Kitchen appliances major TTK Prestige, part of the Rs 2,500-crore TTK Group, may expedite its plans to buy an European cookware brand, as the company’s new, 50-million-unit, Gujarat facility is still underutilised. The Rs 1,400-crore company has been on the lookout to buy a cookware brand in Europe to expand its presence in that market. The company’s budget for the overseas buy is Rs 400 crore ($64 million). (Business Line)
Sagar Ratna promoters may buy back India Equity Partners’ 75 per cent stake: The Banans, the founding promoters of Delhi-based restaurant chain Sagar Ratna, have offered to purchase the 75% stake of India Equity Partners stake for Rs 135 crore ($21.58 million), two people with direct knowledge of the development said. The offer by the promoters, who have been battling India Equity Partners for the past 18 months, is at a 25% discount to the Rs 180 crore the PE fund invested to purchase the stake in 2011. The promoters said the fund had destroyed the brand and value. (The Economic Times)
Arab group may conquer Sahara’s iconic luxury hotels in New York & London: The embattled Sahara Group has put up for sale the iconic luxury hotels it acquired over the last three years, The Plaza and Dream Downtown in New York and London’s Grosvenor House with an Arab business family said to have made a £1-billion offer for all of them, according to three people close to the development. The family based in the Middle-East has extensive interests in hospitality and has offered a little over Rs 10,000 crore for the three trophy properties in the “Sahara portfolio” of Aamby Valley Mauritius. If the deal goes through, Sahara stands to get about Rs 4,000 crore or almost three times what it invested in the hotels, after repaying its debt to Bank of China of close to $1 billion against the properties. (The Economic Times)
Andhra Bank plans QIP, follow on public offer; to raise Rs 200 crore from Government: State-owned mid-sized lender Andhra Bank is planning to raise funds through qualified institutional placement (QIP) or follow on public offer and is also looking at raising funds from the government through preferential allotment route. The bank’s board on Wednesday approved a proposal to this effect and has decided seek the shareholders approval at an extraordinary general meeting to be held on December 19. The board proposes to raise Rs 200 crore ($32 million) of funds from the government through preferential allotment route at an offer price to be determined under SEBI regulations. (The Economic Times)
Fertility hospital chain may raise Rs 100 cr from PEs: Bangalore-based ISIS Medicare & Research Centre, which opened its first hospital in the city last week, may raise Rs 100 crore ($16 million) from private equity (PE) firms to fund part of its expansion plans. The group plans to invest Rs 200 crore to expand to 12 cities over the next five years. The company has already concluded one round of discussions with two PE firms. (Business Standard)
RCom plans to raise $1 bn against deal with Jio: Anil Ambani’s Reliance Communications (RCom) said on Wednesday it would raise $1 billion (Rs 6,360 crore) by securitising its Rs 12,000-crore deal with Mukesh Ambani’s Reliance Jio, in the next six months. This means, the Anil Ambani company would be able to raise money immediately by giving a guarantee of its earnings from the telecom tower sharing deal with elder brother Mukesh Ambani’s telecom venture. The payment by Jio to RCom is spread across 15 years. If RCom securitises this amount, it can raise funds from institutions, which will be paid over time by Reliance Jio. The amount raised through securitisation will go towards reducing RCom’s mounting debt. (Business Standard)
GoAir seeks Rs 1,500 cr debt to expand fleet, fly abroad: A consortium of six local banks led by the Central Bank of India are examinining a proposal by the Wadia Group-owned GoAir for a Rs 1,500 crore ($240 million) loan for fleet expansion. The airline has plans to go international, for which it requires additional capital to fund its fleet expansion. Once all the banks in the consortium are satisfied with the financials, the banks will sanction the loan, said bankers. The company, which is planning to sell 49% stake, has also mandated JP Morgan to scout for a strategic joint venture partner. (Financial Chronicle)
Affinity Beauty Salon plans to raise Rs 100 crore from private equity firms: Affinity Beauty Salon Pvt. Ltd is in talks with private equity (PE) firms to raise as much as Rs 100 crore ($16 million) by selling a significant minority stake to fund its expansion plans. If the deal closes, it would be one the largest PE funding rounds for a salon and spa chain in India. CoralBay Advisors Pvt. Ltd. is advising the company on the transaction. The company received letters of intent and is in talks with four to five investors. (Live Mint)
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