The US-based private equity investor TPG is likely to sell its remaining holding of over 10% in Shriram Transport Finance in the open market through block deals. TPG is not keen on holding the balance stake in Shriram Transport Finance... the PE firm is expected to start off-loading the shares in April. The fund is likely to sell through block deals depending on the market price. TPG had invested around Rs500 crore in two tranches in February 2006 and subsequently through warrants a year later for a 20% stake in Shriram Transport Finance. The fund sold 10% stake in the company for INR 1,600 crore ($294.55 million) in February. (The Economic Times)
IVRCL in talks to divest stake in four more projects: IVRCL Ltd has begun negotiations for stake divestment in three more road projects and one desalination plant. The company expects to close the deals within six months. Recently, the Hyderabad-based infrastructure company concluded agreements for sale of stake in three tollways located in Tamil Nadu. The firm is looking to sell stakes in Raipur-Bilaspur road section of 49 km, Indore-Jhabhua road project and a 50-km road stretch of Jallandhar-Amritsar project and Chennai desalination plant for divestment. (Business Line)
French retail major Auchan looking at investing in India: French retail major Auchan, which entered India last year under a franchisee agreement with Max Hypermarket India, is exploring the possibility of bringing in foreign direct investments (FDI) into the country. Max Hypermarket has plans of setting up as many as 60 stores under the Auchan brand in India over the next five years and has reportedly invested about INR 450 crore in the country. (Business Line)
Green Infra to raise INR 500 cr from Piramal: Renewable energy producer Green Infra Ltd is raising nearly INR 500 crore ($92 million) from Piramal Enterprises Ltd in a structured deal with debt and equity components. The money that is being raised would be utilized to fund the firm’s projects and its expansion plans. In January, Green Infra was in advanced talks with investors to raise $150 million. The funding would be separate from the $50 million debt facility that Green Infra recently received from International Finance Corporation, the private sector investment arm of the World Bank, and Standard Chartered Bank to build two solar power plants in India. (Live Mint)
ONGC Videsh to raise $1 billion to fund Azeri acquisition: ONGC Videsh Ltd. the overseas arm of state-owned Oil & Natural Gas Corp (ONGC), is looking to raise up to $1 billion (INR 5,432 crore) through a dollar issue this month to fund its recent acquisition in Azerbaijan. OVL last week concluded a $1.001 billion deal to buy US energy major Hess Corp's 2.7 per cent stake in the Azeri, Chirag and Guneshli oilfields in Azerbaijan, and 2.4 per cent of the associated BTC pipeline. The company had initially planned to issue its maiden overseas bond between January and March, but delayed it to complete the acquisition. (The Economic Times)
REC to raise up to INR 37,000 cr in FY14: Rural Electrification Corporation (REC), a leading state-run infrastructure finance company in the power sector, is planning to raise INR 35,000 crore – INR 37,000 crore ($6.44 billion - $6.8 billion) in the current financial year compared with a borrowing of INR 31,000 crore ($5.7 billion) in the last financial year. The abroad fund raising may be about INR 5,000 crore ($920.47 million). The funds raised are used in financing and promotion of power generation, transmission and distribution, including renewable energy projects. (Business Standard)
Courtesy: VCCEdge
