Hero FinCorp raises Rs 1000 crore, aims at reaching asset size of Rs 35,000 cr by 2020

Hero FinCorp today said it has raised Rs 1,000 crore fromChrysCapital, Credit Suisse and the Hero Group to fuel future growth over the next 12-18 months. 

The company aims to reach asset size of Rs 35,000 crore by 2020 from Rs 8,000 crore now. 

ChrysCapital led the current round by investing Rs 570 crore. The Hero Group has made an additional investment of Rs 300 crore in the latest round. Credit Suisse has invested Rs 132 crore. 

Pawan Munjal, chairman, Hero Group, said, “The financial services market in India, particularly the NBFCs, has witnessed steep growth in recent years and it still remains largely under penetrated. With Hero FinCorp, we aim to capitalise on this opportunity by providing credit power to financially excluded customers across the hinterlands of the country.”

http://economictimes.indiatimes.com/industry/banking/finance/hero-fincorp-raises-rs-1000-crore-aims-at-reaching-asset-size-of-rs-35000-cr-by-2020/articleshow/54345871.cms

The move will strengthen Singtel’s foothold in India; Singtel to also acquire 21% stake in Thailand’s Intouch Holdings for about $1.14 billion

Singapore Telecommunications Ltd (Singtel) said on Thursday that it had signed an agreement with its majority owner Temasek Holdings (Pte) Ltd to purchase a 7.39% stake in Bharti Telecom Ltd, the holding company of India’s largest telco Bharti Airtel Ltd, for $659.51 million.

The deal will strengthen the foothold Singtel, South-East Asia’s largest telecom company, has in India, the world’s second largest mobile-phone market, where consumers are switching to smartphones from feature phones at a rapid pace.

Prior to the agreement with Temasek, Singtel already owned 39.78% of Bharti Telecom besides a direct stake of 15.01% in Airtel through its subsidiaries Pastel Ltd and Viridian Ltd.

With the latest deal, Singtel’s effective total holding in Airtel will increase to 36.27% from 32.94%, cementing its position as the largest shareholder in the Indian company.

The Mittal family owns just under a 30% effective stake in Airtel, largely by virtue of its 51% stake in Bharti Telecom.

Additionally, Singtel will acquire a 21% stake in Thailand’s Intouch Holdings Public Co. Ltd for about $1.14 billion. Intouch is the biggest shareholder in Thailand’s largest mobile operator Advanced Info Services Public Co. Ltd (AIS)

for more info:

http://www.livemint.com/Companies/bL1jZZdOhjoSkDsxK45vDJ/Singtel-to-buy-739-stake-in-Bharti-Telecom-Thailans-Into.html

Hero FinCorp set to close PE fundraising worth $100 million

Hero FinCorp, which took birth as Hero Honda FinLease Ltd in December 1991, recorded a turnover of Rs771 crore in 2015-16 against Rs298.62 crore in 2014-15

Mumbai: Hero FinCorp Ltd, the financial services arm of India’s largest two-wheeler maker Hero MotoCorp Ltd, is close to raising around $100 million from private equity (PE) investors, two people aware of the development said.

Singapore investment firm Temasek Holdings Pte. Ltd and India-focused PE fund ChrysCapital LLC are in the final stages of talks with Hero, one of the two persons said. The deal could be closed within a couple of days, this person added, on condition of anonymity.

According to this person, both Temasek and ChrysCapital are equally keen on a stake and shares could be split between the two.

Hero FinCorp promoters, who had initially planned to sell 15% stake for $85 million may instead sell about 20-25% stake for $100-120 million, the second of the two persons cited above said.

Hero FinCorp planned to raise $100 million (Rs.650 crore) by selling a significant minority stake to PE funds to fuel its expansion into new areas, Mint reported in November last year. The company hired global investment bank Credit Suisse Group AG to find buyers and discussions had started, the Mint report added.

Spokespersons at Temasek and ChrysCapital declined to comment while an e-mail sent to Abhimanyu Munjal, chief executive officer at Hero Fincorp, and a spokesperson at Credit Suisse on Thursday went unanswered.

Hero FinCorp, which took birth as Hero Honda FinLease Ltd in December 1991, recorded a turnover of Rs.771 crore in 2015-16 against Rs.298.62 crore in 2014-15.

The non-banking finance company (NBFC) has a presence at over 1,000 retail financing touch-points across Hero MotoCorp’s network and has partnered with more than 200 satisfied corporate clients, according to the company website.

for more info, please click on the link below:

http://www.livemint.com/Companies/6mYZW1g0iEk4P7iPTR9UxL/Hero-FinCorp-set-to-close-PE-fundraising-worth-100-million.html

ICICI Prudential Life could become the first major insurance company to be listed through an initial public offer after parent ICICI BankBSE -0.58 % decided to sell a part of its stake to the public. 

India’s largest private sector life insurer filed an offer document with regulators for an issue that could raise around Rs 6,325 crore for the parent while valuing the company at close to Rs 50,000 crore. 

The share sale is an exclusive offer by ICICI Bank and does not comp .. 

http://www.livemint.com/Money/XfjmPqECkRunJI1NQ6pRQM/ICICI-Prudential-Life-files-for-Indias-first-insurance-IPO.html

SEBI to delist 4200 Companies from stock exchanges to give exit to investors.

In a mammoth clean-up exercise, markets regulator Sebi is planning to push for delisting of over 4,200 listed companies whose shares are not being traded, and promoters refusing to give exit opportunity to investors would face strict penal actions.

These include over 1,200 companies whose shares are listed on national bourses BSE and NSE but where trading has been suspended for various non-compliance issues for over seven years. Besides, there are over 3,000 companies listed on various regional stock exchanges that have become defunct, Sebi Chairman U K Sinha said on Wednesday.

He also warned of strong action against the auditors who close their eyes to the lapses in the financial accounts of listed firms.

“So far, we have had a hands-off approach on auditors, but we will take action if something serious comes to our notice.

Auditors cannot go scot-free if they have been certifying the books for years without pointing finger at the lapses,” Sinha said.

The exercise for over 4,200 listed firms would be completed this year. Such exercises would be taken up going forward to clean up the market from what the Sebi chief described as “a source of nuisance”.

In an interaction here, Sinha said delisting of these companies is one of the key focus areas for the regulator in the current fiscal.

“We are going to reduce the number of listed companies. We have already reduced the number of stock exchanges by successfully closing several defunct or non-functional regional exchanges. They were centres of risk and there were series of litigations but we have won all of them.

“Now our target is to reduce the number of listed companies where no or little trading is taking place,” he said, adding that it was not something to be happy about to have maximum number of listed companies if there was no trading activity happening.

“There are two sub-sets — first there are over 3,000 companies exclusively listed on regional exchanges and then the second is the list of companies where trading has been suspended for a long time. To start with, we have decided on a seven-year threshold and there are over 1,200 such listed companies together on BSE and NSE,” he said.

http://www.huffingtonpost.in/2016/05/25/sebi-delisting-shares_n_10128340.html

Engineering major Larsen & Toubro (L&T) on May 25 said it will decide on when to launch the IPO of L&T Infotech in a week.

Read more at: http://www.moneycontrol.com/news/business/decisiontiminglt-infotech-ipoa-week-naik_6746121.html?utm_source=ref_article

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