Sugar manufacturer Shree Renuka Sugars is looking to raise around $250-350 million (Rs 1,350-1,925 crore) through a bond sale through its Brazilian subsidiary, Renuka Do Brasil S/A. These bonds will carry a guarantee from the listed Indian parent. The company targets raising around $250 million with an upside of another $100 million. Last year, the company failed to raise money from Brazilian sugar manufacturer ETH Bioenergia, owned by three partners, namely, PE fund Ashmore, Brazilian Brandes Bank and Brazilian conglomerate Odebrecht, by selling stake in the Brazilian company. However, the talks fell through due to valuation mismatches. Credit Suisse’s Brazil arm is said to be advising the company on the bond sale. (The Economic Times)
HUDCO seeks bids to raise up to $127M in bonds: Housing and Urban Development Corp ( HUDCO) is planning to raise up to Rs 700 crore ($127.03 million) in five-year bonds. The state-run firm has invited bids and set a ceiling of 8.15 on the coupon rate, as per the document. The bond issue is rated AA + by Care. The base size of the issue is Rs 1.5 billion, it showed. (The Economic Times)
Govt plans to divest 10% in THDC India via public issue: The Union Government proposes to divest 10 per cent equity of THDC Ltd via initial public offering. The proposed share sale will fetch Rs 500 crore ($90.79 million) towards meeting its divestment target of Rs 40,000 crore. The Cabinet Committee on Economic Affairs is likely to give its go-ahead for the IPO shortly. The government’s stake will come down to 65 per cent post the divestment. (Business Line)
City Union Bank plans to raise up to $127M external fund: City Union Bank (CUB) is planning to raise Rs 600-700 crore ($109 million-$127 million) from abroad by 2016-17 to meet its growth target. The bank is looking at different options, including the qualified institutional placement route, to raise the fund. Right now, the company has around Rs 1,600 crore ($290.55 million) as capital, with Rs 250 crore ($45.399 million) rights issue proceeds and another Rs 600 crore ($109 million) being added as profits. (Business Standard)
Promoters of JSW Energy plans to sell stake: Sangita Jindal, the promoter of JSW Energy Ltd. is planning to sell 28.2 million equity shares or 1.72 per cent stake in the company on May 22, 2013, exclusively through the seller’s brokers on the separate windows provided by the BSE and the NSE for this purpose. Macquarie Capital Securities India, Fortune Equity Brokers and SBICAP Securities Ltd are appointed as the managers to the issue. (BSE)
Promoters of Jyothi Infraventures plans to sell stake: Smt. T. Sailaja, promoter of Jyothi Infraventures Ltd, is planning to sell 1,03,000 equity shares or 2 per cent stake in the company. The firm will sell stake through secondary market on the floor of the exchange from May 22, 2013, to May 31, 2013, to comply with the clause of listing agreement. ()
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