Spandana May Raise Up To $400M From IPO – Spandana Sphoorty Financial Ltd may appoint Morgan Stanley, Citigroup Inc. and JM Financial Ltd to manage its initial public offer planned early next year. India’s second-largest microfinance company may seek to raise as much as $400 million. The Hyderabad-based company plans to seek approval from the capital markets regulator as early as next month. (Bloomberg)
Vedanta To Get Rs 500Cr If Cairn Deal Fails – Vedanta Group, pursuing a $9.6 billion takeover of Cairn India, will get an estimated windfall of Rs 500 crore if the target firm’s Scottish promoters fail to get shareholders’ nod for the deal or solicit a rival bid. Vedanta Group has reached a deal with Cairn Energy to acquire up to 60 per cent stake in the Edinburgh-based firm’s Indian unit Cairn India. (Economic Times)
Spice Digital PLans Rs 200Cr Issue – Spice Digital, a part of the B K Modi-promoted Spice group, plans to raise over Rs 200 crore through initial public offering (IPO) by the fiscal-end. The company will dilute up to 25% stake through the IPO. The device arm of the Spice Group, Spice Mobility, led by Dilip Modi, also plans to raise about Rs 500 crore through qualified institutional placement (QIP) and sale of treasury stocks. (ET)
Soros Deal Values BSE At $800M – Billionaire investor George Soros has bought close to 4% equity stake in the Bombay Stock Exchange from Dubai Financial Holding. The shares changed hands at around Rs 375-380 apiece. The latest transaction values Asia’s oldest stock exchange at a little more than $800 million. (ET)
Emami Eyes Buys Worth Rs 2,500Cr – Emami is gearing up for acquisitions worth Rs 2,500 crore in India and abroad and is in talks with a few domestic players for deals worth Rs 800-1,000 crore. The personal care major had appointed Ernst & Young to scout for opportunities locally. Emami was looking at a deal size of up to Rs 1,500 crore for buyouts outside the country. (Telegraph)
Royal Orchid To Raise Rs 150Cr – Bangalore-based Royal Orchid Hotels will raise up to Rs 150 crore to fund its new projects. The funds will be raised through a mix of debt and equity to double Royal Orchid Hotels’ total room capacity to 2,000 by the end of the next fiscal. The company’s board has approved a proposal to raise up to Rs 150 crore of funds through the issue of non-convertible debentures and/or preferential convertible share warrants, or other financial instruments, including QIP. (ET)
Textile Mill Land Sale In Bangalore May Fetch Rs 400Cr – Around 15.25 acres of land in two adjoining textile mill plots in Bangalore is up for sale for a combined price tag of Rs 350-400 crore. The horseshoe-shaped site is spread across the properties of the now defunct TR Mills Pvt. Ltd and Chandra Spinning and Weaving Mills Pvt. Ltd, two of the oldest composite textile mills in south Bangalore.
Crompton Plans China, LatAm Buy – Crompton Greaves, part of the billionaire Gautam Thapar-led Avantha Group, is looking to bridge gaps in technology and markets through acquisitions in Latin America and China. Crompton, which has made seven acquisitions in the past five years, would not mind spending even up to $1 billion for a deserving candidate. (Moneycontrol)