Shriram Group, the Chennai-based Rs 60,000 crore ($9.3 billion) group conglomerate, has widened the scope of its private equity fund raise to mop up as much as Rs 1,600 crore (249.32 million) for its non-finance holding arm. Shriram Ventures, formed as the holding arm for companies as diverse as green energy, EPC, real estate and software services among others within the Group, was earlier looking to raise close to Rs 1,000 crore which has now been scaled up. The company is looking to raise the funds within the next couple of months. The firm is actively involved with global private equity funds and most probably it could finalize the fund raise with two of them. (Business Standard)
TPG, Carlyle in talks to buy $100m ABD stake: Marquee investors Carlyle Group and TPG Capital are the frontrunners to acquire a $100-million minority stake in India’s third largest distiller, Allied Blenders & Distillers (ABD), makers of Officer’s Choice whiskey. Liquor baron Kishore Chhabria owns 95% stake in the unlisted company, with an asking valuation of at least $750 million. Industry veteran and chief executive Deepak Roy has a 5% equity interest. ABD has mandated investment bank Ambit Holdings to advise on fund raising. (Times of India)
Food Corporation seeks Rs 8,000-cr equity infusion: Ahead of the kharif procurement season, the Food Corporation of India (FCI) has sought equity infusion of Rs 8,000 crore from the Government to meet its additional working capital requirement. The proposed capital-raising initiative comes at a time when the National Food Security legislation, which seeks to provide cheaper food to the poor, is set to be implemented soon. Prior to the equity infusion plans, FCI had planned to raise Rs 8,000 crore through long-term bonds, a proposal awaiting Government approval. In March, ahead of the wheat procurement for the 2012-13 season, FCI had raised Rs 5,000 crore through issue of taxable bonds, backed by the Government, to meet its additional working capital requirement. (Business Line)
Country Club India board approves to raise $150 million: Entertainment and leisure firm Country Club India is planning to raise $150 million (Rs 500 crore) through various instruments. The Board of Directors of the company at its meeting has approved raising funds to the tune of $ 150 million through various mechanisms such as global depositary receipt, American depositary receipt, qualified institutional placement and foreign currency convertible bonds. ()
HPCL Mittal Energy plans to raise Rs 1000 crore: Mittal Energy invited bids on Tuesday to raise Rs 1000 crore ($156 million) through 60-day commercial paper, two sources with direct knowledge of the deal said. The company is a joint venture between state-run Hindustan Petroleum Corp Ltd and Mittal Energy. ()
PFC plans to raise at least 1.5 billion rupees via bonds: Power Finance Corp. is planning to raise at least 1.5 billion rupees ($23 million) via a private placement of tax-free bonds, according to a termsheet. The firm would issue 10-year tax-free bonds at 8.04%, 15-year bonds at 8.41% and 20-year bonds at 8.40%. The issue has a greenshoe option of 3.76 billion rupees and is rated AAA by Crisil, ICRA and and Care rating agencies. Power Finance has scheduled the issue opening and closing for Friday. ()
Wadias to sell Britannia properties, raise Rs 700 cr: The Wadias are planning to sell the prime property of Britannia Garden estate in Bangalore and a 8.5 acre property in Chennai to raise close to Rs 700 crore ($109 million). This is part of Wadia’s plan to raise funds on Britannia’s books and use the proceeds in launching new products and expand globally. The company has indeed advertised to sell its Chennai property. (Business Standard)
Promoter’s of Pranavaditya Spinning plans for stake sale: Indo Count Industries Ltd., which is a promoter of Pranavaditya Spinning Mills Ltd. is planning to sell an aggregate of 37,00,000 equity shares constituting 19% of the paid up equity share capital of the company on September 12, 2013. The sale would be held exclusively through Seller’s Brokers’ on the separate window provided by the BSE Ltd. for this purpose. Asit C. Mehta Investment Interrmediates Ltd. was the manager to the issue. (BSE)
Telecom Commission okays TCI’s move to exit Bharti Hexacom: The Telecom Commission has cleared state-run Telecommunication Consultants of India’s plan to exit Bharti Hexacom, a subsidiary of Sunil Mittal-founded Bharti Airtel, to raise cash to meet its capital expenditure needs. A board member of Telecommunication Consultants (TCIL) said the company would shortly appoint an independent advisor to recommend a reserve price for its 30% stake in Bharti Hexacom. If the new reserve price is cleared by Telecom Commission, the advisor would invite bids later this year. Two years ago, consultant Deloitte had set a Rs 1,800-crore base price for TCIL’s 30% stake, which the then cabinet secretary KM Chandrasekhar had dismissed “as too low”, following which the company’s exit plans from Bharti Hexacom had come a cropper. ()
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