DEALCURRY - Mergers & Acquisitions, Private Equity, I.P.O. / Offerings, Venture Capital, Real Estate, Regulatory,...

Vedanta Issues Bonds To Retire Debt

Pranav Puri — 2013-05-24T17:44:00+01:00

Vedanta Resources plans to retire the debt it had taken for Cairn India acquisition using $1.7 Bn worth bonds it has raised through a private offering to QIB outside USA, HT states.

Gaursons Acquires Land In Noida For Township Project

Ahemad Shaikh — 2013-05-24T16:20:00+01:00

Gaursons India has acquired 300 acre land from Jaypee Group located at Yamuna Expressway in Greater Noida for around R1500 Cr to develop integrated township, ET states.

Gaursons plans to construct about 15,000 apartments in affordable segment and launch the township by end of this year. It has fund the acquisition through bank loans and internal accruals.

The township would have flats, plots, school, hospitals and other infrastructure facilities and would be in the vicinity of Jaypee group's F1 Track.

Founded in 1995, Gaursons is engaged in providing world class infrastructure facilities based housing n the Ghaziabad, Noida and Greater Noida region..

Last month, it announced its plans to jointly developing a 240-acre township in the Noida Extension with Saviour Builders with an investment of R5000 Cr. It plans to give possession of about 2,500 flats in 2014. The entire township will be completed in the next five years.

Jaypee Group has about 4,000 acre land alongside Yamuna Expressway, which was built by them only.

Jaypee Infratech has been granted rights by Yamuna Expressway Development Authority (YEA) for the development of approximately 25 mn sq mt (approximately 6,175 acres) of land along expressway in five different parcels namely Noida, Jaganpur, Mirzapur, Tappal and Agra in Uttar Pradesh for residential, commercial, amusement, industrial and institutional development.

Recently, Jai Corp, owned by Mukesh Ambani and Anand Jain is planning to sell part of its stake in the Navi Mumbai special economic zone which has failed to take off due to land acquisition problems and lack of clients from abroad

DLF sold 32 acre of land in Hyderabad for about R650 Cr to Suvarnabhoomi Developers, as part of its strategy to exit from the non-core assets and reduce debt. The Sahara Group acquired a 25-acre plot in Bangalore (in the Whitefield region) previously owned by electronic goods maker BPL for R149 Cr.

CARE Partners In An International JV

Pranav Puri — 2013-05-24T15:32:00+01:00

CARE Ratings will be one of the partner in ARC Ratings, an international rating agency to be formed as a JV between five international rating agencies.

NCC To Divest Its Stake In Power Project

Pranav Puri — 2013-05-24T12:39:00+01:00

Infrastructure and construction company, NCC is in final talks with an overseas investor for a stake sale in its 1,320-MW power plant which it is executing in Krishnapatnam through a JV, BL states.

StanChart Sells Stake In Fortis To RBS, Jupiter Fund

Charmi Gutka — 2013-05-24T11:33:00+01:00

Standard Chartered Bank (Mauritius) has offloaded 16.30 lakh shares of Fortis Healthcare through block deal transactions for around R16 Cr.

Standard Chartered has sold the shares for an average price of R96.5 apiece aggregating to an amount of R15.74 Cr, while RBS purchased majority of shares i.e 9,93,619 for around R9.9 Cr.

The rest of the shares were picked up by - The Jupiter Global Fund and Jupiter South Asia Investment Company aggregating to R6.15 Cr.

Last month, Fortis announced that has entered into a deal with IFC Washington to raise $100 Mn. The fund raise was decided to be done through a private placement of fresh shares worth $45 Mn and the balance $55 Mn through FCCB issuance. Bond floor price is R99.09.

Additionally the company is also paring down promoter holding by divesting 10% through IPP and raising $70 Mn.

Fortis raised R322 Cr through sale of nearly 35 Mn shares to institutional investors at price of R92 per share.

The move is to meet market regulator Sebi's minimum public shareholding norms for listed companies.

Promoter of Fortis were recently planning to launch a health care-focussed private equity fund.

Mentor Graphics Acquires SoftJin's Software Product Biz

Pranav Puri — 2013-05-24T11:10:00+01:00

Mentor Graphics Corporation, a US based technology company has acquired SoftJin’s Software Product business in Photomask and Lithography domain, company states.

Srei Infra Plans NCD Issue

Pranav Puri — 2013-05-23T14:00:00+01:00

Board of Srei Infrastructure Finance Ltd has approved to raise R1,500 Cr by public issue of secured, redeemable, NCDs in one or more tranches during the current fiscal.

Dentsu Acquires Webchutney From Network18

Charmi Gutka — 2013-05-23T13:26:00+01:00

Capital18, the venture capital arm of Network18 has entered into an agreement with Dentsu India Group to divest its stake in Webchutney – a digital ad and consulting agency.

Capital18 was a majority shareholder of Webchutney and the investment has generated a return of over 300%. This is in line with its stated objective of profitably monetizing investments to create value for the shareholders of Network18.

