Shriram Properties, the Bangalore-based realty arm of the Shriram Group, is reworking its proposed INR 543 crore ($100 million) deal with Singapore-headquartered Ascendas, which specialises in technology parks. Shriram Properties has been in discussions since July 2012 with Ascendas to sell its 1.3 million sq ft information technology (IT) special economic zone (SEZ) in Chennai for $100 million. The company is now working to overhaul the transaction to include a few more residential and commercial assets so that the deal value scales up to INR 814 crore ($150 million). Shriram Properties may use a part of the proceeds to settle its long-pending INR 600 crore debt, which was raised from German bank Hypo Real Estate Group during late 2007. (Business Standard)
Bank of India might exit BOI Shareholding: Government-owned Bank of India (BoI) is likely to exit from BOI Shareholding Ltd (BOISL), a joint venture set up in 1989, in which it has 51% stake, with the remaining 49% held by the Bombay Stock Exchange. Earlier this financial year, in the annual general meeting of BSE, it was decided to transfer the clearing activities to its fully owned subsidiary, Indian Clearing Corporation Ltd (ICCL). (Business Standard)
SBI plans to raise $500 m via bond issue: State Bank of India (SBI), is looking to raise $500 million through dollar-denominated bonds by the year end. If SBI raised the amount immediately, it should be able to price it at around 2.2%-2.5% over US Treasuries. In July, 2012, the public sector lender had raised $1.25 billion from an overseas five-year dollar-denominated at 3.75% over US Treasuries to yield 4.125%.The issue was over-subscribed more than five times. (The Financial Express)
HSIL in talks for an acquisition, plans to hive off low-end unit: HSIL Ltd, which makes sanitaryware under the Hindware brand and is the flagship of the Somany Group, is evaluating two firms for a possible acquisitions, seeking a four-fold jump in revenue in five years. The company will use a mix of debt and internal accruals to finance the acquisition. HSIL plans to exit the low-end sanitaryware market because of the increasing cost of fuel and electricity that have reduced margins that are already low. (Live Mint)
JSPL looking to acquire two mines abroad in 3 months: Jindal Steel and Power (JSPL) is looking at acquiring one coking coal and iron mine each within next three months. The company is looking to make acquisitions in West Africa, Spain, Ukraine, Indonesia and Australia. JSPL hope to seal at least one of iron ore and one of coking coal mine in next two to three month’s time. The company has also put a bid to acquire Gujarat NRE Coke’s Australian subsidiary, which produces coking coal from two mines. The company is also gearing up to expand its production capacity by a further 1.8 million tonnes (MT) by April at its upcoming Angul plant in Odisha. (The Economic Times)
GSPC plans to merge distribution arm with Gujarat Gas: Five months after it acquired 65% stake in Gujarat Gas Company Ltd. (GGCL), GSPC or Gujarat State Petroleum Corporation is planning to merge its city gas distribution entity, GSPC Gas Company Ltd with Gujarat Gas Corporation Ltd. (GGCL). The decision on the merger with GGCL will be taken only after the completion of open offer. The open offer is in process. GSPC had in October 2012, acquired 65.12% in Gujarat Gas Company Ltd (GGCL) for INR 2,464 crore from British Gas (BG) Group. BG’s shareholding was acquired by Gujarat Distribution Networks Ltd (GDNL), in which the GSPC Group holds 100% stake. (Business Standard)
RCF to divest 12.5% stake via OFS, issue likely on March 10: As a part of the government’s disinvestment initiative, Rashtriya Chemicals and Fertilisers (RCF) plans to offload 12.5% equity through an offer for sale route in the next month. The RCF issue is likely to hit the market on March 10. In its attempt to bridge the widening gap in the fiscal deficit, the government plans to raise around INR 40,000 crore through disinvestment of public sector units in 2013-14. In the current financial year the government has already raised INR 21,500 crore against the target of INR 30,000 crore. (Moneycontrol.com)
Cbazaar for fundraising to drive growth: Chennai-based online retailer of Indian ethnic wear, Cbazaar, is planning to raise second round of fundraising in the next few months and working on a business plan for it. The company is targeting revenues of $100 million by 2015-16 and hopes to break even by next fiscal. Cbazaar raised $3.5 million from Ojas Venture Partners and Inventus Capital Partners. The second round of funds being raised will be used to drive expansion; the first was invested in technology, infrastructure upgradation and brand- building activities. (Deccan Herald)
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