HDFC Realty, Citigroup and Government of Singapore Investment Corporation (GIC), among others, are set to pump $300 million into Shapoorji Pallonji Group’s realty business.
Sources said the deal—amongst the biggest private-equity plays in the Indian real estate sector—was imminent and might also involve a few more investors. It is believed that PEs could pick 15-20% stake in the recently-created holding entity of the group’s realty venture.
The Mumbai-based 140-year-old construction group is developing real estate worth about $2 billion across India. The group’s realty arm is managed by Shapoor Mistry, the elder son of Pallonji Mistry, among the wealthiest Indians.
These projects are mostly FDI-compliant and located at prime areas, which will attract substantial premium. It is also working on over 10 real estate projects in Mumbai, Pune, Hyderabad, Chennai, Kolkata, Delhi, Nagpur and Mysore.
Showing posts with label GIC. Show all posts
Showing posts with label GIC. Show all posts
Monday, August 13, 2007
Friday, July 13, 2007
UTI set to open its $1 bn-plus issue
UTI Bank will hit the market next week with a $1 billion-plus equity issue. The bank will raise the money from a mix of preferential issue to promoters and fresh issues to qualified institutional buyers and GDR investors.
The bank’s capital raising plans were approved by the board, which met here on Thursday to consider the results for the first quarter and also decide on the equity expansion. Buoyed by a 70.7% growth in non-interest income, the bank announced a 45.2% rise in net profit to Rs 175 crore for the first quarter ended June 30, 2007.
The bank also decided to have a uniform price for all issues. Sources said the issue is likely to be priced at around Rs 650 per share. The bank will issue 3.19 crore shares to promoters. At Rs 650, UTI Bank will raise around Rs 2,075 crore from the preferential issue. The Special Undertaking of the Unit Trust of India (SUUTI) and Life Insurance Corporation of India have agreed to subscribe to the issue. However, some smaller subsidiaries of the General Insurance Corporation (GIC) may not subscribe to the preferential issue. The bank’s scrip closed at Rs 641.1 on the BSE on Thursday.
Read more in The Economic Times article.
The bank’s capital raising plans were approved by the board, which met here on Thursday to consider the results for the first quarter and also decide on the equity expansion. Buoyed by a 70.7% growth in non-interest income, the bank announced a 45.2% rise in net profit to Rs 175 crore for the first quarter ended June 30, 2007.
The bank also decided to have a uniform price for all issues. Sources said the issue is likely to be priced at around Rs 650 per share. The bank will issue 3.19 crore shares to promoters. At Rs 650, UTI Bank will raise around Rs 2,075 crore from the preferential issue. The Special Undertaking of the Unit Trust of India (SUUTI) and Life Insurance Corporation of India have agreed to subscribe to the issue. However, some smaller subsidiaries of the General Insurance Corporation (GIC) may not subscribe to the preferential issue. The bank’s scrip closed at Rs 641.1 on the BSE on Thursday.
Read more in The Economic Times article.
Thursday, June 28, 2007
UTI Bank promoters plan fresh retail issue
The Specified Undertaking of Unit Trust of India (SUUTI) and the Life Insurance Corporation (LIC), the principal promoter shareholders of UTI Bank, want the bank management to give retail investors a chance to make further investments in the bank’s growth through subscription to fresh equity shares.
UTI Bank was planning to raise $600 million through a global depository receipts (GDR) issue and a simultaneous preferential offer to its promoters, which also include the General Insurance Corporation (GIC).
The bank, at its extraordinary general meeting on June 25, deferred its capital raising plans after both SUUTI, an entity carved out of the erstwhile Unit Trust of India, and LIC asked for more time to take a call on subscribing to the preferential offer. SUUTI is the largest shareholder in the bank with 27.43 per cent stake and LIC owns 10.38 per cent of the bank.
Read more in The Business Standard article
UTI Bank was planning to raise $600 million through a global depository receipts (GDR) issue and a simultaneous preferential offer to its promoters, which also include the General Insurance Corporation (GIC).
The bank, at its extraordinary general meeting on June 25, deferred its capital raising plans after both SUUTI, an entity carved out of the erstwhile Unit Trust of India, and LIC asked for more time to take a call on subscribing to the preferential offer. SUUTI is the largest shareholder in the bank with 27.43 per cent stake and LIC owns 10.38 per cent of the bank.
Read more in The Business Standard article
Tuesday, June 26, 2007
UTI Bank puts off $600m GDR
UTI Bank, a mid-sized private sector bank, has deferred its $600 million global depository receipts (GDR) issue as well as the simultaneous preferential offer to its promoters.
The bank said the decision to put off capital raising plans was taken in order to provide promoter shareholders - Specified Undertaking of Unit Trust of India (SUUTI), Life Insurance Corporation and General Insurance Corporation - more time to take a call on subscribing to the preferential offer.
SUUTI is the largest shareholder in UTI Bank with 27.43 per cent stake. LIC owns 10.38 per cent of the bank’s equity and GIC 2.38 per cent.
In a statement released after the bank’s extraordinary general meeting (EGM) here today, UTI Bank said the special resolutions on raising capital have been deferred “to provide promoter shareholders further time for consultation” on the preferential share offer.
The shareholders would again meet on July 13 to consider the plans to raise capital. The shareholders, however, passed a resolution increasing the bank’s authorised capital to Rs 500 crore from Rs 300 crore.
Banking sources said LIC, which bid in the recently concluded ICICI Bank’s follow-on equity offer for shares worth about Rs 4,000 crore, has asked for more time to arrange for funds as it was currently experiencing a “tight liquidity” situation.
