Barclays ties up with Motilal Oswal AMC to offer PMS

Value Strategy PMS strives to deliver higher returns by maximising gains from long term compounding effect

Barclays Bank PLC today announced its tie-up with Motilal Oswal Asset Management Company Ltd (MOAMC) to bring to its customers, the MOAMC's Value Strategy PMS.

Value Strategy PMS strives to deliver higher returns by maximising gains from long term compounding effect which is done through investments in thriving businesses managed by prominent professionals.

User

Sadbhav Engineering bags Rs202 crore road project

Sadbhav Engineering has bagged around Rs202 crore project from the Bihar government for upgradation and improvement of a road

Infrastructure firm Sadbhav Engineering Ltd said it is has bagged around Rs202 crore project from the Bihar government for upgradation and improvement of a road.

The improvement of the road stretching across 64.71 km will be undertaken by Sadbhav Engineering in joint venture with GKC Projects, the company said in a filing to the Bombay Stock Exchange.

"Sadbhav Engineering....has been awarded the following project by Bihar State Development Corporation Ltd, Patna for accepted contract amount of Rs201.82 crore in joint venture with GKC Projects Ltd-Hyderabad," it said.

Sadbhav Engineering will have a 50% stake in the joint venture and will lead it. "Company will lead the joint venture with 50% participation share," the statement said.

"Improvement/upgradation of Mohammadpur Rajapatti-Mashrakh-Khaira-Chhapra Road (SH-90) Length- 64.71 Km. Contract Package No-3 of Bihar State Highway Project-II," it added.

User

Hotel Leelaventure to sell Kerala hotel for Rs500 crore

The company's debt is estimated at Rs3,950 crore. It has been looking to raise funds through sale of land and promoter equity to repay debt

Hotel Leelaventure said it would sell its luxury hotel property in Kovalam, Kerala to Travancore Enterprises (TEPL) for Rs500 crore, in an effort to reduce its debt.

The sale will be structured in such a manner that Leelaventure will transfer the hotel undertaking to a subsidiary special purpose vehicle (SPV), which will be then acquired fully by TEPL.

"...Pursuant to such transfer of undertaking to the SPV, TEPL shall acquire 100% of the shares of such SPV from Leela for a total cash consideration of Rs500 crore," Leelaventure said in a filing to the Bombay Stock Exchange.

Leelaventure said the deal was pursuant to the decision of the board to pursue an 'Asset Light Strategy' to reduce its debt.

The company's debt is currently estimated at Rs3,950 crore. It has been looking to raise funds through sale of land and promoter equity to repay debt.
The hospitality chain has been holding talks with 2-3 private equity players to raise up to Rs600 crore.

In May this year, the company's board also approved fund raising of up to Rs1,000 crore by way of qualified institutional placement, FCCB and others.
The company, however, said it would continue to manage the Kovalam hotel under 'The Leela' brand name through a long term management contract to be finalised with the SPV. The deal is subject to shareholders and regulatory approvals, it added.

TEPL is owned by B Ravi Pillai, an Indian industrialist from Kerala, based in Saudi Arabia dealing in the petrochemical business. He was awarded the Padma Shree in 2009.

The company is also actively reviewing proposals for other management contracts in other parts of the country.

In the late afternoon, Hotel Leelaventure was trading at around Rs36.80 per share on the BSE, 3.41% down from the previous close.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)