Everybody raising

money through
4 selling stake CORPORATE THE ECONOMIC TIMES MUMBAI THURSDAY 24 SEPTEMBER 2009

IN A NUTSHELL With Market On An Uptrend, India Inc Is Back On The Funds Trail To Power Expansion Plans & Retire Debts
HCL Info plans QIP, warrant
issue for Rs 847 cr
MUMBAI: IT company HCL Infosystems on
Wednesday said it would raise funds to the tune of Rs
Suzlon Energy promoters raise Cipla mops
up Rs 671 cr
847 crore by private placement of shares with
qualified buyers and issuing warrants. The
shareholders of the company have decided to Raise
Rs 500 crore, with an option to garner an additional
Rs 25 crore, if the issue is oversubscribed by private
placement of shares with potential buyers, HCL
Rs 678 cr from 4.5% stake sale
Our Bureau talled Rs 688.80 crore. However, people
through QIP
Our Bureau
MUMBAI

Infosystems said in a filing to the BSE. Furthermore, MUMBAI/PUNE

ON CLOUD NINE familiar with the transaction said that the INDIAN generics drug maker
it will raise Rs 322 crore by issuing convertible shares were sold at Rs 97 a share, at a 4% Cipla has raised $140 million
warrants to certain promoters, the filing added.

Gammon Infra may raise Rs 500 cr

MUMBAI: Gammon Infrastructure Projects may raise
T HE promoters of Suzlon Energy on
Wednesday raised nearly Rs 678
crore ($142 million) by selling 4.5%
of their stake primarily to retire debt that
the wind turbine maker had taken to ac-
Rs 500 crore through the qualified institutional quire assets globally.
placement (QIP) route, a top company official said. While it isn’t yet clear who bought the
The capital outlay of the company’s 18 projects shares, a late Wednesday filing with the
would exceed Rs 10,000 crore. The company’s Bombay Stock Exchange mentioned that
projects worth Rs 4,700 crore have already achieved Citigroup Global bought more than half of
financial closure. the shares that were sold.
During the past three quarters, the pro-
Axis fixes QIP price at Rs 906.70 moters of the Pune-based company have
sold part of their shareholding in the com-
MUMBAI: The country’s third-largest private sector pany three times to reduce the overall debt
lender, Axis Bank, on Wednesday said it had fixed Rs that currently stands at Rs 11,800 crore.
906.70 per equity share under its global depository Suzlon chairman and head of the pro-
receipts (GDRs) and QIP offerings. The lender raised moter group, Tulsi Tanti, said: “The pro-
over Rs 4,880.61 crore by issuing 53,828,330 equity ceeds are intended to be used primarily to
shares. The management committee authorised by infuse funds into the company as unse-
the board of directors took a decision to this effect at
its meeting held on Tuesday, Axis Bank said.
Kingfisher eyes $175 m by March Jaiprakash raises Rs 1,190 cr
It’s learnt that
Citigroup Global has
picked up a bulk of
the shares
discount to Tuesday’s price.
The proceeds from the stake sale by
Nidhi T Tanti, Brij J Tanti and Girish R Tan-
ti — all members of the Tanti family — will
be ploughed back into the company in the
(nearly Rs 671 crore) through a
qualified institutional placement
(QIP) of shares to fund expan-
sion and retire debt.
A person close to the company
The transaction is form of debt or equity, Suzlon said in its said Cipla would require capital
intended to bring down statement. Citigroup was the sole expenditure of around Rs 600
bookrunner for the transaction which was crore this financial year and the
the wind turbine targetted at institutional investors. company’s debt stands at Rs 940
maker’s overall debt “They (Suzlon promoters) are trying to crore. Around Rs 920 crore of debt
deleverage the company,” said invest- is repayable this year.
cured debt or equity, subject to applicable months ago in May, the company’s pro- ment advisor SP Tulsian, adding, “It’s a The company has offered to
law. The money, thus infused, is expected moters had said “the promoter group does good thing.” Suzlon Energy has also been
to be used for working capital and other not envisage any need for a further stake widely reported to be selling part of its
sell shares worth $110 million,
with an op-
funding requirements of the company.” sale in the foreseeable future”. stake in subsidiaries to reduce debt. The tion to raise
The promoters have offered to sell 70 Although the company didn’t disclose wind turbine maker has publicly ex- it to $175
million shares in the latest stake sale that the price at which the shares were sold, a pressed its plan to pare down its presence million. The
would bring their total stake down to back-of-the-envelope calculation based in Hansen Transmissions International, shares were
53.1%, from 65.83% in March. Interest- on Tuesday’s closing price of Rs 100.80 in- the Belgian gearbox maker that it ac- sold an av-
ingly, while diluting their 4% stake four dicates that the deal value could have to- quired for e465 million. erage price
of Rs
RELIEF, 263.75 a
3i Infotech QIP issue AT LAST sulting in an
The company
piece, re-

