LIC Housing Finance To Launch Rs 500Cr Fund - LIC Housing Finance Ltd plans to launch a Rs 500-crore venture capital (VC) fund for urban infrastructure development by September. LIC Housing Finance had already started the process for launching the fund. The company is also planning to launch a pure fixed rate housing loan product. (Business Standard)
SHCIL To Sell NSE Stake - One of India's largest custodial services providers Stock Holding Corporation of India (SHCL) is exploring the option of selling its 5% stake in National Stock Exchange. It hopes to use the stake-sale proceeds to start an NBFC and step into businesses like wealth management and private equity businesses. Going by the price at which the last transaction in NSE shares were done, the 5% stake that SHCIL plans to monetise may ring in about Rs 900 crore. (Economic Times)
Four Cable Firms Eye Merger - Four major television cable distribution companies— Digicable Networks (India) Pvt. Ltd, Hathway Cable and Data Com Pvt. Ltd, IndusInd Media and Communications Ltd (InCable), and DEN Networks Ltd—are in talks to merge their businesses and create a single cable network, prompted by consolidation moves in other parts of the industry. The four companies appointed Ernst and Young and Deutsche Bank AG to come up with a feasibility report on the proposal. (Livemint)
Vijai Electricals Eyes PE Funding - Vijay Electricals is eyeing private equity funding to meet its capital expenditure and other operational requirements. The company, engaged in export of power and distribution transformers, has an order book of Rs 2,500 crore, of which Rs 2,000 crore worth of orders are expected to be executed this year. Vijai's CMD D Jai Ramesh holds 95.3% stake in the company and the remaining is held by 3i Infrastructure India Fund. (Financial Express)
DIPP To Incentivise SME Venture Funding - India plans to provide incentives to venture capitalists who invest in small and medium-size enterprises (SMEs). DIPP plans to create more incentives, making it more attractive for foreign direct investors to participate in the Indian infrastructure developments. (Economic Times)
Citi, Goldman Bid For BHEL Share Sale - Citigroup Inc. and Goldman Sachs Group Inc. are among 17 financial companies competing to manage a share sale for Bharat Heavy Electricals Ltd that may raise $1 billion. Morgan Stanley, Deutsche Bank AG, UBS AG, Royal Bank of Scotland Group Plc and SBI Capital Markets Ltd. are also seeking the mandate for the sale of a 5% stake in India’s biggest power equipment maker. (Bloomberg)
Axis-Enam Deal Now Under Tax Lens - Tax clouds have gathered over Axis Bank’s proposed acquisition of Enam Securities’ equities and investment banking businesses. The Reserve Bank of India (RBI) has directed the bank to revise the accounting scheme and the deal structure. The tax liability due to the change in the accounting scheme and the deal structure could be a potential deal breaker and the bank was exploring different options to minimise the hit. (Business Standard)
Godrej Properties To Dilute Promoters Stake - Godrej Properties could look at dilution of promoters’ holding in the company in the next six months. The promoters’ stake in the real estate firm, part of the Godrej Group, stands at 83.79%, as of June 30. Sebi norms prohibit promoters holding in a listed company to exceed 75%. Godrej Properties could look at a stake dilution in the next six months to infuse funds into the company. (Financial Express )
