Unitech to Raise Rs 1,250 Crore through QIP - Cash-strapped realty major Unitech is looking at raising around Rs 1,250 crore through a qualified institutional placement (QIP). The QIP proceeds are likely to be used to partially repay the Rs 500-crore debt outsandings to mutual funds which is due on April 19. Unitech is hoping to close the issue next week. It has already made the presentations to investors such as SBI, LIC and HDFC. If it goes through at Unitech’s present valuation - its current marketcap is Rs 6,824 crore - the QIP could result in a 10-15% stake dilution in the company. Unitech executives have told mutual funds that they will use the QIP proceeds to substantially repay the Rs 500-crore debt to MFs that is due later this month. Unitech has, simultaneously, also been in talks with mutual funds to roll over the Rs 500-crore debt that was due for repayment on April 19. (The Economic Times)

Tata Motors to Get $200 Million from Standard Chartered - Tata Motors has received its first commitment to refinance the $2 billion bridge loan that that funded the Jaguar Land Rover (JLR) acquisition, with Standard Chartered Bank approving a $200 million loan. The company has to repay the entire bridge loan in June. Citi, SBI and Tata Capital are the lead arrangers for the refinancing. In all Tata motors is looking at raising $1.5 billion from overseas lenders and around $500 million from domestic lenders to replace the bridge loan. In all the company has taken $3 billion as bridge loan to refinance the JLR buy in early 2008. It has repaid $1 billion through funds raised from two rights issues last year and by selling shares in Tata Steel and Tata Teleservices to other Tata group companies.  (The Economic Times)

DLF, DAL Raise Rs 1,100 Crore Debt from HDFC Bank - The country’s largest property firm DLF and its promoter group company DLF Assets (DAL) have together raised around Rs 1,100 crore as debt from HDFC Bank through lease rental discounting (LRD) of their properties. The fresh round of debt raising will ease cash flow at DLF. Privately held DAL has raised around Rs 800 crore while DLF has raised the rest. The fresh debt will help DAL pay DLF for the properties it had earlier purchased. As of December 2008, DAL owed Rs 5,400 crore to DLF. (The Economic Times)

NHAI to Raise Rs 3,000 Crore in FY 2010 - The National Highways Authority of India (NHAI) plans to raise Rs 3,000 crore in 2009-10 through tax-free bonds to fund the road projects. The highways regulator is also in talks with the Asian Development Bank for a loan of $400 million (about Rs 2,000 crore) to fund road projects. The bond are expected to hit the markets soon . As many as 60 projects worth Rs 70,000 crore were proposed to be bid out in 2008-09 but NHAI received bids only for 22 projects in the wake of the economic slowdown. (Business Standard)

IDBI Bank to Raise Rs 5,000 Crore - IDBI Bank is planning to raise capital worth Rs 5,000 crore through senior, upper and lower Tier II bonds in 2009-10 to shore up its capital adequacy ratio for supporting business growth. Rating agency Fitch has assigned a rating of ‘AA+(ind)’ to IDBI Bank’s Rs 4,000 crore senior and lower Tier-II subordinated bonds and ‘AA-(ind)’ rating to Rs 1,000 crore upper Tier-II subordinated bonds, which are to be issued in the domestic market. As on December 31, 2008, the capital adequacy of the bank stood at 113.78% . In the same period, total business was Rs 1,72,995 crore, 38% higher than Rs 1,25,332 crore reported in the year-ago period. (Business Standard)

IFC to Invest $140 Million in Tanti’s  Wind Energy Project - International Finance Corporation (IFC), the World Bank arm that provides funding for the private sector in developing countries, is planning to invest up to $140 million in the Tanti group’s wind energy project in Inner Mongolia, China. The funds are to be invested in the project being set up by the Tanti group, the promoters of Suzlon Energy, and other financial investors, to develop about 550 MW over the next few years at an estimated cost of around $766 million. Honiton Energy Caymans (HECL) is the promoter of the project. The Tanti group holds 23.4% stake in HECL while Arcapita, a Bahrain-based financial institution, has 66.6%. The remaining 10% is shared by Honiton’s chief executive Paul Eveleigh and one of its founders Jin Fang Li. ()

Nelp VIII Offers 70 Blocks - The Ministry of Petroleum and Natural Gas on Thursday launched the eighth round of auctions for land and water blocks under the New Exploration Licensing Policy (Nelp VIII).As many as 70 blocks around the country are on offer for exploration by oil and gas companies. The ministry has also simultaneously offered 10 blocks of coal bed methane to explore and produce gas under the fourth round of auctioning. The latest round, however, may not attract desired investments as corporations across the globe face a liquidity crunch due to lack of availability of funds following an economic slowdown.Also, there is no clarification yet on whether gas production will be taxed. (DNA Money)

Google’s Top Executive Leaves to Join Venture Capital Firm Accel - Sukhinder Singh Cassidy, Google’s top sales executive for Asia-Pacific and Latin America, is leaving the company to join Accel, the venture capital firm as the C.E.O.-in-residence. Her departure follows the exit of Tim Armstrong, the top sales executive for North America, less than a month ago. Singh Cassidy was reported to be one of the candidates to replace Mr. Armstrong, who left to become chief executive officer of AOL. But the job went to Dennis Woodside, who led Google’s sales organization in Great Britain. In her new role, Cassidy will evaluate new investments, work with companies in Accel’s digital media and advertising portfolio and eventually start a new company or run one of Accel’s portfolio companies. (The New York Times)


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