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News Roundup: SJVN IPO Likely In May

13 April, 2010

SJVN IPO Likely In May – SJVN Ltd, a Shimla-based hydropower generator, is planning to go public this month or early next month. It has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offer (IPO). The IPO is likely to raise Rs 1,200 crore. The company has earmarked a Rs 15,000-16,000-crore investment plan over the next five years to take its total capacity to 6,500 Mw from the current 1,500 Mw. Besides, the company plans to diversify into solar and wind power this year. (BS)

Akfed Gets Four Year Time To Reduce Stake In DCB – The Reserve Bank of India (RBI) has given the Aga Khan Fund for Economic Development (Akfed) time till March 2014 to lower its stake in co-operative-turned-commercial lender Development Credit Bank (DCB). In line with RBI’s move to promote diversified shareholding, Akfed, which holds a 23.11% stake in the bank, has to lower its stake to 10%. DCB’s application for an exemption has been turned down by RBI. It has not been granted branch licences since 2007 as it has failed to conform to the regulation. (BS)

IVRCL Arm To Raise Funds Via QIP – IVR Prime Urban Developers Ltd, a unit of Hyderabad-based infrastructure major IVRCL Infrastructures & Projects Ltd, is planning to raise capital through qualified institutional placement. The funds will be used for execution of projects and working capital requirements. IVRCL has recently raised Rs 63 crore by selling two separate land properties in Pune and Chennai. (Business Line)

Tiana Power Acquires AGC Power India For Rs 23Cr – Tiana Power Projects Pvt Ltd, the flagship company of the Pune-based Tiana Group, has acquired AGC Power India Pvt Ltd, a thermal power project of 1,320 MW in Andhra Pradesh for a total consideration of Rs 23 crore. AGC Power was owned by AGC Corporation Sdn Bhd of Malaysia. Tiana Power, which has earlier acquired four coal mines in Indonesia, also proposes to buy land at Nellore to set up Rs 4,000-crore thermal power project. The company is promoted by US-based Nathani family. (DNA)

Bhartiya Samruddhi To Raise Rs 75Cr Via NCDs – Bhartiya Samruddhi Finance Ltd (BSFL), a Hyderabad-based microfinance institution, is planning to raise about Rs 75 crore through non-convertible debentures (NCDs) in a couple of months. Reportedly, the Small Industries Development Bank of India would subscribe to the NCDs, which would later be listed on a stock exchange. The company is also planning to go for an initial public offering (IPO) in 2013. (BS)

GVK Promoter Ups Stake In The Company – G Indira Krishna Reddy, the promoter of GVK Power & Infrastructure Ltd, has acquired an additional 23.37% stake in the firm from another promoter to raise his stake to 27.61%. GVK Power has operations across several infrastructure domains including power, roads and airports. The company is engaged in the development of Mumbai and Bangalore airports. It currently owns around 37% stake in Mumbai airport and another 29% stake in Bangalore International Airport Limited through its airport building subsidiary GVK Airport Developers Pvt Ltd. (Reuters)

GE Country Head Tejpreet Singh Quits – Tejpreet Singh Chopra, the country head of finance-to-nuclear energy conglomerate GE, has resigned after over a decade with the company to float his own venture. The new venture is likely to be modelled on the lines of GE, offering end-to-end solutions in power, water and healthcare. It would likely focus on renewable and clean energy solutions and assist large private sector firms in setting up efficient power plants. Chopra quit GE weeks before leaving for a posting in the US. He was to be replaced by John Flannery as president and CEO. (ET)

RBS Appoints Suneel Kamlani As President, Global Banking – Royal Bank of Scotland Group Plc (RBS), Britain’s largest government-controlled lender, hired former UBS AG executive Suneel Kamlani as president of global banking and markets. Kamlani was previously chief operating officer of the UBS global investment bank and has worked in London, New York and Hong Kong. (Mint)

Welspun India Eyes Rs 150Cr Via Share Sale – Welspun India Ltd, a diversified group with operations in textiles and engineering, has launched a share sale to institutions to raise up to Rs 150 crore ($33.7 million). The shares will be sold at Rs 97.5 each, a discount of 14.6% to Monday’s close of Rs 114.20. The issue can be expanded to raise a further Rs 100 crore. Motilal Oswal Financial Services is the sole arranger to the issue. (Reuters)


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News Roundup: SJVN IPO Likely In May

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