News Roundup: Sula Shipping in talks with global PE firms to raise $150M

25 March, 2014

Sula Shipping and Logistics Pvt. Ltd is in advanced talks with global private equity (PE) investors to raise as much as $150 million (around Rs 910 crore) to fund its business plans. The company is looking to raise the amount in two quick tranches and are looking for smart capital with an investment horizon of five-seven years, with assured base returns, plus upside,” said Rajesh Mehrotra, chairman and chief executive of Sula Shipping. New Delhi-based Coral Bay Advisors Pvt. Ltd is advising Sula on the transaction. (Live Mint) 

Peninsula Land plans to raise Rs 525 crore via NCDs: Peninsula Land Ltd plans to raise Rs 525 crore ($86 million) by selling non-convertible debentures (NCDs) to complete its acquisition of a defunct mill land in Mumbai’s Byculla area, said two people familiar with the development. The Mumbai-based developer won an auction last year to buy the five-acre land from Mahindra Lifespace Developers Ltd and the Kanoria family, joint owners, for about Rs 650 crore ($107 million). The land housed the now defunct New Great Eastern Spinning and Weaving Co. mill. Peninsula Land, under its special purpose vehicle Goodtime Real Estate Development Pvt. Ltd, also plans to induct an investor in the project. The investor is expected to own around 45% in the project and Peninsula Land the remaining interest, Brickwork Ratings India Pvt. Ltd said in a recent note. (Live Mint) 

BoI plans to sell NPAs worth Rs 900 cr in fourth quarter: In the current quarter, the bank plans to sell about Rs 900 crore ($148 million) worth of non-performing assets (NPAs) to asset reconstruction companies. It had auctioned Rs 2,000 crore of NPAs in the second and third quarters, but only Rs 627 crore ($103 million) was from the gross NPA level, the rest was from written-off assets. Iyer said that the bank sold NPAs in the first two quarters above the net book value without taking any haircut. (Business Standard) 

Greenz eyes Rs 100 crore turnover, seeks PE funding: Farm to fork startup Greenz that has set up around 100 stores in Hyderabad hopes to be present in Bangalore and Chennai soon, an expansion that will help the organisation tap a turnover of Rs 100 crore (Rs 16.4 million) in a couple of years. They are looking to invest roughly over Rs 30 crore ($5 million) in the three cities. The company is also in talk with private equity investors but are waiting to reach out to a critical mass of customers for better valuation,” said Sriram Chitturi, chief executive officer of Greenz. (Financial Chronicle) 

PNB may raise capital from rights issue next fiscal: State-owned Punjab National Bank (PNB) may raise capital through rights issue next fiscal to enhance its capital base. Next year when government gives capital, the company may think of rights issue. Government of India holds 58.87% stake in the bank while the remaining is with the public. During the current fiscal, the bank got capital infusion of Rs 500 crore ($82 million) from the government. The fund infusion was done through preferential allotment of shares to the government. The fund support to PNB was part of the Rs 14,000 crore overall capital infusion plan for the public sector banks (PSBs). (Business Standard) 

MT Educare to sell PUC Campus in Mangalore: MT Educare Ltd. is planning to sell its Pre-university College Campus in Mangalore, Karnataka. The company got the approval from its board of directors for the sale of PUC Campus, ubject to approval of members of the Company through Postal Ballot. (Equity Bulls)

Courtesy: VCCEdge

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News Roundup: Sula Shipping in talks with global PE firms to raise $150M

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