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Weekly Corporate and Finance Deals

Weekly Corporate and Finance Deals

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  • 1. Top Headlines Nalanda Capital buys into WestBridge Capital-backed Cera Sanitaryware. BSNL and MTNL to get $1.8B refund for surrendering 4G spectrum. RBI raises loan-to-value ratio for gold loan firms to 75%. Fans merchandising venture Bluegape raises $250K through angel funding platform LetsVenture. Piramal may buy 20% in Shriram Capital. Mobile publishing platform MobStac raises $2M in Series B from Accel Partners and Cisco. SpiceJet orders Boeing jets worth over $4B. Toshiba to buy 26% stake in IVFA-controlled water management solutions firm UEM Inside The Story Nalanda Capital buys into WestBridge Capital-backed Cera Sanitaryware. Singapore-based Nalanda Capital has built up a 2.2 per cent stake in Cera Sanitaryware Ltd (CSL), one of the largest sanitaryware companies in India, over the last two quarters. Nalanda Capital has spent Rs 14-15 crore to acquire the stake.Cera counts WestBridge Capital Partners as its biggest institutional shareholder with an 8.87 per cent stake. WestBridge had built its stake in Cera from mid-2012 to mid2013.Cera's scrip was trading at Rs 696.60, down by 2.12 per cent on Friday at 3:07 pm giving the company a market capitalisation of Rs 884.68 crore.For first two quarters of FY14, Cera reported over a 41 per cent increase in sales to Rs 285 crore with net profit rising 7.5 per cent to Rs 21.8 crore compared with the same period last year. 1
  • 2. BSNL and MTNL to get $1.8B refund for surrendering 4G spectrum. The Union Cabinet has allowed the cash-strapped state-run telecommunications firms Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) to return the broadband wireless access spectrum they got in 2010 and get refunds worth Rs 11,258 crore ($1.8 billion).BSNL and MTNL will get refund of Rs 6,724.51 crore and Rs 4,533.97 crore, respectively, in a staggered manner, Information and Broadcasting Minister Manish Tewari told media on Thursday after a meeting of the Cabinet. RBI raises loan-to-value ratio for gold loan firms to 75% The Reserve Bank of India (RBI) has raised the loan-to-value (LTV) ratio for the non-banking finance companies lending money against gold to 75 per cent from 60 per cent earlier, so as to facilitate monetisation of idle gold, according to a notification by RBI. The norms are expected to bolster the loan books growth of the gold loan companies.The central banks said this is in view of the moderation in the growth of gold loan portfolios of NBFCs in the recent past. RBI had brought the permissible LTV ratio to 60 per cent in March 2012 though it had hinted that it may relax this rule.Shares of top gold loans companies like PE-backed Muthoot Finance and Manappuram Finance rose around 20 per cent in a flat Mumbai market on Thursday. Fans merchandising venture Bluegape raises $250K through angel funding platform LetsVenture. Bluegape LifeStyle Pvt Ltd, the company that owns and operates Bluegape.com, a fan merchandise and customisation platform, has raised Rs 1.56 crore (around $250,000) from global investors via an online funding platform LetsVenture.com. The fundraise took about two months to complete and angel investors from multiple geographies participated in the round. Baghla shared that before listing on LetsVenture.com, Bluegape had Rs 50 lakh committed from three angel 2
  • 3. investors and after listing it received interest from angels across the world. “We finally closed the Rs 1.56 crore round which was slightly more than our target of Rs 1.5 crore,” Baghla added. Piramal may buy 20% in Shriram Capital. Piramal Enterprises is likely to buy a 20% stake in Shriram Capital in three-four months, according to G.S. Sundararajan, Managing Director, Shriram City Union Finance. In May last year, Piramal had bought about 10% stake in Shriram Transport Finance Co for Rs 1,652 crore. Piramal Enterprises aims to become a strategic investor in Shriram Group. Sundararajan said Shriram Group is keen to end its reliance on private equity (PE) players for funding and rely more on strategic investors. Mobile publishing platform MobStac raises $2M in Series B from Accel Partners and Cisco. Bangalore-based Mobile Motion Technologies, which offers a mobile publishing platform MobStac, has secured $2 million (Rs 12 crore) in a Series B round of funding from existing investor Accel Partners, with participation from technology major Cisco, according to a TechCrunch report.The report, citing its co-founder, said that the capital will be used to expand its cloud platform to build mobile websites for consumers.The startup had raised an undisclosed round of funding from Accel Partners and Mumbai Angels in November 2011. SpiceJet orders Boeing jets worth over $4B. Indian budget airline SpiceJet has agreed to buy around 40 Boeing 737 passenger jets worth over $4 billion at list prices, industry sources said on Tuesday.SpiceJet has placed a firm order for as many as 42 Boeing 737 MAX aircraft that offer fuel savings compared to its existing fleet of current-generation 737s, one source said.Such an order would be worth $4.4 billion at list prices without adjusting for either inflation or price discounts. 3
  • 4. Toshiba to buy 26% stake in IVFA-controlled water management solutions firm UEM Japanese electrical major Toshiba Corporation is picking 26 per cent stake in UEM India Pvt Ltd, which provides turnkey services in the water and wastewater collection, treatment and disposal.India Value Fund Advisors (IVFA) had picked a controlling stake in UEM few years ago and will continue to hold a majority stake post the strategic investment. However, this transaction paves a way for an exit in the future.Toshiba said the entire investment will be infused into the firm to drive future growth with expansion into newer geographies and access better technologies to augment its business. The deal involves primary issue and there are no sellers. 4