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News Roundup: Shriram EPC Unit Files DRHP For IPO

21 April, 2010

Anshu Jain Divests Stake In Mumbai Indians – Anshu Jain, a member of Deutsche Bank’s management board, has sold its stake in Mukesh Ambani-led Mumbai Indians, one of the teams in the Indian Premier League (IPL) tournament. Jain sold all his 15,000 shares of IndianWin Sports, the holding company for Mumbai Indians, comprising 10% stake of the team to Teesta Retail, an existing shareholder in IndiaWin Sports. (ET)

Shriram EPC Unit Files DRHP For IPO – Orient Green Power Ltd (OGPL), a subsidiary of engineering firm Shriram EPC, has filed the draft red herring prospectus (DRHP) for it proposed initial public offer (IPO). OGPL is engaged in electricity generation from renewable sources, with a total production capacity of 196 MW, and plans to expand its capacity to 1,000 MW in the next two years. It has appointed JM Financial, Goldman Sachs, UBS Securities, and Amarchand & Mangaldas as the investment bankers for the IPO. Private equity firms, Bessemer Venture partners and Olympus Capital, together hold over 64% stake in the company. (Team VCC)  

ADCB Macquarie Part Exits Nitesh Estates – ADCB Macquarie Infrastructure Fund (AMIF), a fund jointly launched by the Macquarie Group and Abu Dhabi Commercial Bank (ADCB), has made partial exit from Nitesh Estates, the Bangalore-based real estate player. Nitesh Estates is coming up with its initial public offering (IPO) on April 23. The deal happened as part of the agreement entitling the promoters to a call option to buy back a certain number of shares assuring 15% return per annum. Post the buyback, AMIF holds 14.4% of the pre-issue equity share capital in the company. (DNA)

Nuance Group May Exit From Duty Free Shop JV – International airport retailer The Nuance Group AG is closing its duty free shops at Hyderabad international airport due to sluggish sales. Reportedly, the firm is planning to exit from Bangalore international airport as well. Nuance Group AG has entered into a joint venture agreement with India’s leading retailer Shoppers Stop Ltd to form Nuance Group India Pvt Ltd in 2007 that runs both the duty-free outlets. (Mint)

Metro C&C Appoints Rajeev Bakshi As MD – Metro Group, a leading international retailing major based out of Germany, has roped in Rajeev Bakshi as the vice-president and managing director of its Indian subsidiary — Metro Cash & Carry. Bakshi is a former head of commercial operations for Asia-Pacific at PepsiCo Inc, and will replace Sylweriusz Faruga, who is taking a senior position in the parent organisation. He started his career in FMCG firm Lakme, and worked with chocolate major Cadbury and private equity firm ICICI Venture. (ET)

MEL To Sell Its 40% Iron Ore JV Stake To Partner – Mineral Enterprises Ltd (MEL), a Bangalore-based iron ore miner, is close to selling its 40% stake in iron ore exploration joint venture to its Australian partner Lincoln Minerals. The JV is engaged in exploration and mining of gum flat iron ore in South Australia. MEL had picked up a minority stake in the 60:40 JV with Lincoln Minerals in August 2007 for around $3 million. (ET)

Future Group, Bean Coffee Trading Sign MoU For Private Labels – Kishore Biyani-led retail major Future Group and the Amalgamated Bean Coffee Trading Co Ltd (ABC) has entered into an agreement that would help the duo building a mutually beneficial partnership across some categories. As part of the plan, Cafe Coffee Day, the retail chain of ABC, may develop a private label coffee brand for the Future Group. The brand will be retailed in all Cafe Coffee Day outlets besides Future Group’s Big Bazaar and Food Bazaar stores. ABC would also develop a furniture line to be sold through Future’s Home Town chain. (ET)

Coal India Eyes Rs 13,000 Cr In IPO– The government of India is expecting to raise about Rs 13,000 crore selling shares in state-run Coal India Ltd (CIL). CIL is likely to hit the capital market with its initial public offer (IPO) in July this year. The government is yet to decide on the price bands of CIL shares. (BS

Daiichi Fails To Convert Ranbaxy Warrants In To Shares – Japanese drug major Daiichi Sankyo, which owns 63.9% in India’s pharmaceutical company Ranbaxy, has failed to convert the warrants issued by the latter into shares during the stipulated 18-month period. Daiichi has forfeited the Rs 175.7 crore it had paid as 10% of the conversion price (at Rs 737 per share) of 23,834,333 warrants. The issue of warrants on a preferential basis was part of the deal which saw Ranbaxy becoming a Daiichi subsidiary through purchase of the entire promoter stake in 2008. (BS

Southern Petrochemical To Raise Rs 100Cr – Southern Petrochemical Industries Corporation Ltd is planning to raise up to Rs 100 crore by issuing preferential shares to the promoter group. The board of directors of the company has approved the plan to issue 4.34 crore shares for the purpose. The issue price was fixed at Rs 23 for each share, including a nominal value of Rs 10 and a premium of Rs 13. (Business Line)

Unitech Clears Share Swap At 1:1 For De-merged Entity – Unitech Ltd, one of India’s leading real estate developers, has cleared a 1:1 swap ratio for the demerger of its subsidiary Unitech Infra. The spinoff includes the business of amusement parks and hotels, construction business; and investments in the infrastructure sector, which includes investments in telecommunications, transmission towers, hotels, amusement parks, special economic zones, IT parks, logistics parks, industrial parks, property management operations and township management operations. (DNA)

SpiceJet To Raise Rs 335Cr – Low cost air carrier SpiceJet is looking to raise around $75 million (Rs 335 crore). The company is planning to raise the fund through preferential allotment of shares and strategic sale. The board has approved the company plan to raise $50-75 million to fund its international expansion. IDFC-SSKI is working on the fund raising plan of SpiceJet. (BS

GSS America To Raise Rs 80Cr Via Share Sale – GSS America Infotech Ltd, an IT consulting and software development company, is planning to raise up to Rs 80 crore through the issue of fresh equity shares to the qualified institutional buyers (QIB).  The board of directors of the company has already approved the fund raising plan. The issue will open on April 28, 2010, it informed the stock exchange. (Team VCC)

Electrotherm To Buy Pig Iron Firm For Rs 85Cr – Electrotherm India Ltd, a Gujarat-based engineering and metal melting firm, is acquiring Shree Ram Electro Cast Pvt Ltd for Rs 85 crore. Shree Ram Electro is a Kolkata-based company in pig iron manufacturing space with a capacity of producing 1,20,000 MT per annum, Electrotherm informed the BSE. Shree Ram Electro also has a power plant of 2.5 MW capacity in Karnataka. The company is expecting the deal in the next 2 months. (Team VCC)


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News Roundup: Shriram EPC Unit Files DRHP For IPO

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