Tata Realty & Infrastructure, the infrastructure development arm of Tata Group, has put its 780,000 sq ft IT park in Mumbai's Goregaon suburb on the block. The company aims to raise Rs 800 crore ($134.53 million) through sale of this park after acquiring it from Kotak Realty Fund for Rs 525 crore in March 2011. Tata Realty's maiden fund, Tata Realty Initiatives Fund I, with a corpus of $750 million, is also considering selling four other assets built through this fund. (The Economic Times)

Janalakshmi Fin plans to raise Rs 300 crore through PE: Janalakshmi Financial Services, the Bangalore-based NBFC focussed on lending to the urban poor, is understood to be closing in on a transaction to raise Rs 300 crore ($50.45 million) through the private equity route. The company, floated by social entrepreneur Ramesh Ramanathan, has so far raised a total of around Rs 250 crore ($42 million) and the fresh transaction is expected to be closed within the next month. Global blue-chip investors including Citi Venture Capital International, Bellwether Microfinance Fund, Lok Capital, Michael & Susan Dell Foundation, Tree Line Investment Management, India Financial Inclusion Fund and Gawa Microfinance Fund are the existing investors. It is understood that the fresh fund raise would be through some of the existing investors with new funds joining in as well. During July 2012, Janalakshmi had announced that it has raised Series C funding of Rs 145 crore in two tranches of Rs 65 crore and Rs 80 crore during June 2011 and July 2012 respectively. (Business Standard)

Petronet plans to offer stake in Gangavaram LNG unit to gas supplier: Petronet LNG Ltd. would offer 15-18% stake in a new LNG import facility it is building at Gangavaram in Andhra Pradesh, to a gas supplier. The 5 million tonne a year liquefied natural gas (LNG) terminal is being built through a special purpose vehicle in which Petronet will offer a strategic stake to a LNG producer or supplier. Petronet would hold 74% stake in the terminal while Gangavaram port has 8%. The remaining stake can be offered to a producer or supplier of gas. (The Economic Times)

Government agrees to reduce Coal India stake sale to 5%: The government would sell a 5% stake in state-controlled Coal India Ltd (CIL) to raise as much as Rs.10,000 crore, half the amount that it had earlier targeted raising from the sale, as it seeks to generate funds to narrow the fiscal deficit to the lowest in five years. In a compromise reached with the company’s labour unions, the government would sell a 5% stake instead of 10% planned earlier. CIL, which is currently 90% owned by the government, produces about 85% of the country’s domestic coal. (Live Mint)

KKR seeks partner for India NBFC biz: After raising the largest ever pan-Asian private equity (PE) fund of $6 billion (around Rs 35,880 crore today), PE firm KKR and Co. LP (KKR) is now sharpening its focus on debt offerings in India. The PE firm is in talks with a set of foreign investors to infuse strategic capital into its non-banking financial company (NBFC) in India, KKR India Financial Services Pvt. Ltd. KKR started the NBFC four years ago to offer debt finance to Indian firms. The NBFC arm has funded close to 30 companies so far, lending roughly Rs 8,000 crore. (Live Mint)

National Fertilizers offer for sale issue opens today: The Government would sell over 3.74 crore shares of National Fertiliser Limited (NFL) at Rs 27 each on Wednesday. This is slightly above the closing price of Tuesday. An Empowered Group of Ministers (EGoM), approved the base price for disinvestment. The shares would be sold through offer for sale mechanism, which is also known as the auction method. The share sale is expected to fetch nearly Rs 101 crore ($16.98 million) to the exchequer at current market price. The Cabinet Committee on Economic Affairs had last month cleared the proposal to divest 7.64% or 3.74 crore shares. (Business Line)

Courtesy: VCCEdge

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