SUUTI, which has already obtained the government’s permission, also needs to arrange for funds to subscribe to its portion of the preferential offer.
Read more in The Business Standard article.
The bank said the decision to put off capital raising plans was taken in order to provide promoter shareholders - Specified Undertaking of Unit Trust of India (SUUTI), Life Insurance Corporation and General Insurance Corporation - more time to take a call on subscribing to the preferential offer.
SUUTI is the largest shareholder in UTI Bank with 27.43 per cent stake. LIC owns 10.38 per cent of the bank’s equity and GIC 2.38 per cent.
In a statement released after the bank’s extraordinary general meeting (EGM) here today, UTI Bank said the special resolutions on raising capital have been deferred “to provide promoter shareholders further time for consultation” on the preferential share offer.
The shareholders would again meet on July 13 to consider the plans to raise capital. The shareholders, however, passed a resolution increasing the bank’s authorised capital to Rs 500 crore from Rs 300 crore.
Banking sources said LIC, which bid in the recently concluded ICICI Bank’s follow-on equity offer for shares worth about Rs 4,000 crore, has asked for more time to arrange for funds as it was currently experiencing a “tight liquidity” situation.
SUUTI, which has already obtained the government’s permission, also needs to arrange for funds to subscribe to its portion of the preferential offer.
Read more in The Business Standard article.
Tuesday, May 29, 2007
ICICI Holdings plans $500 mn stake sale
ICICI Holdings, ICICI Bank’s subsidiary which owns its insurance and asset management businesses, is selling 5 per cent stake to private equity investors and foreign reinsurers for $500 million.
The private equity investors likely to buy the stakes are General Atlantic, Government of Singapore Investment Corporation Private and Temasek.
Sources indicated that all investors would be allotted equal stakes in ICICI Holdings. The company has sought regulatory clearance and appointed JP Morgan as the financial advisor for selling the stake. The two Singapore-based private equity players, GIC and Temasek, have stakes in ICICI Bank.
ICICI Bank when contacted declined to comment. ICICI Bank was looking at valuing ICICI Holdings at $10 billion, the sources said.
ICICI Holdings’ 74 per cent stake in ICICI Prudential Life Insurance Company is valued at $6 billion and in ICICI Lombard General Insurance Company at $3 billion. The bank’s 51 per cent stake in ICICI Prudential Asset Management is valued at $1 billion.
The private placement is just the beginning. ICICI Holdings is planning to list its equity shares at an appropriate time to meet a part of its further capital requirements for ICICI Life and ICICI General.
Read more in The Business Standard article.
The private equity investors likely to buy the stakes are General Atlantic, Government of Singapore Investment Corporation Private and Temasek.
Sources indicated that all investors would be allotted equal stakes in ICICI Holdings. The company has sought regulatory clearance and appointed JP Morgan as the financial advisor for selling the stake. The two Singapore-based private equity players, GIC and Temasek, have stakes in ICICI Bank.
ICICI Bank when contacted declined to comment. ICICI Bank was looking at valuing ICICI Holdings at $10 billion, the sources said.
ICICI Holdings’ 74 per cent stake in ICICI Prudential Life Insurance Company is valued at $6 billion and in ICICI Lombard General Insurance Company at $3 billion. The bank’s 51 per cent stake in ICICI Prudential Asset Management is valued at $1 billion.
The private placement is just the beginning. ICICI Holdings is planning to list its equity shares at an appropriate time to meet a part of its further capital requirements for ICICI Life and ICICI General.
Read more in The Business Standard article.
Wednesday, May 9, 2007
Corporation Bank bids Rs 850/shr for Maruti stake
Enthused by the oversubscription to its offer to sell its remaining 10.27% equity in Maruti Udyog (MUL), the country’s largest car maker, the government hopes to raise around Rs 2,500 crore from the auction. The total number of bids received were for around 3,59,00,000 shares as against 2,96,79,709 shares on offer (1.21 times the subscription).
A Finance Ministry official said the auction process is likely to be completed tomorrow itself at a meeting of an empowered group of ministers (eGoM), which is overseeing the sale. The Maruti scrip was trading at Rs 802.85 towards close of trade on BSE, up from the previous close of Rs 800.
Financial bids for the shares, at a floor price of Rs 760, were deposited today by 36 of the 39 companies that expressed interest to participate in the auction. The highest bid of Rs 850 per share for a lot of 1,00,000 shares came in from public sector Corporation Bank. The lowest bid of Rs 765 came from the Union Bank of India.
As many 20 public sector banks, insurance firms and mutual funds put in bids, along with private sector entities like HDFC among others. State Bank of India and a couple of its associates, IDBI, GIC and Canara Bank also participated in the auction.
Read more in The Business Standard article.
A Finance Ministry official said the auction process is likely to be completed tomorrow itself at a meeting of an empowered group of ministers (eGoM), which is overseeing the sale. The Maruti scrip was trading at Rs 802.85 towards close of trade on BSE, up from the previous close of Rs 800.
Financial bids for the shares, at a floor price of Rs 760, were deposited today by 36 of the 39 companies that expressed interest to participate in the auction. The highest bid of Rs 850 per share for a lot of 1,00,000 shares came in from public sector Corporation Bank. The lowest bid of Rs 765 came from the Union Bank of India.
As many 20 public sector banks, insurance firms and mutual funds put in bids, along with private sector entities like HDFC among others. State Bank of India and a couple of its associates, IDBI, GIC and Canara Bank also participated in the auction.
Read more in The Business Standard article.
Subscribe to:
Posts (Atom)
