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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.
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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.
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.