News Roundup: Sequoia, Peepul Capital in race to pick stake in vegetables retailer Kovai Pazhamudir

07 August, 2013

Kovai Pazhamudir Nilayam, the Coimbatore-based fruits and vegetables retailer, is close to raising private equity funds up to Rs 100 crore ($16.43 million). The company is understood to be in advanced talks with Sequoia Capital and Peepul Capital for the fund raise, which if finalised will be signed within end of this month. The funds are expected to be raised at the holding company KPN Farm Fresh Pvt. Ltd. Blackstone may also be in the race for this asset. The firm would be diluting 10-15% stake in the transaction. (Business Standard)

SpiceJet in talks with Singapore’s Tigerair for stake sale: No-frills carrier SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon. According to sources, SpiceJet promoter and media baron Kalanithi Maran may offload up to 24% to Tigerair as the airline faces fall in profits and attempts to retire debt. SpiceJet and Tigerair have already held two rounds of talks for a possible equity deal as promoter Maran is looking for the FDI route for further funds infusion.  (The Times Of India)

Karur Vysya Bank looking at QIP issue: Karur Vysya Bank is exploring the possibility of issuing shares through qualified institutional placement to augment its capital base. The bank has informed the BSE that the Board would, after taking into account the financial results for the quarter ended June 2013, explore ways and means to augment the capital base through the QIP route or preferential offer basis. The Board has already approved raising of Rs 1,000 crore ($162.24 million), but this will be in more than one tranche. (Business Line)

L&T Infocity plans to divest stake in Hitex: L&T Infocity has offered to sell office space in two of its marquee projects in the IT hub of Hyderabad and divestment of stake in Hitex exposition facility. The L&T Infocity projects developed by the company were instrumental in playing a role in developing the IT sector in Andhra Pradesh and Hyderabad. These two projects have Andhra Pradesh Industrial Infrastructure Corporation (APIIC) as 11% stakeholder with the rest with L&T arm. The company, which also developed the Hitex exposition centre close to the Hitec City hub, is also seeking to divest its 58% stake in the project, while the rest 42% stake is held by various agencies of the Andhra Pradesh Government. The Government nod on the sale is awaited. (Business Line)

Adani Group is in race to buy Stemcor India assets: Gujarat-based Adani Group is understood to have firmed up plans to take part in the auction of USD 800 million assets of Stemcor India, joining the likes of Tata Steel, JSW and JSPL. Gautam Adani-led Adani Group, having primary interests in coal, power and port sectors, has already evinced interests to buy Stemcor India assets with Stemcor management in London. (The Economic Times)

Hindustan Organic to raise Rs 1 billion via bonds: Hindustan Organic Chemicals is planning to raise Rs 100 crore ($16.43 million) through four-year bonds. The company has sought bids from bankers latest by August 12. The bonds will be guaranteed by the Government of India. (The Economic Times)

NTPC, L&T eye stake in OTPCL project: Power sector major NTPC Ltd and engineering giant L&T have evinced interest in picking up stake in the 2400 Mw power plant proposed by Odisha Thermal Power Corporation Ltd (OTPCL), a 50:50 joint venture between Odisha Mining Corporation and Odisha Hydro Power Corporation. Odisha Thermal Power can offload up to 49% stake in the project. The 2400 Mw project of OTPCL is proposed to be set up at Kamakhyanagar in Dhenkanal district at a cost of Rs 10,000 crore. (Business Standard)

GMR may sell road assets to Malaysia’s Khazanah:  GMR Infrastructure may sell its four road assets for around Rs 1,500-2,000 crore and Malaysian sovereign fund Khazanah is the likely front-runner for the same. The company is also learnt to be in talks to exit from the Istanbul Sabiha Gokçen International Airport, which it manages in Turkey. . In this project, the company holds 40% stake, involving a capex of $550 million, since May 2008. In March this year, the company sold 70% stake in an energy venture in Singapore and this helped the company reduce debt by over Rs 2,000 crore. (Moneycontrol.com)

Courtesy: VCCEdge


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News Roundup: Sequoia, Peepul Capital in race to pick stake in vegetables retailer Kovai Pazhamudir

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