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

Edelweiss, Kotak may buy Avantha’s Rs4,300 crore debt

Edelweiss Asset Reconstruction Co. and Kotak group company Phoenix ARC Pvt. Ltd are the top contenders to buy Rs4,300 crore of debt of Jhabua Power Ltd (JPL)—a unit of Avantha Power & Infrastructure Ltd—from a group of lenders led by Axis Bank, reports Mint citing two people aware of the development.

In April last year, Edelweiss acquired a large portion of the debt of BILT Graphic Paper Products Ltd. BILT Graphic is part of Ballarpur Industries Ltd, the flagship firm of the Avantha Group, and is one of India’s largest producers of writing and printing paper. Read more

Capital Float raises $22 million from Amazon

Digital lending firm Capital Float (Zen Lefin Pvt Ltd) on Tuesday said it has raised $22 million (Rs144 crore) in equity funding from Amazon Inc., taking the total equity funding in the company to $107 million.

Founded in 2013, Capital Float is an NBFC registered with the Reserve Bank of India (RBI). It offers specialized credit and financial loans to businesses and utilizes its own proprietary loan underwriting system to lend to potential borrowers. Read more

AGS Transact to make third attempt at IPO, aims to raise up to Rs1,000 crore

Payments solutions provider AGS Transact Technologies Ltd has restarted work on its initial public offering (IPO), its third attempt to go public, reports Mint citing two people aware of the development. Read more

In March 2015, AGS Transact had filed papers with markets regulator Securities and Exchange Board of India (Sebi) to raise up to Rs1,350 crore through an initial share sale, which did not materialize.

On 16 April, Mint reported that AGS Transact promoter Ravi Goyal was in advanced talks with the Piramal Group to raise funds to buy out its PE investors TPG Growth and Actis Capital. Read more

Orchid Pharma’s lenders reject Union Quimico’s bid

Lenders to bankrupt Orchid Pharma have called for a second round of bidding for the drug maker after they found the offer from the only eligible bidder in the first round—Union Quimico Farmacéutica—to be too low, reports The Economic Times citing senior officials.

The report further says, Orchid Pharma, which is facing financial claims of Rs3,500 crore, was in the second list of 28 companies that the RBI had mandated banks to refer to bankruptcy court by the end of December if lenders are unable restructure the loan. Read more

Essar Steel sale: Fresh hurdles for Numetal, ArcelorMittal in NCLT order

ArcelorMittal and Numetal Mauritius must clear debts in defaulting companies where they hold stakes before bidding for Essar Steel Ltd, and merely selling stakes in those companies won’t make them eligible, details from the bankruptcy court’s Thursday order show, reports Mint. Read more

In a report in The Economic Times, JSW Steel has sought a fresh round of bidding from the debt-laden steel major Essar Steel’s Committee of Creditors (CoC). Read more

On 16 April, Mint reported that JSW Steel Ltd, which is bidding for debt-ridden Essar Steel Ltd in alliance with Numetal Mauritius, may sell some of its stake to a private equity partner if it wins the auction, citing a top company executive. ArcelorMittal and Numetal were finalists in the Essar Steel bankruptcy auction, but the bankruptcy resolution professional disqualified both bids. Read more

Capsule hotel firm Urbanpod looks to raise Rs20 crore

India’s first Capsule hotel firm Urbanpod, a Mumbai-based firm is looking to introduce capsule hotels at railway stations and pilgrimage centres across the country. To finance expansion, Urbanpod is seeking investments around Rs20 crore from venture capitalists, reports Mint. Read more

Apex court denies relief to Binani Cement operational creditors

The Supreme Court on Monday declined any relief to operational creditors of Binani Cement, which is undergoing insolvency proceedings in the National Company Law Tribunal (NCLT) in Kolkata, according to Business Standard’s report.Read more

On 20 April, Mint reported that UltraTech Cement Ltd’s legal counsel had raised the company’s bid for Binani Cement Ltd by Rs500 crore, while reaffirming the AV Birla Group company’s Rs7,960 crore bid in the event of the NCLT ordering liquidation of the beleaguered cement maker. Read more

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