Tata Power and India Bulls together raised $535 million

Tata Power Company Ltd and India Bulls Financial Services on Wednesday together raised $535 million becoming two among the many companies that are raising funds both internationally and domestically for funding their capital expenditure or expansions.
This also indicates a revival of economic activity, besides a renewed appe-tite for Indian paper.
Last week, Mr Anil Agar-wal’s Sterlite raised $1.5 billion through American Depository Receipts (ADRs), one of the biggest issues in the last one year.
Earlier, Tata Steel raised $500 million through the Global Depository Receipts route. It had priced each GDR at $7.64 as per the relevant pricing guidelines for GDRs. Suzlon was a bit of a laggard but it also raised $108 million against the $400 million that it had expected.
Mopping up funds in 2009 has been increasing at a relatively robust pace compared to 2008.
The HDFC’s chairman, Mr Deepak Parekh, on Wednesday announced that the corporation is in the process of raising Rs 4,000 crore through a qualified institutions placement (QIP) offering of warrants simultaneously with secur-ed redeemable Non-convertible debentures to qualified institutional buyers.
Not to be left behind the public sector power company, the Rural Electrification Corp Ltd (REC), has submitted its plan to the finance ministry for a follow-on public issue to raise additional capital of upto Rs 3,026 crore, a government official said on Wednesday.
Underlining the revival in appetite for Indian offerings, Mr S. Ramakrishnan, executive director, finance, Tata Power, said that the GDR offering received such a good response that they increased the offering size from $250 million to $335 million. They would be using this amount to fund capital expenditures for existing power plants and projects under implementation.
Indiabulls Financial Services said it has raised nearly $200 million (Rs 966 crore) by private placement of shares with qualified institutional buyers (QIBs). It has issued 5.61 crore shares at Rs 171 a share.
MCX Stock Exchange, meanwhile, has appointed global investment banker Nomura Financial Advisory for selling stake in the company to PE firms.
MCXSX had initiated its divestment process in June, in line with the Sebi requirements, which do not allow promoters to control more than 15 per cent in a bourse.

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