<article>While Capital Float is in talks to raise Rs 300 crore ($47 million), Uniply Industries Ltd is selling its plywood division to its associate UV Boards Ltd.</article>

While Capital Float is in talks to raise Rs 300 crore ($47 million), Uniply Industries Ltd is selling its plywood division to its associate UV Boards Ltd.
<h3>Capital Float in talks to raise $47m</h3>
Fintech startup <a href="http://dealstreetasia.com/tag/capital-float" target="_blank" rel="noopener">Capital Float</a> is in advanced talks to raise Rs 300 crore ($47 million), in a round that is likely to be led by US-based investor <a href="http://dealstreetasia.com/tag/ribbit-capital" target="_blank" rel="noopener">Ribbit Capital</a>, said <a href="http://economictimes.indiatimes.com/small-biz/startups/capital-float-in-advance-talks-to-raise-rs-300-crore/articleshow/60069324.cms" target="_blank" rel="noopener">a report</a> in The Economic Times quoting sources.
The round is also expected to see participation of existing investors <a href="http://dealstreetasia.com/tag/sequoia" target="_blank" rel="noopener">Sequoia Capital</a> and <a href="http://dealstreetasia.com/tag/saif-partners" target="_blank" rel="noopener">SAIF Partners</a>. The company is expected to be valued at around Rs 1,300 crore post the round, said the news report.
The Bengaluru-based lender to SMEs, plans to use the fresh funds for expanding its lending portfolio to consumer financing and for financing kirana stores as well.
Earlier this year the online credit platform Capital Float, which is run by Zen Lefin Pvt. Ltd, has raised $2.5 million (Rs 17 crore) from IFMR Capital Finance and its alternative investment fund through non-convertible debentures (NCDs).
<h3>Uniply to sell plywood division to associate UV Boards</h3>
<a href="http://dealstreetasia.com/tag/uniply" target="_blank" rel="noopener">Uniply Industries Ltd</a> is selling its plywood division to its associate UV Boards Limited for Rs 300 crore ($47 million).
Under the terms of the deal, UV Boards will issue shares worth Rs 111 crore to Uniply and pay Rs 36 crore in cash, according to an official statement. UV Boards will also put in another Rs 42 crore to take over Uniply’s Gujarat facility and Rs 75 crore over 10 years for the licence to use Uniply’s trademark.  It will also take over Uniply’s working capital liabilities.
On completion of the deal, the share allotment will increase Uniply’s stake in UV Boards to 37.11 per cent from 8.79 per cent. As per regulatory norms, the move has triggered an open offer,  due to which  Uniply made an offer to acquire up to 32 million shares or 26 per cent stake of UV Boards for around  Rs 80 crore.
If the open offer fully succeeds, Uniply’s stake in UV Boards will increase to 63.11%.
Also Read:
<a href="https://www.dealstreetasia.com/stories/capital-float-raises-2-5m-from-ifmr-adstringo-to-get-5-million-64247/" target="_blank" rel="noopener">Capital Float raises $2.5m from IFMR</a>
<a href="https://www.dealstreetasia.com/stories/india-dealbook-lucideus-funding-uniply-delta-corp-in-acquisitions-52252/" target="_blank" rel="noopener">Uniply to buy design firm Vector Projects for $9.5m</a>

While Capital Float is in talks to raise Rs 300 crore ($47 million), Uniply Industries Ltd is selling its plywood division to its associate UV Boards Ltd.

India Digest: Capital Float eyes $47m funding; Uniply to sell plywood division

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India Digest: Capital Float eyes $47m funding; Uniply to sell plywood division

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