<article>While Crompton Greaves Consumer Electrical has raised $97 million via bond sale, Max Life promoters are negotiating non-compete fee with HDFC Life.</article>

While Crompton Greaves Consumer Electrical has raised $97 million via bond sale, Max Life promoters are negotiating non-compete fee with HDFC Life.
<h3>Crompton Greaves Consumer Electrical raises $97m via bond sale</h3>
Capital goods manufacturer <a style="color: #000080;" href="http://www.crompton.co.in/">Crompton Greaves Consumer Electrical</a> has raised Rs 650 crore ($97 million) through its maiden bond sales, according to <a style="color: #000080;" href="http://economictimes.indiatimes.com/markets/bonds/dsp-blackrock-uti-mf-among-buyers-as-cgel-raises-rs-650-crore-from-bond-issue/articleshow/53267924.cms">a report</a> in The Economic Times quoting sources.
According to the sources, mutual fund houses including UTI MF, DSP Blackrock MF have invested in these securities floated by the de-merged entity from <a style="color: #000080;" href="http://dealstreetasia.com/tag/crompton-greaves">Compton Greaves</a> group. Axis Bank and IDFC Bank were the bankers to the deal.
The company plans to use the raised funds for capital expansion, and refinancing its existing debt. The AA-rated bonds offered an interest rate of 8.95% with a five-year maturity.
<h3>Max Life promoters negotiating non-compete fee with HDFC</h3>
Promoters of <a style="color: #000080;" href="http://dealstreetasia.com/tag/max-life">Max Life</a> and <a style="color: #000080;" href="http://dealstreetasia.com/tag/max-financial-services">Max Financial Services</a> are negotiating a &#8216;non-compete fee&#8217; from <a style="color: #000080;" href="http://dealstreetasia.com/tag/hdfc-life">HDFC Life</a> as a condition for the proposed merger between the two companies, according to <a style="color: #000080;" href="http://economictimes.indiatimes.com/industry/banking/finance/max-life-promoters-negotiating-non-compete-fee-with-hdfc/articleshow/53273380.cms">a report</a> in The Economic Times quoting sources.
Such a fee will require the approval of regulators as well as minority shareholders.
Last month, Max Financial Services Ltd said it had initiated talks for a possible merger of Max Life Insurance Co Ltd and Max Financial Services Ltd with HDFC Standard Life Insurance.
The deal, if concluded, will create the largest private insurance company in the country. It will overtake ICICI Prudential, which is currently the largest private insurer.
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/hdfc-standard-life-max-financial-to-initiate-talks-on-merger-44635/">India: HDFC Standard Life, Max Financial to initiate talks on merger</a>

While Crompton Greaves Consumer Electrical has raised $97m via bond sale, Max Life promoters are negotiating non-compete fee with HDFC Life.

India Digest: Crompton unit's $97m bonds; Max-HDFC Life in fee talks

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

India Digest: Crompton unit's $97m bonds; Max-HDFC Life in fee talks

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief