Page 9 - Fund Raising

Green hydrogen player Ohmium raises $250 mn from TPG; to ramp up capacity

Green hydrogen company Ohmium International on Wednesday announced a USD 250 million fund raise, which will be deployed to ramp up its electrolyser manufacturing activities in India, among other purposes. The US-headquartered company that designs, manufactures, and deploys advanced proton exchange membrane (PEM) electrolyzer systems already has a sizeable presence in India, with its country headquarters in Bengaluru, and manufactures here. It has raised the money in a round led by TPG Rise Climate, and also saw participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group, a company statement said. "The company has substantial part of its capacity in India. A large part of the money raised will be used for scaling up the capacity in India, a banker involved in the deal said. It looks at India as a manufacturing hub with a potential to deliver products at lower costs, the banker said, adding that the investm

IndiGrid raises Rs 1,140 cr via NCDs, to use funds for refinancing

India Grid Trust on Thursday said it has raised Rs 1,140 crore through long-term non-convertible debentures from International Finance Corporation. India Grid Trust (IndiGrid) is the first infrastructure investment trust in the power transmission sector. India Grid Trust has announced that IFC (International Finance Corporation) has subscribed to a listed NCD (non-convertible debenture) issuance of IndiGrid, aggregating to Rs 1,140 crore, according to a statement. With a total tenure of 18 years, the NCDs were priced at a competitive rate that is fixed for a long tenure. The company plans to utilise this debt for funding its upcoming refinancing opportunities in FY24, it added. "This long-term financing from IFC is in alignment with IndiGrid's strategy aimed at ensuring a robust balance sheet," Harsh Shah, Chief Executive Officer of IndiGrid, said in the statement. "Our support will help expand and diversify capital sources for critical power infrastructure, demonstrating the ...

Bed Bath & Beyond renews bankruptcy talks as efforts to raise cash fails

The filing could come before an April 26 deadline by which the company sought to raise another $300 million from equity investors, the people said

Tata Steel in talks to raise up to $400 million in offshore green loan

No final decision has yet been taken and details may still change, according to the people. Bloomberg-compiled data indicate this would be Tata Steel's first green loan

State Bank of India board approves raising of $2 billion from bonds in FY24

SBI will raise $2 billion through foreign currency bonds in 2023-24 in single or multiple tranches

Blackstone-backed Nexus Select likely to launch retail REIT IPO in May

Global investment firm Blackstone-sponsored Nexus Select Trust is likely to launch India's first retail REIT public offer in early May to raise up to Rs 4,000 crore. In November last year, Nexus Select Trust filed the draft red herring prospectus (DRHP) with market regulator Sebi to launch its retail REIT (Real Estate Investment Trust). Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering a 9.8 million square feet area valued at around Rs 23,000 crore. According to sources, the Nexus Select Trust is likely to hit the capital market in early May with its REIT IPO. It is expecting to get the Sebi nod soon. The size of the IPO of Nexus Select Trust REIT will be around Rs 4,000 crore, of which Rs 1,600 crore would be a primary offering of shares. This will be the third REIT sponsored by Blackstone. It launched India's first REIT Embassy Office Parks and then Mindspace Business Parks REIT. REIT, a popular instrument globally, was introd

State Bank of India to consider raising $2 billion via offshore bonds

The board will meet on April 18 to consider the fund raising

State-owned NBFC firm REC raises $750 mn through issuance of green bonds

State-owned non-banking finance firm REC Ltd has raised USD 750 million through issuance of green bonds. The expected settlement date for these bonds is April 11, 2023. "REC Ltd under its USD 7 billion Global Medium Term Note Programme, has priced and issued USD 750,000,000; 5.625 per cent green bonds on April 3," according to a regulatory filing. These bonds will mature on April 11, 2028, and all principal and interest payments will be made in US dollars. The net proceeds from the issue of these bonds will be used in finance, in whole or in part, the eligible green projects, it stated. These bonds will be listed on Global Securities Market of India International Exchange (India INX) and NSE IFSC.