Bryan, Garnier & Co. acted as the sole advisor to Capital18 and other selling shareholders.

Jai Corp Plans Exit From Navi Mumbai SEZ

Ahemad Shaikh — 2013-05-23T12:41:00+01:00

Jai Corp, owned by Mukesh Ambani and Anand Jain is planning to sell part of its stake in the Navi Mumbai special economic zone which has failed to take off due to land acquisition problems and lack of clients from abroad, BS stated.

The move is part of the company’s efforts to raise funds as the investors of its real estate funds are increasingly demanding returns.

Reliance Industries chairman Mukesh Ambani and Anand Jain, co-promoters of Navi Mumbai Special Economic Zone, planned to denotify the 2,140-hectares SEZ land and develop the same as an IT park and an integrated township which would include residential complexes, shopping malls, multiplexes, hotels, schools, colleges and hospitals.

About 74% of NMSEZ is owned by Dronagiri Infrastructure Pvt Ltd (DIPL), a company owned by RIL chairman Mukesh Ambani and Anand Jain of Jai Corp and Sea King Infrastructure Ltd (SKIL), while the rest 26% is owned by CIDCO.

The Navi Mumbai project was a non-starter like many SEZs in India, due to the government's dallying over the SEZ policy and land acquisition. Besides, as the land acquired by the company was scattered across Navi Mumbai, it was difficult for the company to get SEZ benefits for the project.

Investors of Jai Corp’s two realty funds — Urban Infrastructure Opportunities Fund and Urban Infrastructure Real Estate Fund are irked over Low returns. The funds have invested in a slew of real estate projects across India over the past six years.

In 2006, Jain had launched UIOF with a tenure of seven years. The funds raised close to Rs 2,434-crore and invested in 34 special purpose vehicles in 15 cities in India. A year later, Jain also launched UIREF, an offshore fund of $295 million. The fund with eight-year-old tenure raised funds from international investors in the high-risk, high-return Indian realty sector.

Star Dental Plans To Raise Funds For Expansion

Pranav Puri — 2013-05-23T12:07:00+01:00

Star Dental plans to raise funds from individual and institutional investors to fund its expansion plans in India, ET states.

Qatar Fund May Invest In RMZ Corp

Charmi Gutka — 2013-05-23T11:30:00+01:00

An affiliate of Qatar Investment Authority is in discussions with RMZ Corp to invest about $200 Mn in the company.

TOI stated that the investment can be combination of equity and debt, split equally, into a SPV housing the Bangalore based developer's commercial projects under development.

Rediff Exits From Adnear

Pranav Puri — 2013-05-23T10:37:00+01:00

Rediff.com has sold its minority stake in Adnear, for $1.14 Mn, Medianama states.

Mitsubishi-Hitachi Buys Concast India

Pranav Puri — 2013-05-22T17:29:00+01:00

Mitsubishi-Hitachi Metals Machinery, Inc. has acquired Concast India Limited to expand its business in India.

Solar Assets Available For Buyout

Pranav Puri — 2013-05-22T17:15:00+01:00

Three solar assets of 1 MW each in Western and Southern India established under the National Solar Mission, having 25 year PPA are available for buyout.

City Union Bank Plans QIP Issue

Pranav Puri — 2013-05-22T15:29:00+01:00

City Union Bank is planning to raise R600-700 Cr from abroad by 2016-17 to meet its growth target, BS states.

Kae Capital Invests In CultureAlley.com

Charmi Gutka — 2013-05-22T14:20:00+01:00

Kae Capital has invested an undisclosed amount in Jaipur-based Intap Labs Private Limited for a minority stake, Mint stated.

The company plans to use the raised funds for product development.

Zee Learn Raises Funds Through GDR Issue

Pranav Puri — 2013-05-22T13:00:00+01:00

Zee Learn Ltd has raised $20 Mn through issue of 56,17,977 GDRs at a price of USD 3.56 per GDR, BSE states.

Esha Media Plans Fund Raise To Foray Into TV TRP Biz

Ahemad Shaikh — 2013-05-22T12:54:00+01:00

Esha Media Research is planning to raise funds to foray into television TRP business, BSE filing stated. The company plans to Rs 450 crore in the next 4-5 years which would be raised via mix of equity and debt.

Renuka Sugar Plans Bond Sale

Pranav Puri — 2013-05-22T11:17:00+01:00

Shree Renuka Sugars is looking to raise around $250-350 Mn through a bond sale through its Brazilian subsidiary - Renuka Do Brasil S/A after it tried selling stake in two of its Brazilian subsidiaries last year to raise around $250 Mn, ET states.

JSW Acquires Cement Grinding Unit From Heidelberg Cement

Charmi Gutka — 2013-05-22T10:43:00+01:00

JSW Ispat is acquiring cement grinding facility of Heidelberg Cement India Limited located at Raigad, Maharashtra, adjacent to the company's steel plant. The acquisition will enable JSW Ispat Steel to develop a stable outlet for the evacuation of slag, a waste generated during the smelting and refining of ore, and create additional grinding facility for its consumption and disposal, mint stated.