Deals Buzz: Vodafone-Idea raises $15 billion via debt
In other deals news, Urban Ladder sees the offline model as its growth driver. It is looking to raise $35-40 million to expand its offline presence in Mumbai, Chennai and Pune by January
Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Vodafone-Idea raises $15 billion in debt
India’s largest telecom company after the merger—Vodafone Idea Ltd. Raise $15 billion through non-convertible debentures (NCD) in private placement, the first debt after its incorporation, Press Trust of India reported. The NCDs have maturity period of 5 years and have been offered at interest rate of 10.9% per annum. Idea Cellular Ltd and Vodafone Plc on last Friday announced completion of the ₹23.2 billion (approximately ₹1.6 lakh crore) merger of their India operations to create the country’s largest telecom operator to take on competition from Reliance Jio. Read more
Urban Ladder may raise $40 million to expand offline presence
Online furniture retailer Urban Ladder sees the offline model as its growth driver. It is looking to raise $35-40 million to expand its offline presence in Mumbai, Chennai and Pune by January, The Economic Times reported. The company last raised $12 million in its second internal funding round
in March from Kalaari, SAIF, Sequoia and Steadview Capital, Mint reported. Urban Ladder’s aggressive offline ramp-up plan comes as Swedish furniture retailer Ikea launched its first Indian store in Hyderabad last month. Rival Pepperfry, too, is aggressively expanding offline. It raised Rs 250 crore in March to open stores in small cities and towns. Read more
Ambit acquires NBFC Finmax Credit and Finance
Ambit Finvest, part of investment bank Ambit Group has acquired non-banking financial institution(NBFC) Finmax Credit and Finance which is the small and medium enterprise (SME) financing business of fintech firm Finmax, The Economic Times reported. Mint reported in April that Qatar- based QInvest will sell its 26% stake in Ambit Group to Ashok Wadhwa, group chief executive officer (CEO) of Ambit Holdings, as the investment group is looking for an exit.
The acquisition of an SME-focused lending business, is a significant tail wind to Ambit Finvest’s strategy to diversify its asset base. Financial details of the transaction were not provided. Read more
Allahabad Bank to raise $15 billion this year by divesting non-core assets
Allahabad Bank is expecting to raise about Rs 15 billion this financial year through disinvestment in non-core assets, Business Standard reported. Allahabad Bank has been hit hard by a surge in bad loans and is currently under the Prompt Corrective Action (PCA) clamp of the Reserve Bank of India. It has formed a committee to look into divestment of non-core assets. Mint had reported in June that Allahabad Bank is looking to recover Rs5, 500 crores from troubled assets in the current fiscal .
The bank is also in the process of closing its Hong Kong branch, which would release some capital. This apart, the bank says it has identified 47 accounts for sale to Asset Reconstruction Companies, with about Rs 6 billion of dues. It also aims to relocate around 100 ATMs and merge 15-odd branch offices. Read more
Graphite India buys 16% stake in US-based General Graphene for Rs 132 crores
Graphite India Ltd., the largest Indian maker of graphite electrodes used to melt scrap iron and steel, bought a 16% stake in US-based General Graphene Corporation for ₹132 crores, ($18.6 million) in an all-cash deal, Mint reported. The investment will be made in multiple phases over two to three years, through Graphite India’s wholly owned subsidiary in the Netherlands, Graphite International BV, the company said in a stock exchange announcement. Read more
Carlyle Group appoints Vikram Nirula as MD of its Asia PE team
US-based global alternative-asset manager Carlyle Group has appointed Vikram Nirula as a managing director in its Asia private equity team, Mint reported. Nirula, who had co-founded True North, quit the Indian private equity firm in January after an 18-year stint. Carlyle has invested about $1.9 billion of equity in India and has been increasing its pace of investment in recent years across a range of sectors, including financial services, healthcare, pharmaceuticals and consumer goods. Nirula will advise on Carlyle’s investment activities in India. Read more
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