Srei Infra to raise Rs500 crore in January 2012

Srei has not issued retail infrastructure bonds so far, though the tax-saving tool has been available for the last two years

Srei Infrastructure Finance Ltd has decided to raise up to Rs500 crore through a public issue of infrastructure bonds.

"The company board approved the Rs500 crore secured, non-convertible, redeemable infrastructure bond and the issue will hit the market by early January 2012," Srei Infra Chairman Hemant Kanoria told PTI.

Srei has not issued retail infrastructure bonds so far, though the tax-saving tool has been available for the last two years. Srei officials declined to provide a figure on the rate of interest of the bond as it was not yet finalised and an application has not been filed with the market regulator. However, they indicated the rate would not be higher than 9%.

Srei officials said the company would tap the 30,000-odd client base of the group and its distribution network along with normal capital market distribution channels for the issue. In the 2011-12 fiscal, IDFC was looking to raise Rs5,000 crore in two or three tranches and L&T Infra hoped to raise Rs1,100 crore from infrastructure bonds, which reportedly have not been receiving a very enthusiastic response.

On Tuesday, Srei ended at Rs24.65 per share on the Bombay Stock Exchange, 4.83% down from the previous close.

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Coromandel ups stake in Sabero Organics to 67.75%

In May, Coromandel had acquired 36.75% stake of Sabero Organics Gujarat from the promoters of Sabero, following a share purchase agreement

Fertiliser manufacturer Coromandel International said it has increased stake in Sabero Organics to 67.75%. With the completion of this acquisition, Sabero Organics has become a subsidiary of Coromandel.

"On December 17, 2011 the company upon completion of all formalities under the open offer had acquired 1,05,00,000 equity shares from the shareholders of Sabero," the company said in a filing to the Bombay Stock Exchange (BSE).
With this acquisition, Coromandel’s holding in Sabero is 2,29,44,453 equity shares representing 67.75% and effective December 17, Sabero has become its subsidiary company, the filing added.

However, financial details of the deal were not given. In May, Coromandel had acquired 1,24,44,453 equity shares or 36.75% stake of Sabero Organics Gujarat from the promoters of Sabero, following a share purchase agreement.

Coromandel, part of the $3.8 billion-Murugappa Group, is engaged in manufacturing fertilisers, specialty nutrients, crop protection and retail, while Sabero is a producer and supplier of fungicides, herbicides and insecticides.

On Tuesday, Coromandal ended at Rs256.50 per share on the Bombay Stock Exchange, 2.17% down from the previous close.

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L&T Construction bags orders worth Rs1,000 crore

In the power transmission & distribution segment, L&T Construction has secured new orders aggregating to Rs334 crore

L&T Construction has bagged new orders valued at Rs1,000 crore across various business segments in the third quarter of FY2012.

In the buildings & factories segment, the company has secured a Rs200 crore order from the GMR group for the construction of an Air Traffic Control Tower and associated works at Delhi International Airport, New Delhi.

In the power transmission & distribution segment, the company has secured new orders aggregating to Rs334 crore from clients for the construction of transmission lines & substations across India. An international order valued at Rs185 crore has been secured in Kuwait for the construction of a substation & associated overhead transmission line works.

Major orders valued at Rs282 crore have been secured from Greater Mohali Area
Development authority for the construction of utility facilities like water supply network, wastewater collection network, storm water network, road works, electrical works and other associated development works in Aerocity, Mohali.
On Tuesday, L&T Construction ended at Rs979.10 per share on the Bombay Stock Exchange, 5.14% down from the previous close.

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