Indian infrastructure lender IIFCL seeks to expand capital base, asks govt to reduce stake to 51%


State-owned India Infrastructure Finance Co. Ltd (IIFCL) has asked the government to bring down its stake in the company to 51% by selling shares to strategic investors, as it aims to widen its capital base and present itself as an alternative source of finance for infrastructure developers. IIFCL, which lends… Read more »

Battle for Australia’s Asciano heats up as port firm Qube outbids rival with $6.3b offer

The battle for Australian stevedoring and rail giant Asciano Ltd escalated on Tuesday after ports firm Qube Holdings Ltd made a $6.3 billion offer that narrowly beats a rival bid and is expected to draw less concern from antitrust regulators. Qube, led by Chris Corrigan who ran Asciano’s port unit… Read more »

Indian e-commerce biggie Flipkart relaunches mobile web business

Flipkart Ltd, India’s largest e-commerce firm, relaunched its mobile web business by introducing web-based apps that will potentially make it easier and more convenient for people to shop on mobile phone browsers, as the company seeks to dominate smartphone-based shopping and avoid losing customers to rivals. Flipkart shut its mobile… Read more »

India: PNB Housing Finance mandates five investment banks for proposed $385m IPO

PNB Housing Finance Ltd, the housing finance subsidiary of state-owned Punjab National Bank (PNB), has hired five investment banks for an initial public offering (IPO) that could see the company raise approximately Rs.2,500 crore ($385 million) from the primary market, according to three people aware of the development. “The firm had… Read more »

Indian carrier IndiGo shares surge 17% on listing debut

Shares of InterGlobe Aviation Ltd opened 13.33% higher from the issue price of Rs.765 per share, following the robust response the company which runs India’s largest and most profitable airline, IndiGo, received to its initial public offer (IPO) last month. At 10am, shares of IndiGo started trading on the National… Read more »

India: Ready-to-eat startup Chefs Basket raises $6m from SAIF partners, Haresh Chawla of IVFA

Ready-to-eat food start-up Chefs Basket has raised $6 million (about Rs 40 crore) in series A funding from private equity firm SAIF Partners and Haresh Chawla, partner at India Value Fund Advisor, according to a report in The Economic Times. The investors were issued fresh equity in the company against… Read more »

India: Market regulator Sebi gives go-ahead to Dr Lal Pathlabs $108m IPO

Diagnostic and pathology laboratories chain Dr Lal Pathlabs Ltd on Monday received markets regulator Securities and Exchange Board of India’s approval for its initial public offering (IPO), according to data on the regulators website. The firm had filed its draft IPO papers on 16 September. Apart from Dr Lal Pathlabs,… Read more »

Tata Group’s Indian Hotels embarks on major restructuring drive, to pare debt

Tata group-controlled Indian Hotels Co. Ltd will undertake a restructuring of its subsidiaries and try to reduce the debt on its balance sheet as it bids to return to profitable growth. Some of this, particularly the attempts to improve the finances of Indian Hotels, the operator of Taj Hotels Resorts… Read more »

GE wins $2.6b contract for 1000 locomotives in India; deal marks first big foreign direct investment in rail sector

General Electric Co has won a $2.6 billion contract to supply India’s railways with 1000 diesel locomotives, as the state-owned network looks to foreign capital to help it modernize. The U.S. company will also invest $200 million to build local manufacturing and service facilities, GE said in a statement on Monday. “In… Read more »

India: Urbanity Multisol raises $150,000 seed funding from international investors

Urbanity Multisol Pvt. Ltd which runs on-demand service portal raised $150,000 seed funding from international investors which include Jozef Bardik, Leo Wang and Sangeet Ram. The company that operates in select parts of Mumbai will use the funds to expand to other localities in the city and launch new… Read more »