Securities services provider Topsgrup has mandated investment bank NM Rothschild to scout for new investors, a development that could see three of its current investors exit the Mumbai-based company. The company which is promoted by London-based Diwan Rahul Nanda counts billionaire investor Rakesh Jhunjhunwala and private equity firms ICICI Venture and Everstone Capital as its investors. A successful deal could see the company bring in fresh investments, up to Rs 300 crore ($53.86 million). However, capital raised from new investors could see the company postpone its proposed listing on the stock exchanges. Together, Jhunjhunwala, ICICI Venture and Everstone Capital are estimated to hold about 38% stake in Topsgrup. (The Economic Times)
Jay Sidhu’s bank eyes stake in Indian entity: Jay Sidhu, an Indian-American banker who is chairman and CEO of Customers Bank-a state-chartered $3.5 billion asset lender with headquarters in Pennsylvania-is on his third visit to India to find a strategic banking partner in which it aims to pick up a minority stake. Sidhu is looking at a potential collaboration opportunity that would benefit both Indian customers and those in the US to do business across borders. (The Times Of India)
Spice Group to apply for banking licence, in talks to rope in Singapore investor: The BKModi-promoted Spice Group would apply for a banking licence in India and is in talks with an unnamed bank in Singapore to offer a stake in the venture if it manages to get an approval from the central bank. Spice Group has already brought on board former Sebi chief DR Mehta and former senior executives of Citibank and HDFC Bank to prepare a blue print for its banking foray. Modi, his company and other promoters would own 49% in the venture and the rest will be held by domestic and foreign investors, including a foreign bank. The company will have to submit its proposal for a banking licence in the next few days before the June 30 deadline, joining some large corporate houses such as the Aditya Birla Group, L&T, Shriram Group, Religare, ADA Group, Srei Infra, India Infoline, IndiaBulls as well as state-owned PFC and LIC. (The Economic Times)
Jayalalitha offers to buy NLC stake via State PSUs: Tamil Nadu Chief minister J Jayalalitha has urged Prime Minister Manmohan Singh to not sell the proposed 5% stake of Neyveli Lignite Corporation (NLC) to private parties. Instead, she has offered to buy the stake through Tamil Nadu’s public sector undertakings such as Tamil Nadu Industrial Development Corporation, State Industries Promotion Corporation of Tamil Nadu and Tamil Nadu Industrial Investment Corporation. The government currently owns a 93.5% stake in NLC. Last week, the Cabinet Committee on Economic Affairs cleared the divestment plan through the offer for sale route that could potentially fetch more than Rs 460 core. (The Economic Times)
GMR plans to list energy arm to raise close to Rs 1500 crore: GMR Infrastructure has fast paced it’s second attempt to list it’s Energy arm to raise close to Rs 1500 crore ($269.3 million). The company plans to offer 10% stake in the company through fresh equity issuance. GMR Energy is expected to use the IPO proceeds for it’s expansion projects. GMR has mandated Bank of America Merrill Lynch and Macquarie for the public issuance. Sources suggest that the company is expected to file it’s DRHP with the market regulator Sebi within a month. (The Economic Times)
SAIL plans to raise at least Rs 4 bn via short-term paper: Steel Authority of India Ltd has invited bids on Tuesday to raise at least Rs 400 crore ($66.91 million) through issue of short-term commercial paper, a termsheet showed. The state-run company will issue commercial paper for 32 to 34 days or 85 to 89 days. ()
PSIDCL plans to sell stake in Punjab Alkalies: Punjab State Industrial Development Corporation Ltd. is looking to sell its 44.26% stake in Punjab Alkalies and Chemicals Ltd. The company also appointed IFCI Ltd., as the global advisor to the proposed stake sale. (BSE)
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