The Ruia family-controlled Essar Steel, is looking to raise $1.1 billion (INR 5,990 crore) to fund its capital expenditure and refinance high cost domestic debt. The company will retire $430 million of domestic debt to take advantage of the lower interest cost of dollar funding. About $700 million would be the capex requirement, which also has an approval from Reserve Bank of India (RBI) under the automatic route. The company has a total debt of around $4 billion. Domestic banks, such as State Bank of India and IDBI Bank are likely to participate in the foreign currency loans. (mydigitalfc.com)
Network 18 to sell Yellow Pages, ASK Me: Network 18 Media & Investments Ltd. is planning to divest its stake in business directories - Yellow Pages and ASK Me. The companies had received the approval from its board of directors for the proposed stake sale or divest its undertaking comprising of Business Directories viz Yellow Pages and ASK Me. In December, Network18 sold its entire stake in financial data and news terminal business 'NewsWire18' to private equity firm Samara Capital for INR 90 crore. Earlier, Network18 had also sold its stake in one of the Capital18 investee companies NetworkPlay and then partially diluted its stake in digital commerce firm Bookmyshow.com. (The Economic Times)
ICRA to look for acquisition in non-rating biz: Credit rating agency ICRA, has chalked out a business plan, whereby it plans to expand its rating business organically outside India, will eying acquisition opportunities in non-rating business. ICRA is going through a transition, and actively looking for acquisitions for our non-rating business. In 2012, ICRA Techno Analytics (ICTEAS), a Kolkata-headquartered software solutions company promoted by ICRA Limited, picked up a majority stake in BPA Technologies, Inc., a California-based global business consulting and software technology services firm. In 2009, ICRA Techno Analytics, New Jersey, USA, a wholly-owned subsidiary of ICRA Techno Analytics Limited (ICTEAS) operating from Kolkata, has acquired 100% stake in Sapphire International, a US-based company. (Business Standard)
Courtesy: VCCEdge
