Attero Recycling, an electronic-waste recycling company that aims to become a billion-dollar entity within three-four years, will raise $50-million (Rs 295 crore today) from private equity funds. A deal is likely to be sealed in this regard within a week. The company refused to reveal further details of the deal, but said portion of the $50 million funding will come from debt instruments. Attero, which started with a corpus of $6.3 million in 2008, also raised $8.3 million from International Finance Corporation, Granite Hill and its existing investors in 2010. (Business Line)
KSIDC to launch angel funding: The Kerala State Industrial Development Corporation (KSIDC) is in the process of creating angel funding with a corpus of Rs 10 crore ($1.68 million) to set up innovative start-ups. Aruna Sundararajan, Managing Director, said here on Friday that KSIDC would extend a maximum seed capital of Rs 25 lakh each for all innovative projects, be it in IT-based, agri-based, biotechnology or any other sectors where there is some innovative component. The funds will be launched in the current year itself. The firm will also partner with Kerala Financial Corporation (KFC) to launch private venture funds in the State. The corporation is trying to introduce private venture funds managed by professionals to support Kerala-based start-ups. (Business Line)
DLF to raise Rs 3,500 crore via office-asset backed securities: Realty giant DLF plans to raise upto Rs 3,500 crore ($590 million) this fiscal through issue of securities backed by commercial assets, after successfully raking in Rs 525 crore ($88.56 million) via India’s first commercial mortgage backed securities (CMBS). Chawla said the three properties under proposed CMBS would be office buildings and not retail malls. The new offerings would be over and above the Rs 525 crore already raised and another issue of Rs 375 crore in the pipeline backed by another mall in Delhi ‘DLF Promenade’. (Live Mint)
Kotak Mahindra Bank scouting for acquisition to trim promoter's stake: Under pressure from the Reserve Bank to reduce its promoter holding, private sector lender Kotak Mahindra Bank will "prefer" paring the stake through an acquisition route rather than a sale to investors, a senior official has said. Paul Parambi said that acquisition was better than a stake sale to a financial investor as that creates more value for shareholders. Kotak Bank, promoted by investment banker Uday Kotak, announced a 3.24% dilution by a promoter group entity last Friday. The Canada Pension Plan Investment Board picked up the stake at a 3% premium to the trading price. ()
Suzlon to raise Rs 1,000 crore from non-core asset sales in FY' 2015: Wind turbine maker Suzlon Energy, which is working on its business revival strategy, plans to raise about Rs 1,000 crore ($169 million) from sale of non-core assets this financial year. Besides, Suzlon is exploring new markets for business opportunities, according to a top company official. The wind energy major has already mopped up more than Rs 700 crore ($118 million) by selling two non-core assets. Suzlon realised about Rs 550 crore from the sale of US-based Big Sky wind farm and around Rs 173 crore by offloading stake in a Chinese manufacturing facility. ()
Smart Card IT Solutions in talks to buy Singapore Co for $20 million: Smart Card IT Solutions is stitching up multiple deals that the Mumbai-based company hopes will help it emerge as one of the top five players in the smart card market globally. The company is in talks to acquire an unnamed company based out of Singapore for $20 million (Rs 118 crore), while also raising private equity capital to help finance this acquisition. The company is looking to close a $40-50 million (Rs 236 crore-Rs 296 crore) round of private equity funding, which would also help SCIT expand its factory in Pune and buy equipment, according to managing director Deven Mehta. Yes Bank is running the mandate for SCIT. ()
Union Bank of India eyes QIP in July: Union Bank of India plans to raise equity capital of Rs 1,386 crore ($233.8 million) by as early as July. The public sector lender is seeking shareholders’ nod at its annual general meeting on June 27 for raising the fund by issuing equity shares through a qualified institutional placement (QIP). The Bank is looking to tap the market in the second quarter (July-September 2014) of current financial year. The money raised through QIP should improve capital adequacy by 50 basis points, he said. Besides raising money via QIP, bank is internally conducting review of usage of credit lines by borrowers to free up capital. The amount of capital to be set aside is linked to usage of credit. (Business Standard)
CSE to seek shareholders nod to sell land to raise cash: The Calcutta Stock Exchange (CSE) will seek shareholders’ approval on June 20 to sell land at EM Bypass to raise resources to meet the regulators norms and avoid derecognition. The CSE has received SEBI approval to sell land to raise cash that will be utilised to buy stake in a clearing corporation, increase its net worth and fund acquisition of other stock exchanges business. The CSE board, meanwhile, had sought extension of deadline of May 30 from SEBI to qualify to stay as an active exchange. (Business Line)
Jubilant Pharma to raise over $100 mn from IFC and others: Jubilant Pharma to raise around $50 million (Rs 296 crore) from International Finance corporation and another $60 million (Rs 355 crore) by way of quasi-equity. With this financing, JLS plans to consolidate its pharmaceutical business under JPL. The proposed IFC-led financing package will help provide a counter cyclical and long-term financial support to Jubilant Pharma Limited, Singapore (JPL) and through JPL, to its parent company, Jubilant Life Sciences Limited, India (JLS or the Parent). Of the total outlay required for the Project and other growth initiatives over the next two to three years, IFC has been asked to provide part of the outlay and arrange a financing package of upto $200 million, including for IFC's own account A loan of $50 million and a quasi-equity investment of $60 million. (Business Standard)
Tata Global Beverages eyes buys in developed, developing markets: After acquiring Australia’s Earth Rules (a subsidiary of Bronski Eleven), Tata Global Beverages (TGBL) is scouting for acquisitions in developed markets and fast-growing developing markets across the globe. With sales turnover of Rs 8,000 crore ($1.34 billion), TGBL is looking at acquisitions in three categories, which include coffee, tea and enhanced water in global markets. After seeing the progress of its joint ventures with Starbucks and PepsiCo, TGBL is looking at strategic alliances in both domestic and global markets. (Financial Express)
Courtesy: VCCEdge
