With Big B Amitabh Bachchan and James Bond star Pierce Brosnan as brand ambassadors, it has been 'bonding with the best' for years. But now Reid & Taylor, the marquee-suiting brand is up for sale in India along with its premium portfolio of fabric and apparels. Fifteen years after launching it in India, the cash strapped promoters of S Kumars Nationwide Ltd. led by Nitin Kasliwal is planning to sell a controlling stake in the company and deleverage the balance sheet. In 2008, an affiliate of the sovereign wealth fund Government of Singapore Investment Corporation GIC Special Investment picked up a 25.6% stake in the company for INR 900 crore through a mix of fresh shares and convertible warrants. A mandate has been given out already and a formal process is expected to get launched in the coming weeks. (Economic Times)
SKS Micro may raise $553M cr next fiscal: SKS Microfinance Ltd., the country’s only listed microfinance lender, may raise may raise Rs 3,000 crore ($553.31 million) during the next fiscal to meet its lending requirements. One third of Rs 3,000 crore will be through securitization and the remaining will be term loan and other instruments. The microfinance lender had raised INR 981 crore through securitization in the current fiscal and another INR 1,500 crore through various modes. (Business Line)
Suzlon to sell $650 mn overseas bonds as part of CDR: Suzlon Energy, which recast its loans in January, is hitting the overseas bond markets to raise $650 million (INR 3,524 crore) to prepay its forex debts, making it the first domestic company under CDR to do so. The $650-million dollar-denominated bonds sale programme, beginning Monday, is necessitated by the fact that the recent INR 9,500-crore corporate debt restructuring (CDR) did not include the forex loans. The money will not flow into the company kitty but to the 19 member consortium of domestic lenders. The CDR also involved a two-year moratorium on principal and term-debt interest payments, apart from fresh working capital loan of INR 1,800 crore with a six-month interest moratorium to help the company accelerate execution of its strong order book of around $7 billion. (Business Line)
IKEA entry spurs Godrej Interio talks with Italian, Indian companies: At a time when Swedish furniture major IKEA is entering the Indian market, homegrown furniture maker Godrej Interio is actively seeking acquisitions in India and Italy. The company expects to announce at least one deal next quarter. The subsidiary of Godrej & Boyce Mfg Co Ltd is in talks with two companies in Italy that specialise in design and technology, with an estimated revenue of INR 200 crore each, for possible buyout. The firm is also negotiating with two companies in India, one based in the northern region and the other in the south. The company recently entered into a marketing tie-up with Korea’s Sejin for marine accommodation solutions, Japan’s Itoki and the US-based Knoll Inc for office furniture. It also has an agreement with Netherlands-based LINET Group for hospital and nursing home furniture. (Business Standard)
Cairn India eyes downstreaming infra joint venture in Rajasthan: In an effort to diversify its portfolio, the Anil Agarwal-led Cairn India Ltd is looking to enter the downstream gas infrastructure business through a joint venture with GAIL India Ltd and Rajasthan State Petroleum Corp Ltd (RSPCL). GAIL and RSPCL had signed a memorandum of understanding last year for supply of natural gas in Rajasthan. Cairn India and its partner Oil and Natural Gas Corp (ONGC) on Saturday commenced commercial sales of gas from their Rajasthan block. Besides, Cairn India is also planning to invest INR 6,000 crore on exploration and development activities in its Rajasthan field in 2013-14. ONGC has 30% stake in the block. (Business Standard)
Blue Blends plans to sell assets: Blue Blends Ltd. is planning to sell or disposal or transfer of whole properties situated at Palghar, Dist. Thane and Murbad (Kalyan), Dist. Thane. The company has also approved the notice of postal ballot pursuant and appointed Mr. Milan Mehta, Practicing Company Secretary, Mumbai to act as an Scrutinizer for the postal ballot. (BSE)
Eins Edutech plans to raise funds: Eins Edutech Ltd. is looking to raise $1.95 million (INR 105.75 million) through issue of 7.05 million equity shares each at a price of 15/- per share on preferential basis to the strategic investors. The company has received the approval from its board of directors for the proposed fund raising. (BSE)
Courtesy: VCCEdge
