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Edible oil firm KS Oils on Tuesday announced it will raise Rs 450 crore from private equity funds, promoters and a new global depository receipt (GDR) issue. ET had reported the company’s fund-raising plans on Tuesday. PE firm New Silk Route will invest Rs 135 crore in the firm in return for a 7% stake through preferential allotment of equity shares. The promoter Garg family will put in Rs 157 crore and existing investors Citigroup Venture Capital International and Baring Private Equity Asia will invest Rs 49 crore each by subscribing to convertible warrants. KS Oils will raise another Rs 60 crore through a GDR issue. In a statement to BSE, the firm said it will use the funds to expand its palm plantation assets in south-east Asia. KS Oils owns mustard oil brands such as Kalash, Double Sher and KS Gold. […]
With no private equity deal expected soon to finance his cargo business, Captain Gopinath, pioneer of low-cost flying in India, is open to the idea of selling his 10% stake in Vijay Mallaya’s Kingfisher Airlines. “A couple of PE investors have approached us to invest in the cargo business, but I have postponed the process now. We will revisit it a few months later, if the valuation improves,” said Gopinath, chairman and managing director of wholly-owned Deccan Express Logistics (DEL). The $625-million domestic express cargo market is expected to grow at 20% a year over the next five years. On his willingness to dilute his stake in Kingfisher Airlines, Gopinath said: “It depends on the valuation I get.” At today’s market price, his 10% stake is valued at Rs 51 crore. […]
Dry cell battery maker, Eveready Industries India Ltd. (EIIL) has decided to buy into a French company engaged in manufacturing and distributing rechargeable batteries and allied products. This would be the company’s first overseas acquisition, if the transaction is completed, a senior company official said. Making the announcement, company Executive Vice-Chairman and Managing Director Deepak Khaitan said that EIIL had signed a term sheet agreement on Thursday with CG Holding of France for investing up to 10 million euro in an overseas joint venture or special purpose vehicle, which would acquire a controlling stake of minimum 80 per cent of the share capital of Uniross SA. […]
Suzlon Energy’s promoters have raised about Rs 230 crore by selling a 2 per cent stake in the company through a block deal. The company informed the stock exchanges on Wednesday that Ms Rambhaben Ukabhai (mother of Suzlon’s Chairman and Managing Director Mr Tulsi Tanti), sold three crore shares representing 2 per cent of the paid-up capital of the company through an open market block deal. With this, the promoters’ holding in the company comes down to 63.82 per cent. According to reliable sources, Citigroup was the book runner for the transaction and institutional investors purchased the shares. The transaction was completed at about Rs 77 a share, according to the sources […]
The Godrej group is putting on hold the plan by Godrej Properties to raise Rs 600 crore through an initial public offering. The plan, to offload a 13.5 per cent stake in the real estate company, is being postponed till the IPO market shows signs of revival. Instead, funds for immediate need are being raised through banks or private equity funds. The company had proposed to use Rs 355 crore from the IPO proceeds for acquisition of development rights for its forthcoming projects in Ahmedabad and Greater Noida, Rs 75 crore for construction of proposed projects in Chandigarh and Rs 150 crore for repaying loans, according to the draft red herring prospectus filed by the company with the capital markets regulator. […]
DLF Ltd. said Wednesday some of its founders have sold about 9.9% of the company's shares for about INR38.60 billion ($781 million) in the open market. The founders sold about 168 million shares at just above INR230 apiece, India's biggest realty company by sales said in a statement. The transaction was at a 2.6% discount to the closing price of DLF shares Tuesday, it said. DLF didn't identify the founders who sold the shares. Its founders comprise billionaire K. P. Singh, his family and several investment companies. The transaction will reduce the founders' stake to 78.6% and nearly double the company's floating shares to 21.3% from 11.4%, it said. Deutsche Bank and J.P. Morgan were the advisers for the deal. […]
Meant to propel growth, Daiichi Sankyo's foray into generic drugs by acquiring a majority of Ranbaxy Laboratories has instead erased four years' worth of profits. Daiichi has now taken a $3.5 billion goodwill writedown on its controlling stake in the Indian company — an investment that cost $4.9 billion only last year. The Japanese company's fresh financial forecast envisions full year net profit of $400 million; this is less than half of what it earned in fiscal 2007. On Monday, the president of rival Takeda Pharmaceutical said he's interested in deals in India and China. Daiichi's fiasco should provide a valuable lesson to its rival's boss. […]
In what could throw a spanner in merger between Reliance Petroleum and Reliance Industries, a shareholder in both companies has moved the Bombay High Court opposing the amalgamation and has alleged diversion of funds from RPL to RIL. Levelling allegations of financial mismanagement by RIL Chairman Mukesh Ambani, shareholder Anup Kumar Sheth in his petition has sought a court directive to SEBI, RBI and other financial governing bodies before sanctioning the merger. The boards of both the companies in March approved the merger in 1:16 ratio, which would creat the biggest petrochemical plant in India. In April, the merger was approved by shareholders and creditors of both the companies with a vast majority. […]
The pioneer of low cost flying in India, Captain Gopinath has launched the first Indian-owned cargo freighter called Deccan Express Logistics. The initial investment in the venture is USD 25 million and Gopinath is looking to raise another USD 30 million. He says he is in talks with a few investors to offload 24% stake in the logistics venture. […]
Bharati Shipyard Ltd., one of the largest private sector shipyards in India, today announced the acquisition of the pledged shares equivalent to 14.89 percent equity stake in Great Offshore Ltd. at a price of Rs 315 per share. Natural Power Ventures Pvt. Ltd. and Dhanshree Properties Pvt. Ltd. the two 100 per cent subsidiaries of Bharati Shipyard Ltd. will hold the 14.89 per cent stake in Great Offshore Limited. Earlier the holding companies of promoters of Great Offshore Ltd. had pledged 14.89% stake with Advitiya Urja Pvt. Ltd and Vishudh Urja Pvt. Ltd., the two 100% subsidiaries of Bharati Shipyard. […]
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