Yes Bank and IndusInd Bank are negotiating to buy the Indian retail assets of Royal Bank of Scotland (RBS), abandoned by Hong Kong and Shanghai Banking Corp. If it happens, it will end RBS' two-year ordeal in selling India assets after it managed to sell the rest of Asia business to Australia and New Zealand Bank. HSBC had to abandon the deal partly due to the Reserve Bank of India's reluctance to let the controversial British bank to take the branch network in full. (The Economic Times)
NHAI wants IDFC to take over Delhi-Gurgaon expressway: NHAI wants IDFC, the lead banker of Delhi-Gurgaon expressway, to buy out the project completely. On December 24, IDFC had written to NHAI expressing its intent to buy 74% stake in the project, while Delhi-Gurgaon Super Connectivity Ltd (DGSCL) could retain 24.8% and rest 1.2% would be with Jaypee. NHAI needs its board's approval for complete takeover of the project by IDFC since as per the prevailing provisions of agreement the original concessionaire has to keep at least 26% stake for the entire concession period. (The Times Of India)
Strides boss backs company to buy L&T unit: Pharma major Strides Arcolab promoter Arun Kumar would back a startup company Skanray Technologies to acquire L&T's medical equipment business. Skanray struck a deal to buy out L&T's non-core medical devices unit two months ago, and expected to close it in the coming weeks with equity infusion and financing support from Arun Kumar. Arun Kumar has infused cash into Skanray in tranches, with the most significant one coming to clinch buyout of the L&T unit. (The Times Of India)
Jaiprakash Power to raise Rs 3,500cr: Jaiprakash Power Ventures Ltd. is looking to raise $641.42 million (INR 3,500 crore) for its ongoing projects, including that of subsidiaries. The company is planning to raise funds through various domestic and international options, including qualified institutional placement or external commercial borrowings with rights of conversion into shares or foreign currency convertible bonds or American depository receipts or global depository receipts or follow on public offering or optionally or compulsorily convertible redeemable preference shares etc. (BSE), (mydigitalfc.com)
Sebi clears Bajaj Finance rights issue to raise up to INR 750cr: Market regulator Sebi has given its go-ahead to the non-banking finance company Bajaj Finance Ltd. for its proposed rights issue to raise up to $137.44 million (INR 750 crore). Bajaj Finance had filed draft documents with Sebi in November to raise for the proposed fundraising. The company plans to use the proceeds of the issue for strengthening its capital base. JM Financial Institutional Securities is acting as lead manager to the issue. (Business Standard)
Muthoot Fin may up public shareholding to 25% this quarter: Muthoot Finance Ltd. is planning to dilute promoter stake by the end of this fiscal to comply with Sebi's minimum public shareholding norms of 25%. Currently, Muthoot Finance which has a public shareholding of 19.88% as of now, has to increase it to 25% within the timeframe given by the regulator. The company is also looking to raise funds through issue of non-convertible debentures in the current quarter. (Business Standard)
Power Finance to raise $500 mn via overseas bonds sales: State-run infrastructure financier Power Finance Corp. Ltd is planning to raise $500 million (INR 2,730 crore) by selling overseas bonds this month and use the proceeds to fund electricity projects. The company would raise funds by selling five-year bonds. In 2012, EXIM Bank Ltd and Power Grid Corp. of India Ltd raised $750million and $500 million, respectively, by selling 10-year bonds at interest rates close to 4%. The coupon rate for PFC bonds could be 3.5%. (Live Mint)
Qatar Airways may buy stake in SpiceJet: Low-cost carrier (LCC) SpiceJet could be the second Indian carrier after Jet Airways to get foreign direct investment from an international airline. The LCC is reportedly in talks with some foreign carriers including Qatar Airways. The deal could materialize this quarter. (The Times Of India)
Courtesy: VCCEdge
