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Business News/ Companies / News/  Deals Buzz: Prajay Engineers plans to raise Rs200 crore to pay banks
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Deals Buzz: Prajay Engineers plans to raise Rs200 crore to pay banks

In other news, the Asian Development Bank (ADB) said it is planning to raise its annual lending to India from an average $2.65 billion per year at present to $4 billion

Debt-strapped city-based real estate player Prajay Engineers Syndicate Ltd is mulling raising around Rs200 crore from strategic investors to take up a one-time settlement (OTS) with banks and pare its debt. Photo: MintPremium
Debt-strapped city-based real estate player Prajay Engineers Syndicate Ltd is mulling raising around Rs200 crore from strategic investors to take up a one-time settlement (OTS) with banks and pare its debt. Photo: Mint

Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.

Prajay Engineers plans to raise Rs200 crore to pay banks

Debt-strapped city-based real estate player Prajay Engineers Syndicate Ltd is mulling raising around Rs200 crore from strategic investors to take up a one-time settlement (OTS) with banks and pare its debt. The company has been struggling to service its debt of Rs320 crore due to its ongoing tussle with the authorities over two projects—Prajay Princeton Towers at L B Nagar and Prajay Megapolis at Hafeezpet, reportsThe Times of India. Read more

Ajay Piramal: Interests of Shriram shareholders will be paramount in merger with IDFC

The interests of Shriram Group shareholders will be paramount in its merger with IDFC Ltd, said Shriram group chairman Ajay Piramal. Merger discussions may even be called off if the deal structure is not favourable to shareholders of the Shriram group firms, said Piramal, who is also chairman of Piramal Enterprises Ltd, reports Mint. Read more

Baba Ramdev: Patanjali needs to borrow Rs5,000 crore to support expansion

Yoga guru-turned-businessman Baba Ramdev on Wednesday said his company Patanjali Ayurved Ltd will need to borrow Rs5,000 crore to expand production capacity to support growth as it aims to become the largest packaged goods company in the country by March 2019, reports Mint. Read more

Lightspeed Venture in talks to buy stake in Freight Commerce

US-based venture capital firm Lightspeed Venture Partners is in talks to acquire a minority stake in Freight Commerce Solutions Pvt. Ltd, which operates Freight Tiger, reports Mint citing two people aware of the development. Founded in 2014 by Swapnil Shah, the Mumbai-based logistics firm operates a mobile application for truck-owners, brokers and logistics companies, helping them boost truck utilisation. Read more

Transerve, a geospatial technology start-up, raises $1.6 million

Transerve Technologies, which sells geospatial technology software to governments, city corporations and builders on Wednesday said it has raised $1.6 million from IL&FS Investment Managers and Omidyar Network in a Series A round. Read more

ICICI Lombard shares closed 3.1% higher on market debut

Shares of ICICI Lombard General Insurance Co. Ltd recovered after a weak debut and closed 3.1% higher on Wednesday after the general insurer’s Rs5,700-crore initial public offer (IPO) was subscribed nearly three times earlier this month, reports Mint. Read more

ADB plans to raise annual lending to India to $4 billion

The Asian Development Bank (ADB) on Wednesday said it is planning to raise its annual lending to India from an average $2.65 billion per year at present to $4 billion to help propel Asia’s third largest economy towards upper middle-income status, reports Mint. In 2016, ADB assistance to all its 67 member countries totalled $31.7 billion, including $14 billion in co-financing. Read more

Piramal sets up home finance company

Piramal Finance Ltd, the non-banking finance company of the Piramal Group, has set up a housing finance company that will offer home loans through realty developers and direct lending to retail customers. Piramal Housing Finance received the licence from the National Housing Bank, the regulator for housing finance companies, on 4 September, reports Mint citing the company. Read more

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Published: 28 Sep 2017, 11:46 AM IST
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