Photo: Pradeep Gaur/Mint
Photo: Pradeep Gaur/Mint

Deals Buzz: Brookfield, JM Financial unit in advanced stages to buy Leela Hotels

In other news, Air India Ltd has made a fresh attempt to raise 500 crore in debt after a similar effort last month failed to find any taker

Mint brings you your dose of the top deals news, reported from newsrooms across the country

Brookfield, JM Financial unit in advanced stages to buy Leela Hotels

Lender JM Financial Asset Reconstruction Company (JMFARC) is keen to retain about 10% of the debt-hit hospitality company, Hotel Leelaventure, even as exclusive talks with prospective buyer Brookfield Asset Management move to an advanced stage, The Economic Times reported. The Canadian private equity major is looking to pick up the bulk of JMFARC’s debt in the chain. With its hotels portfolio spanning across Delhi, Mumbai, Chennai, Udaipur, Gurugram and Bengaluru, the luxury hospitality chain’s debt exceeds 3,000 crore. Read more

Air India makes fresh bid to raise 500 crore

Air India Ltd has made a fresh attempt to raise 500 crore in debt after a similar effort last month failed to find any takers, Mint reported. The national carrier plans to use the funds to meet working capital needs and pay interest on outstanding loans, according to a tender floated by the airline. Air India, which has a government-backed sovereign guarantee on its debt, hopes to raise the amount from domestic lenders for a loan tenure of one year. The latest fundraiser, if successful, will exhaust the sovereign guarantee limit of 2,000 crore offered by the government to the loss-making airline for the year.

Greenko plans to buy Skeiron in 3500 crore deal

The Greenko group, backed by sovereign wealth funds GIC Holdings Pte Ltd and Abu Dhabi Investment Authority, is in talks with Skeiron Renewable Energy to acquire 385 megawatt (MW) of wind projects at an enterprise value of around 3,500 crore, Mint reported. This comes against the backdrop of the Greenko group being poised to buy Orange Renewable from Singapore’s AT Capital Group, in what may rank among the biggest deals in India’s renewable energy space, Mint reported on Monday. Read more

Meesho in advanced talks to raise $50 million

Social commerce marketplace Meesho is in advanced talks to raise $40-50 million in funding led by Apoletto Asia, the personal investment vehicle of DST Global’s Russian billionaire founder Yuri Milner and other partners at the firm, Mint reported. Read more

IL&FS defaults on intercorporate deposits worth 1.72 billion

Beleaguered infrastructure financier Infrastructure Leasing & Financial Services (IL&FS) has defaulted on interest and principal payments on inter-corporate deposits (ICDs) of 1.72 billion due last Friday, Business Standard reported. in a statement to the stock exchanges, IL&FS said the interest default by the company on 29 September was set off by IndusInd Bank towards interest for 164 million against interest service reserve account maintained by the company with IndusInd Bank. “The liability of IL&FS thus stands cancelled to that extent for IndusInd Bank for the month of September 2018," it said. Read more

GMR Infra to pay 3560 crore to PE investors in airport business row

GMR Infrastructure Ltd (GIL) on Monday said it has settled an ongoing arbitration with the private equity (PE) investors in its airport business GMR Airports Ltd (GAL), a move that is expected to clear the decks for GAL’s initial public offer (IPO), Mint reported. The Bengaluru-based infrastructure firm has agreed to pay 3,560 crore to PE firms SBI Macquarie, Standard Chartered Private Equity, JM Financial Old Lane and others in lieu of their entire holding of compulsorily convertible preference shares in GAL. In addition, the PE investors will also acquire a 5.86% stake in the airport business valuing GAL at 21,000 crore. The payout to PE investors will be funded by GIL through the sale of its airport-related equity holdings to the airport business

Aye Finance looks to raise up to 300 crore from new investors

Small business loans provider Aye Finance is looking to raise 250-300 crore ($33.9-40.7 million) in a Series D funding round from new overseas investors, Mint reported. The Gurugram-based non-banking financial company has initiated talks with two foreign investors to raise fresh capital at a valuation of 500 crore, Sanjay Sharma, managing director of Aye Finance, said over the phone, adding that existing investors are also expected to participate in the proposed round. Read more

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