Fundraising via REITs hits all-time low in FY23 on higher yields on debt

Higher yields on bonds, lack of new launches, limited availability and awareness among investors have made emerging investment instruments REITs and InvITs less attractive with fundraising hitting an all-time low at Rs 1,166 crore in 2022-23. Going forward, a change in the tax rule on distributions classified as repayment could lead to a substantial increase in tax liability as it will be taxed as 'other income' in the hands of the investor, making the instruments less attractive, Manavi Prabhu, Head Fixed Income, Anand Rathi Shares and Stock Brokers, said. These assets will have to either generate better underlying yields or will have to reduce the price to ensure that they are more attractive than existing fixed-income investment options, he added. According to data compiled by Prime Database.com, a total of Rs 1,166 crore was mobilised by real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) together in 2022-23. In comparison, Rs 13,841 crore was ..

Apparel supply chain start-up Fashinza raises $30 mn in business funding

B2B platform connects small and medium enterprises directly to fashion brands across the world

Reveal HealthTech raises $4 mn in seed funding from W Health Ventures

Reveal HealthTech provides technology services to healthcare companies through engineering, clinical, and strategic support

Ola to raise $300 mn to fund expansion of scooter, and battery cell plants

This fundraising will reduce the promoters' shareholding marginally from 40 per cent currently to 37-38 per cent

Pvt aviation soaring, JetSetGo to raise $50 mn to expand fleet: CEO

Compared to FY22, the number of business jet movements in India rose by 29.2 per cent to 306,388 in FY23, with each arrival or departure of a business jet being counted as a single "movement."

PhonePe raises $200 mn additional funding from Walmart at $12 bn valuation

New funding is part of PhonePe's ongoing capital raise of up to $1 bn, following its domicile shift to India last year

HDFC board to consider raising funds by NCDs on Mar 27 worth Rs 57,000 cr

Mortgage lender HDFC Ltd on Friday said its board would consider raising funds through non-convertible debentures (NCDs) in tranches aggregating to Rs 57,000 crore. "A meeting of the Board of Directors of the Corporation is scheduled to be held on Monday, March 27, 2023 to consider issuance of unsecured redeemable nonconvertible debentures, in various tranches, under a Shelf Placement Memorandum, aggregating Rs 57,000 crore on a private placement basis...," HDFC said in a regulatory filing. The approval for this was granted by the shareholders at the 45th Annual General Meeting held on June 30, 2022, it said. It is expected that the parent HDFC Ltd would merge into subsidiary HDFC Bank by the third quarter of the next financial year. Termed as the biggest transaction in India's corporate history, HDFC Bank on April 2022 agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan. The proposed entity will ha

Greenko Energy raises Rs 5,700 crore from GIC, Orix and founders

Last month, Greenko emerged the lowest bidder for the first green hydrogen manufacturing project by an oil refinery in the country

Murugappa Group's EV arm TI Clean Mobility to raise Rs 3,000 crore

TCM has already unveiled its passenger three-wheeler electric vehicle, the sales of which are expected to grow over the next few quarters

HDFC Bank raises $750 million via dollar bond sale, to pay coupon of 5.686%

The country's largest private sector lender HDFC Bank on Thursday announced that it has raised USD 750 million through a dollar bond sale. The bank said it will be paying a coupon of 5.686 per cent for the three year bonds, according to an exchange filing. The paper, rated Baa3 by Moody's Rating Services and Bbb by S&P, will be listed on the India International Exchange, it said. The USD denominated senior unsecured instruments will be redeemed on maturity in March 2026. The HDFC Bank scrip had closed 0.69 per cent down at Rs 1,603.35 a piece on the BSE on Thursday, as against a 0.23 per cent correction on the benchmark.

Drone start-up Garuda raises $22 mn in series A funding from SphitiCap

Company will use money to expand operations, research, and to train drone pilots

Polaris Smart Metering raises $100 mn in funding from I Squared Capital

Funds raised will primarily be used to acquire, execute and finance large smart metering contracts across India