Bhushan Steel Ltd. is looking to raise up to $1 billion (INR 5,496 crore) through issue of fresh securities. The directors of the company passed resolutions inter-alia recommended for approval of shareholders further issue of securities. (Business Standard)
Italian promoter in talks to sell 47% in HOEC:
Eni, the Italian petroleum exploration and production company, which holds 47.18% in Hindustan Oil Exploration Company Ltd., is in talks with US-based Anadarko Petroleum Corporation to sell its entire stake. The promoters plan to exit the business. Hindustan Petroleum Corporation was also looking at the deal. Currently, HDFC holds 11.36% stake in the company, while Rakesh Jhunjhunwala and his wife together hold 6.13%. Other minority shareholders include Nomura Singapore, Reliance Capital Trustee and General Insurance Corporation of India. (Business Standard)
India Life Sciences Fund II to be launched by March:
Evolvence India Life Sciences Fund (EILSF) II, a fund focused on investing in the life sciences space in India, is expected to be launched by March 2013. The first fund Evolvence India Life Sciences Fund of $100 million is exhausted and was invested across eight companies. The second fund, India Life Sciences Fund II which is slightly bigger than the first fund at $150 million, is currently in the pipeline. The company is already in advanced stage discussion with a pharma company to invest from the second fund, which is likely to happen by March. The second fund will provide growth capital to established and mid-sized companies in pharmaceutical, medical device, biopharmaceutical, contract R&D, and medical services segments. (Business Standard)
IIFCL to get new $1.2 billion credit line from ADB:
India Infrastructure Finance Co. Ltd. has negotiated a second line of credit of $1.2 billion (INR 6,596 crore) from Asian Development Bank (ADB) for spending in various sectors. The company had earlier secured an RBI line of credit from the foreign exchange reserves of $5 billion out of which $1 billion had been already consumed. (Business Line)
Ambani brothers on global fund-raising spree:
Reliance Industries Ltd. is looking to raise $1 billion (INR 5,496 crore), after securing $2.1 billion credit from US EXIM early this month to part fund its $12 billion expansion of the petrochemicals complex in Jamnagar. The company is in talks with Korea Trade Investment Corporation or K-Sure and French export credit agency Coface SA to raise $500 million loan guarantee from each. The firm has raised $1.5 billion through bond issue in February this year, taking its fresh borrowings this year to $7 billion. Similarly, this year Anil Ambani's Reliance Group has drawn $1.1 billion and $1.2 billion from Chinese banks for its power and communications business as part of $10 billion deal with the Chinese lenders in lieu of procuring products and services of the Chinese firms. (The Economic Times)
Bayer set to sell off Powai HQ for over INR 90 crore:
German agrochemical major Bayer Group is in advance talks with Hiranandani Group to sell its current headquarters, Bayer House, in Hiranandani Gardens, Powai. Located a stone's throw from the Colgate headquarters, the six-storey building's sale, to be finalized soon, is estimated to fetch Bayer over $16.37 million (INR 90 crore). Bayer recently entered into an agreement with the realty group to buy a 1.6 lakh sq-ft office building in Thane's Hiranandani Estate, a mixed-use project, for $22.74 million (INR 125 crore). (The Economic Times)
Courtesy: VCCEdge