equity dilu-
NEW DELHI: Private carrier Kingfisher Airlines plans to
fetches Rs 318 crore has offered to sell tion of

through treasury share sale

raise up to $175 million (about Rs 840 crore) before
March next year through rights issue and global
depository receipts (GDR). “Yes, we are planning
both rights issue and GDR placement. The combined
amount will be about $150-175 million,” UB Group Our Bureau
chief financial officer Ravi Nedugandi said. NEW DELHI
INFRASTRUCTURE major
Jaiprakash Associates (JAL) raised
around Rs 1,190 crore through sale of
5 crore treasury shares in bulk deals
on Wednesday, in a bid to finance its
proposed captive power plants and
FINANCE keep cash ready for a possible acquisi-
& PARTNERSHIP tion or setting up of cement capacity
in Maharashtra and overseas, said a
FOR top company executive.
“The funds raised will be used to
JAL shares closed 6.34% lower
CONCRETE STEPS on Wednesday to close at Rs 234.15,
against a decline of 1% in the Sen-
The proceeds from the sex. The company sold shares at an
share sale will be utilised in average price of Rs 238.50 a share.
financing proposed power This is the second tranche of treas-
plants and stepping up ury share sale by JAL, which sold 2.5
cement capacity crore shares in June to raise Rs 500
crore. Mr Gaur said the company
didn’t plan to sell any more treasury
ment capacity,” said Jaiprakash As- shares in the next three months.
sociates executive chairman Manoj A merger of four subsidiaries with
Gaur, adding that the fund will not JAL early this year resulted in the
be used for debt repayment. JAL has formation of around 21 crore treas-
shares worth around 4%.
The Cipla
Our Bureau
$110 million, with s t o c k
MUMBAI an option to raise s l i p p e d
it to $175 million 1.55% to
THE Mumbai-based IT firm, 3i Infotech, has raised Rs close at Rs
317.81 crore through the qualified institutional placement 259.80 on the BSE on Wednes-
(QIP) route. The QIP issue, which opened on September 17, day. CLSA, JP Morgan and Ko-
closed on Tuesday, September 22. The company will issue tak Mahindra Capital were
3.75 crore shares at a price of Rs 84.75 per share to the buy- arrangers to the issue.
ers. The face value will be Rs 10 per share. 3i Infotech had Ranjit Kapadia, V-P (institu-
earlier passed an enabling resolution to raise up to Rs 500 tional research) at HDFC Secu-
crore in July this year and raised Rs 317 crore in line with the rities said, “This was a good
market conditions. move by Cipla as it got a good
“The issue size is relative to the demand and other QIPs in price and the stake dilution was
the market at that time, apart from their pricing. Based on all marginal.” He said the proceeds
these factors, we decided that raising $50-65 million would would help the company gen-
be optimal,” said Amar Chintopanth, CFO, 3i Infotech. The erate ‘good’ return for the

ACCOMMODATION
AVAILABLE

TO LET
SUGAR
IMPORT ERS
finance our proposed 360 mw cap-
tive power plants and add more ce-
a total debt of Rs 9,500 crore and a ury shares or 14.5% of the equity
debt-equity ratio of 1:9, as of now. base of the combined entity.
funds raised will be used to partially retire the company’s
debts and improve the debt to equity ratio.
shareholders.

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Readers are recommended to make appropriate

enquires and seek appropriate advice before
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Bengaluru (80 4348 4348), Delhi (11 4160 6677/88) &
II 93 Richmond Road,
AlsoContactf or other Interna tionaI ’e Domesticyachag
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Allrates ar eyeryerson on twin shar ing hasis, suIj ect to availahill
sending money, incurring any expenses , acting on
I
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medical recommendations or entering into any
commitment in relation to any advertisement
published in this publication. The Times Of India
Group doesn’t vouch for any claims made by the
Advertisers of products and services. The Printer,
Mumbal (2010) • Goa (2010) • Alibaug (2010)
Publisher, Editor, and Owners of The Times Of India
Group publications shall not be held liable for any
consequences , in the event such claims are not
honoured bytheAdvertisers.
Hydorabad (090171 9888) Bengaluru 25, India. taken care of as it used to be long ago but it
AllRates in INR. Pr ices are inclusive of alltaxes andf ees as on
I Tel.: ÷91-080-43484348, date ani(suhj ect to chanqe with revision or fluctuation in ROE.
is still worth a dekko. The purohit (priest)
I e-mail: sales.bglr@pridehotel.com and his men, however, come and perform
the Puja for the family with the allotted
funds donated by the family itself. It is said
that Maa loved to to come to this house for
Log on to www.pridehotel.com, dial our Toll Free No.: 1800 209 1400 Bhog (the offerings of food made to her)
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enquiries. particularly the giant sweets!