Sports management venture Technology Frontiers is in talks with Dubai's Fidelis World for a strategic investment that could value the Chennai-based firm at around Rs 623 crore ($115 million). The transaction, if successful, would see a dilution in the 40% stake held by founder MS Muralidharan in the company and also provide an exit to existing investor Avigo Capital. FidelisWorld, promoted by former JP Morgan alumni Anand Krishnan, holds an exclusive licence for the iconic Wisden brand and is also the majority shareholder in the Bhaichung Bhutia-owned football club United Sikkim Football Club. Two private equity firms, CX Partners and Hong Kong-based CLSA Capital Partners, which were negotiating with the company, have dropped out of the race. (The Economic Times)
Wadhwa Group plans to raise funds through PE: Wadhwa Group, a Mumbai-based developer, is planning to raise Rs 175 crore – Rs 200 crore ($32.3 million - $37 million) to fund a luxury project in central Mumbai. The project would have 54 housing units priced at more than Rs 10 crore each. Recently, the company raised Rs 110 crore ($20.3 million) of debt from non-banking finance company (NBFC) JM Financial Products Ltd. for the same project. In May, the company received Rs 350 crore for its slum rehabilitation project from IIFL Realty Fund, the private equity arm of financial services firm India Infoline Ltd (IIFL). This project would be launched in December. (Live Mint)
PepsiCo looks to bid for Balaji Wafers: PepsiCo, the world's largest snack-food maker, is among suitors exploring a bid for India's Balaji Wafers as it pushes to sell more chips in developing countries. PepsiCo hasn't submitted an offer and a deal may not emerge, said the people, who asked not to be named because the deliberations are private. The Virani family plans to sell up to a 49% stake for as much as $300 million (Rs 1,621 crore), one of the people said. (The Economic Times)
REC seeks Sebi nod to raise up to Rs 5,000 crore via tax-free bonds: State-run Rural Electrification Corp (REC) has sought market regulator Sebi's approval to raise up to Rs 5,000 crore ($923.12 million) through tax-free bonds. The public issue by REC of tax free redeemable Non Convertible Bonds of face value of Rs 1,000 each by way of issuance of bonds in one or more tranches in the fiscal 2014. The funds raised through the issue would be utilised towards general lending operations of the company and other associated business objectives besides repaying existing loans. ICICI Securities, A K Capital Services, Axis Capital and Edelweiss Financial Services are the lead managers to the issue. (The Economic Times)
IOB plans to raise $500 mn via medium-term notes: Indian Overseas Bank is planning to raise around $500 million (Rs 2,702 crore) through Medium Term Note Programme (MTN) before December. The Bank has also asked the Government of India for another Rs 2,100 crore capital. The funds would be raised to support its international business. In August last year, IOB raised $500 million through MTN. The Bank said the issue oversubscribed by 10 times. (Business Standard)
Courtesy: VCCEdge
