left the organisation to “pursue other career opportunities’’. Bhupinder Sethi, who was earlier Co-Head Equities, will now be Head-Equities.  (Business Line)


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News Roundup: Pratibha Industries To Sell Saw Pipe Biz For Rs 110Cr

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