Future Group will list Future Lifestyle Fashions on the stock exchanges next quarter. With this, the group will have three listed companies under its fold: Future Lifestyle Fashion, Pantaloon Retail India and Future Ventures India. The group had demerged its fashion business in November last year and set up a new company Future Lifestyle Fashions which now has all the fashion brands previously held by Pantaloon Retail and Future Ventures. The company also transferred a debt of INR 1,226 crore to this new entity with a turnover target of INR`4,000 crore by the end of next fiscal. Axis Capital was the advisor to the company on the demerger. (DNA)
Blackstone eyes 5-fold exit from realty consulting co: Global private equity giant Blackstone has initiated a process to sell 35% in Synergy Property Development Services, a Bangalore-based project management and design services firm, which has been valued at approximately INR 800 crore. The largest shareholder Blackstone's exit plans could take Synergy towards a strategic sale even though the founders of the company are unlikely to sell their stake completely. Synergy CMD Sankey Prasad and four founding directors together hold majority shares with controlling rights, while Synergy's employees hold a 5% stake through ESOPs. Blackstone could exit with a five-fold gain after investing INR 60 crore in Synergy. (The Times Of India)
IVRCL plans to sell three road projects to Tata Realty to retire debt: Infrastructure firm IVRCL is close to selling three of its road projects to Tata Realty and Infrastructure Ltd in an attempt to retire debt and replenish equity funds to help it take up new projects. The move comes just days after the news broke of rival NCC being close to signing deals for selling its road assets, bringing further cheer for Indian road builders, who were finding it difficult to stay afloat. The three road projects of IVRCL are Salem Tollways, Kumarapalayam Tollways and Changapally-Wallayar Tollways. Of these, the first two road projects are complete and generating toll revenues. The third is expected to begin toll collections from March. The deal allows IVRCL to initially sell up to 74% in each of these three road assets as per the regulations of the National Highways Authority of India and sell the balance once it obtains the necessary permissions. (The Economic Times)
Elantas Beck promoters plans to sell to cut stake in India arm: ELANTAS GmbH, the promoter of Elantas Beck India has submitted to BSE a notice of Offer for Sale up to 1.07 million equity shares of INR 10 each representing 13.55% of the equity share capital of Elantas Beck India Ltd. The sale would take place on the separate window of the BSE and would begin on February 11. Regulator Sebi has made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75% by June this year so that a minimum 25% public shareholding can be maintained in listed private companies. (BSE)
DHFL to raise $70 million from IFC: Dewan Housing Finance Corporation Ltd. (DHFL), would raise $70 million (INR 375.3 crore) from the International Finance Corporation (IFC). The proposed fund raising, which is subject to approval from the Reserve Bank of India, is intended to help DHFL grow its assets, increase its reach and improve its market share. IFC would involve a Senior loan of up to $70 million to DHFL, a co-investment from the Canada Climate Change Program (CCCP) where IFC will act as implementing entity for CCCP to support climate change investments. Wadhawan family and other promoters who hold 36% stake while the remaining 64% stake is in the public domain (institutional shareholders hold 43% and other bodies corporate/individuals hold the balance 22% stake). (Business Standard)
Anu's Lab plans to sell its assets: Anu's Laboratories Ltd. is planning to sell or disposal of unit III at vizag. The company is also looking to issue warrants or shares or convertible debenture to the promoter and promoter Group. (BSE)
MEdRC EduTech to raise INR 30Cr by March: City-based Medical Education Research Centre for Education Technologies (MEdRC EduTech), an e-learning content production, multimedia software development and animation provider in the medical education space, is looking at raising INR 30 crore ($5.6 million) by next month. The company is in final stage of discussions with a US-based venture capital fund with fund size of more than $10-billion catering to the healthcare space. The due-diligence process is over, and deal may close in a month or a week. The company has so far invested INR 22 crore backed by promoters. (Business Standard)
Srei Infra to sell United Spirits shares to Diageo: Srei Infrastructure Finance, an Indian lender to road and power projects, plans to sell shares of United Spirits it got as collateral for lending to Kingfisher Airlines to Diageo. The investor would buy a controlling stake in United Spirits for $2.04 billion, said in a statement in November. Once the regulators approve the transaction, SREI would get money from Diageo. Srei acquired 4.9 million shares of United Spirits after buying a $82 million loan advanced to grounded carrier Kingfisher Airlines by ICICI Bank. The maker of Johnny Walker whiskey would acquire 27.4% at Rs 1,440 a share and could make a tender offer for 26% of the balance. (Business Standard)
Capital First to raise INR 550Cr via debenture issue: Capital First Ltd (formerly known as Future Capital Holdings Ltd) has planned to raise up to INR 550 crore ($102.57 million) through the debenture route. The debenture committee had on February 7 approved issue of secured redeemable non-convertible debentures (NCDs) in one or more tranches for an aggregate amount of up to INR 450 crore and unsecured redeemable non-convertible subordinated debentures in one or more tranches for an aggregate amount up to INR 100 crore on a private placement basis. Warburg Pincus, the global private equity investor, now holds a majority stake of 68.93% in the company through its affiliate company Cloverdell Investment Ltd. (Business Line)
Airtel to invite equity partners for managed services company: Bharti Airtel Ltd. would invite other telecom operators for equity participation in its managed services company, in which it has bought out Alcatel-Lucent’s entire stake for an undisclosed amount. Bharti Airtel has bought out Alcatel-Lucent’s entire stake in a joint venture company that manages Bharti’s fixed-line and broadband network. Bharti and the Indian unit of Alcatel-Lucent had formed the 26:74 joint venture, Alcatel Lucent Managed Network Service India Ltd, in 2009 to manage Bharti’s fixed-line and broadband networks. The five-year $500-million network contract for the joint venture was to end in April 2014. (Business Line)
TVS Group's Sundaram Clayton to raise funds: Sundaram Clayton, part of the TVS Group and holding company for Venu Srinivasan-owned TVS Motor, is looking to raise funds through placement of shares to qualified institutional statement, in order to meet the 25% public float norm. As of December, the promoter and promoter group own 80% in the company. Market regulator SEBI has fixed June this year as the deadline for companies to meet with the 25% public float norm. Last year, the company had a proposal to demerge its non auto business, which also meant a de facto distancing between Venu Srinivasan and his brother Gopal Srinivasan, scions of one of south India's most prominent business families. (The Economic Times)
Courtesy: VCCEdge
