In other news,Coastal Gujarat Power, a wholly owned subsidiary of Tata Power, may raise ₹1,300 crore through a bond sale as it looks to refinance its existing foreign currency loans
Mumbai: Mint brings you your dose of the top deals news, reported from newsrooms across the country.
OkCredit raises $15.5 million from Tiger Global, others
OkCredit, which helps small- and micro-businesses maintain their books on smartphones, raised $15.5 million in series A funding round led by New York-based hedge fund Tiger Global that invested nearly $10 million, along with China’s early stage venture investor, Morningside Venture Capital, The Economic Times reported citing company’s top management. The round also saw participation from the startup’s existing investors Lightspeed India, Y Combinator, and Venture Highway. The Faridabad-based startup plans to use funds to further scale up its merchant base and grow its technology and product team, its Chief Executive Officer and Co-Founder, Harsh Pokharna told ET. The mobile application, launched in 2017, already has a merchant base of 1.3 million micro and small businesses and it aims to triple that number every quarter. The app also recorded $2 billion worth of transactions every month.
Tata Power’s Coastal Gujarat Power eyes ₹1,300 crore via bond sale
Coastal Gujarat Power, a wholly owned subsidiary of Tata Power, may raise ₹1,300 crore through a bond sale as it looks to refinance its existing foreign currency loans, The Economic Times reported citing two people with direct knowledge of the development. While the base size of the proposed issue is likely to be ₹600 crore with an option to oversubscribe for up to ₹700 crore, its yield may be around 9.15% across one, two and three year maturities. Even as the pricing has not yet been fixed, the bonds will be backed by its parent company for a better pricing and comfort to investors. The Kutch-based power plant holding company is in talks with at least eight domestic arrangers and may take a final call within the next few days. The upcoming bond sale may come up for official bidding this week on the exchange platform, one of the persons mentioned above told ET. The bonds will be rated AA (Structured Obligation), as the company would continue to draw additional credit support from its parent firm.
Edelweiss unit to buy Navayuga’s two roads for $150 million
The Edelweiss Infrastructure Yield Plus fund (EIYPF), an alternative investment fund set up by Edelweiss, looks to buy two operational annuity road assets from Hyderabad’s Navayuga Group for nearly $150 million, Mint reported citing two people familiar with the matter. This marks the second such investment by the Edelweiss infra fund, which made a first close of around ₹2,000 crore last year. The fund plans to raise a $1 billion corpus to invest in operating roads, renewables and power transmission assets. Mint reported on 5 June, that the fund bought two transmission assets-- Darbhanga-Motihari Transmission Ltd and NRSS XXXI (B) Transmission Ltd, owned by ,Subhash Chandra-led Essel Infraprojects.
Zoomcar eyes equal merger with vehicle-sharing firm Drivezy
Self-drive car platform, Zoomcar and vehicle-sharing firm, Drivezy are in initial talks for an equal merger as top investors in both firms are likely to hold stakes in the merged entity, Mint reported citing three people familiar with the matter. But any such share swap deal would require lenders’ approval from both companies, according to two of the three people cited above. While Zoomcar, backed by Mahindra and Mahindra Ltd (M&M), is seeking a valuation of $350-500 million, Drivezy is looking at a valuation of $400 million. Both companies have earlier raised debt funding and have fixed repayment schedules. Started by Greg Moran and David Back in 2013 in Bengaluru, Zoomcar has raised over $100 million in debt and equity funding till date. Drivezy, after an initial coin offering worth $5 million, raised around $40 million debt funding from investors such as Das Capital, Y Combinator and White Unicorn Ventures.
