Kotak Mahindra Bank and Danish online trader Saxo Bank are independently looking to buy a significant stake in online brokerage firm Sharekhan, lured by the prospect of expanding trading to India's small towns and cities. The two firms are in talks with CVCi International and Barings Asia, the private equity owners of Sharekhan. The PE funds, which purchased a majority stake in 2008 from founder Shripal Morakhia for INR 800 crore, have revived the sale process after an earlier attempt in 2010 backfired. (The Economic Times)
Changi-GVK deal talks on minority stake in India's airport business take off again: Nine months after talks broke off between GVK Infrastructure and Singapore-based Changi Airports International (CIA) for a minority stake in the Indian company's airport business, both are back at the negotiating table. Buttressed by the turnaround in the macro policy environment and regulatory clarity in airport tariff regimes, the talks were revived last December and have progressed since. Currently, GVK Airport Developers owns a majority 50.5% stake in MIAL and 43% in Bangalore International Airport Ltd (BIAL). It also has the right of first refusal for a second airport that is being planned for Mumbai. In late 2011, officials from Changi Airports were engaged in exclusive dialogue with the GVK Reddy-promoted eponymous infrastructure conglomerate to pick up a 26% stake in GVK Airports Developers Ltd. the holding company of GVK's airport business for INR 2,000-2,200 crore. (The Economic Times)
Tata seeks investors for clean-energy expansion: Tata Power Co. (TPWR), is seeking investors to help its renewables unit more than double capacity in five years and acquire projects at home and overseas. The company which plans to spend about $328 million (INR 1,750 crore) annually may also consider selling shares in Tata Power Renewable Energy Ltd. (Bloomberg)
GAIL keen on acquiring ADB stake in Petronet: GAIL India Ltd is firm on using its first right of refusal to acquire Asian Development Bank’s (ADB) stake in Petronet LNG Ltd. The GAIL board had rejected the proposal to forego the first right of refusal to acquire ADB stake in PLL. The objections had come from the independent directors. ADB plans to sell its 5.2% stake in Petronet, which has been formed as a joint venture by the Government with non-public sector character. The promoter stakeholders of the company were GAIL, ONGC, Indian Oil Corporation and Bharat Petroleum Corporation holding 12.5% each. (Business Line)
JK Cements to launch Rs 200 crore QIP in next 2 weeks: Kanpur-based JK Cements is likely to raise up to INR 200 crore ($37.65 million) from institutional investors via qualified institutional placement (QIP) in the next two weeks. The QIP, which will result in equity dilution of 8-10 per cent, is expected to be at 2-5 per cent premium to the current market price. The QIP may have a greenshoe option to raise another INR 100 crore ($18.82 million). Motilal Oswal and Edelweiss are bankers to the QIP. (The Economic Times)
Adani Enterprises to sell 7 mn shares on Feb 6 via auction: Adani Agro Private Ltd, one of the promoter group company, of Adani Enterprises Ltd. would sell 70 lakh shares of the company through bidding route. The company is looking to sell equity shares of the company on February 6, 2013, through a sale on the separate window provided by BSE Ltd. Currently, Adani Agro Pvt. Ltd holds 8.96% stake in Adani Enterprises. (BSE)
Sai Silks plans INR 89Cr public issue: Textile retailer Sai Silks (Kalamandir) Ltd would be making a debut in the capital market with an initial public offering to raise INR 89 crore ($16.75 million). The company, which has a retail chain of women’s, kids and men’s wear, has filed a red-herring prospectus with the SEBI for the IPO. The issue is being made through the 100% book-building process, with 10% of the issue to be allocated on a proportionate basis to qualified institutional buyers and not less than 55% for retail investors. The book running lead managers to the issue are Ashika Capital and Vivro Financial Services. (Business Line)
Can bring USD 500m from non-critical assets sale: Suzlon: Debt-laden Suzlon Energy , which last month got formal approval from banks to restructure its loans, is looking to raise $500 million (INR 2,655 crore) from selling non-critical assets. The company has no plan to sell its German unit REpower, which is among the fastest growing in the wind energy industry. The non-critical assets sale may pan out over next 2-3 years. A consortium of 19 banks approved the CDR package of INR 9,500 crore (USD 1.8 billion). The package includes a two year moratorium on principal and term-debt interest payments; a three percent reduction in interest rates and six months moratorium on working capital interest. (Moneycontrol.com)
PFC aims to buy stake in bank ahead: State owned Power Finance Corporation is looking to acquire stake in a bank to ensure their payment security mechanism. The company has reported a marginal rise in net profit to INR 1,117 crore in the third quarter of FY13 from INR 1,108 crore in the corresponding quarter last year. The company’s net interest spiked up 41% to INR 1,548 crore from INR 1,097 crore a year ago. (Moneycontrol.com)
Courtesy: VCCEdge
