Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.

Varroc Engineering plans to launch IPO

Tata Opportunities Fund-backed auto components maker Varroc Engineering Ltd plans to go public and has hired investment banks to advise it on the share sale, reports Mint, citing two people aware of the development. Read more

Aban Offshore promoters offer $600 million one-time settlement to lenders

Promoters of Aban Offshore Ltd have offered to pay up to $600 million in a one-time settlement to 17 banks to which it collectively owes nearly $2 billion, reports Mint, citing two people aware of the development. Read more

Brigade Enterprises may list proposed hotel unit as REIT

Bengaluru-based Brigade Enterprises Ltd, which is in the process of moving all its hotel assets into a separate unit, may consider listing the new entity as a real estate investment trust (REIT) or going public in the future as part of its strategy to expand its hospitality business, reports Mint, citing a top company executive. Read more

Burn Standard’s readies resolution plan, looks to raise Rs100 crore and sell land

State-owned wagon maker Burn Standard is planning to put up its land on sale to pay off about Rs100 crore dues to creditors of about Rs100 crore as the last ditch attempt to get out of bankruptcy proceedings, reports The Economic Times. Read more

Brookfield to buy Essar’s equinox office complex for Rs2,450 crore

Canadian institutional investor Brookfield Asset Management is set to buy Equinox Business Park from the Essar Group for Rs2,450 crore. Equinox, located just off Mumbai’s premier Bandra Kurla Complex (BKC) commercial district, is a 1.25 million square feet commercial property that was developed by the cash-strapped conglomerate’s realty arm, reports The Economic Times. Read more

Insolvency resolution: Sajjan Jindal’s JSW Steel may bid for Uttam Galva

Sajjan Jindal’s JSW Steel is likely to bid for Uttam Galva Steels, which is in the process of being referred to the National Company Law Tribunal (NCLT) from the Reserve Bank of India’s (RBI’s) second list (28 entities) of big defaulters, reports Business Standard. Read more

Mint had earlier reported that JSW Steel Ltd may team up with external investors to set up a platform for acquiring distressed assets, citing a top company official.

The group is open to various options including setting up a platform in partnership with financial sponsors as it looks for inorganic growth and opportunities in the distressed assets space where a number of large steel companies are facing bankruptcy, reported Mint, citing Seshagiri Rao, joint managing director and group chief financial officer. Read more

Investors eye Nagarjuna Oil for insolvency resolution bid

Nagarjuna Oil Corp. Ltd (NOCL) has attracted interest from at least three to four strong investors, including public sector firms and both foreign and Indian investors, as per the expression of interest (EoI) floated by the resolution professional (RP). A total of around 20 investors have bid for the resolution plan, reports Business Standard. Read more

Residential realty struggles as private equity firms focus on commercial

Private equity (PE) firms seem to be shifting their focus from residential to commercial real estate after a slew of reforms, such as the Real Estate (Regulation and Development) Act, or Rera, and the goods and services tax (GST), were implemented last year, reports Business Standard. Read more

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