Tilaknagar Industries (TI), the maker of Mansion House, the world’s second-best-selling brandy label, is in talks with global giants like Suntory Holdings and Pernod Ricard to sell a 15-20% stake in the company. According to people in the know, the company will use the funds so raised, likely to be about Rs 600 crore ($112.33 million), to de-leverage its balance sheet. Besides clearing debt, TI plans to acquire distilleries, as well as regional brands, to expand its presence in the country. A clutch of private equity investors and spirits & wine leader Beam Global are also learn to be in discussions with TI to acquire the stake. Ambit Corporate Finance is advising TI in the fund-raising process. The promoters, including Chairman & Managing Director Amit Dahanukar and family, hold a 56% stake in the company at present. (Business Standard)
Private equity funds to buy stake in Janalakshmi Financial Services for Rs 350 crore: A consortium of private equity funds including Tata Capital’s PE fund and Morgan Stanley Global Private Equity will pick up a significant minority stake in urban microreolenderJanalakshmi Financial Services for close to Rs 350 crore ($65.52 million). The infusion of fourth round of funding comes at a time when former Citi banker Ramesh Ramanathan-promoted non-banking finance company has applied for a licence from Reserve Bank of India to transform itself into a bank. The Bangalore-based non banking finance company had last raised Rs 80 crore from two global funds GAWA Microreofinance Fund and India Financial Inclusion Fund. (The Economic Times)
Damodar Valley Corporation plans Rs 1,600 crore bond issue:Damodar Valley Corporation is planning to come up with a bond issue for raising Rs 1,600 crore ($300 million) for its ongoing projects. The company would come up with the issue by March. The firm would seek sovereign guarantee for the bonds from the government. Last fiscal the company, restructured Rs 346 crore in loans and currently, negotiating for another Rs 3,000 crore. (The Economic Times)
Mineral Fashions plans to raise funds: Mumbai-based Mineral Fashions, owned by designer Priyadarshini Rao, plans to raise fresh funds. The company is also looking to open 50 more sale points over the next 18 months, a huge jump from the current figure of five. At present, Mineral’s products are being sold through department stores such as Shopper’s Stop, Central and Lifestyle in Mumbai. (Business Standard)
GAIL to sell 4.6% in China Gas: State-owned GAIL (India) Ltd plans to sell a part of its 4.6% stake in Hong Kong-listed city gas distribution firm China Gas Holdings. The board of GAIL has accorded approval to partially divest its equity stake in China Gas to recoup its entire initial investment, while retaining the strategic advantage as envisaged at the time of the initial investment. GAIL had invested Rs 137 crore to acquire 210 million shares of China Gas in 2005. The PSU plans to keep a small strategic interest in the company to retain its board position. (The Telegraph)
Virtualsoft Systems plans to sell its business: Virtualsoft Systems Ltd. is planning to sell its Telecom Business to Roaml Telecom Ltd. up to the value of assets of Rs 10 crore ($1.87 million) for a value as per the valuation done by the Statutory Auditor of the company and that such transfer shall be with effect from the close of the business hours of June 30, 2013. The consideration shall be received by way of allotment of such number of equity shares of Roaml Telecom Ltd. at price as decided mutually by the Board of Directors of VirtualSoft Systems and Roaml Telecom through an agreement for the transfer of undertaking. (BSE)
Readymade Steel plans for acquisition: Readymade Steel India Ltd. is planning for acquisition. The company is looking to acquire Kridhan Infra Solutions Pvt. Ltd., a company under same management for acquisition of shares of said company subject to approval of shareholders of company. (BSE)
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