Samena Capital, an investment firm managing about $700 million, is in talks to buy as much as 50% of RAK Ceramics, the world’s biggest maker of ceramic tiles, according to two people familiar with the matter. Samena is in discussions with the ruling family of Ras Al Khaimah to buy a 25% to 50% stake, the people said. RAK Ceramics said March 9 it hired Barclays Plc and BNP Paribas SA to explore “a range of strategic alternatives and transactions”. (Bloomberg) 

IL&FS likely to raise $1 bn for infra debt fund by Sep: IL&FS Financial Services expects to close $1 billion (Rs 6,095 crore) of its targeted $5 billion (Rs 30,478 crore) infrastructure debt fund by September, a top company official has said. IL&FS Infra Asset Management, which manages the infrastructure debt fund, has targeted an initial corpus of around $1 billion and hopes to increase the overall corpus to $5 billion under management in the medium-term. The company has so far raised Rs 750 crore ($123 million) and expects to raise another Rs 750 crore ($123 million) by March 31. The firm has pooled in funding from at least five PSU insurance companies, including General Insurance Corporation of India, Oriental Insurance, United India Insurance, New India Assurance and National Insurance, which will together pick 2% stake each in the company. (Business Standard) 

SBI plans to sell bad loans of Rs 3000 crore this fiscal: Country’s largest lender the State Bank of India (SBI) will sell bad loans amounting to Rs 3,000 crore ($491 million) in the last quarter of the ongoing fiscal, the top official of the bank said here on Saturday. The company will sell the bad loans to the highest bidder among the 18 asset reconstruction companies. (Live Mint) 

Andhra Bank looks to raise up to Rs 1k cr next year: Andhra Bank is looking to raise between Rs 500 crore and Rs 1,000 crore ($82 million-$164 million) next fiscal. During 2013-14, the government of India pumped in Rs 200 crore ($33 million) and its stake in the bank moved up from 58% to 60.31% during the same period. The company is looking at a 14% credit growth during 2013-14," Misra said. (The Times of India) 

Varun Shipping plans to sell 2nd gas carrier by May to cut debt: Mumbai-based Varun Shipping will sell its second very large gas carrier,  Maharshi Bhardwaj, by May to bring down debt by $25-26 million (Rs 152 crore – Rs 158 crore), a company executive told Business Standard on Friday. The company sold Maharshi Vishwamitra to Mercator for approximately $30 million, which reduced our loans by about $25-26 million, the executive, who did not wish to be named, added. After the two sales, Varun Shipping will own two large and seven mid-sized gas carriers. “The company will focus on the mid-sized gas carrier segment, where haulage rates are relatively stable,” the executive said. (Business Standard) 

HDFC plans to raise up to Rs 1,000 crore via bonds: Housing Development Finance Corp, India's biggest mortgage lender, is planning to raise up to Rs 1,000 crore ($164 million) through 15-month bonds at 9.60% annual coupon, a source with direct knowledge of the matter said. Base size of the issue is Rs 500 crore ($82 million), the source said, adding HSBC is the sole arranger for the bond sale. () 

Foreign investors can buy up to 74% stake in Federal Bank: With the increase in foreign investment limit in Federal Bank to 74 per cent, foreign investors will be allowed to purchase stake in the private bank, RBI said today. Federal Bank has been removed from the ban list and the restrictions placed on the purchase of shares have been withdrawn with immediate effect, the apex bank said. The restrictions were removed as government approved increasing foreign investment in Federal Bank from 49% to 74% for its paid up equity share capital. (Financial Chronicle) 

Aditya Birla PE in talks to pick 6 pc in Adlabs Imagica for Rs 100 crore: Aditya Birla Private Equity is in talks for the possible purchase of a 6 per cent stake in Adlabs Imagica, India's largest entertainment theme park, for Rs 100 crore ($16.37 million), said three people with direct knowledge of the matter. That values the company at Rs 1,667 crore ($273 million). The deal talks are part of a sale of shares ahead of a public offer, for which Adlabs Imagica has appointed investment banks Deutsche India Equities, Kotak Mahindra Capital Company and Centrum Capital as managers. This would be the first public offer by a theme park company in India. ICICI Venture, India's second largest local private equity fund with more than $2 billion of assets under management, purchased a minority stake in the theme park for Rs 150 crore last year. (The Economic Times)

Courtesy: VCCEdge

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