Page 2 - Corporate Fundraising

Corporate funding in energy storage falls 31% to $15.2 bn: Mercom Capital

The global corporate funding in energy storage segment fell 31 per cent to USD 15.2 billion during the January-September 2023, the US-based Mercom Capital said on Thursday. The segment had attracted USD 22 billion worth of investments during the nine month period last year, the research firm said in its latest report. "Corporate funding in the energy storage sector was down 31 per cent in 9M (nine month) 2023, with USD 15.2 billion raised in 94 deals, compared to USD 22 billion in 93 deals in 9M 2022," it said. However, during the July-September quarter the segment attracted USD 8.2 billion investment, up 32 per cent year-on-year over USD 6.2 billion raised in the same period of 2022. The funding includes the venture capital, debt and public market financing modes. In India, a lithium-ion battery manufacturer raised USD 2.4 million in pre-series A round funding, while public infrastructure finance company REC Ltd approved a funding of USD 730.8 million to Greenko to develop a 1,44

Neogen Chemicals to raise Rs 253 cr through issue of preferential shares

Neogen Chemicals will raise Rs 253 crore through an issue of preferential shares to investors to expand business. In a regulatory filing on Wednesday, the company informed that the Board of Directors considered and approved the allotment of 14,42,358 equity shares of face value of Rs 10 each at a price of Rs 1754.07 per share, aggregating up to Rs 252.99 crore on a preferential basis. SBI Large and Midcap Fund, SBI Contra Fund, SBI Equity Savings Fund, Quant Small Cap Fund, TATA India Tax Saving Fund, India Acorn Fund Ltd, Ashoka India Equity Investment Trust PLC, Invesco India Small Cap Fund and Alchemy Long term Ventures Fund have been allotted these preference shares. The equity shares allotted by the company to these investors will be listed on the stock exchanges. "The company is in the business of manufacturing specialty Chemicals. The Company anticipates growth opportunities in its existing organic/ inorganic business and continues to evaluate various avenues for growth and

IWEL raises Rs 800 crore through sale of equity shares of Inox Wind

Inox Wind Energy Ltd (IWEL) has raised Rs 800 crore through sale of equity shares of Inox Wind, according to a regulatory filing. The sale has been made through block deals on the stock exchanges, INOXGFL Group said in a BSE filing. "IWEL, the promoter of Inox Wind Ltd (IWL), successfully raised Rs 800 crore through sale of equity shares of Inox Wind via block deals on the stock exchanges," it said. The funds raised will be infused into IWL and utilized for the repayment of IWL's external debt, marking a significant step towards achieving a net-debt free status. The transaction witnessed strong participation across long-only domestic and foreign institutional investors, it said. Devansh Jain, Executive Director of INOXGFL Group, said "With today's transaction, we have taken a large step towards our goal of achieving a net debt-free status for Inox Wind Ltd. "As Inox Wind embarks on its next phase of growth, underpinned by India's renewable energy targets, its robust financial ...

Corporate funding in solar industry surges 55% to $28.9 bn: Mercom Capital

The corporate funding in the global solar sector rose 55 per cent to 28.9 billion during January-September 2023, mainly due to the push to meet energy transition objectives, Mercom Capital has said. The global corporate funding in the sector was USD 18.7 billion in the first nine months of 2022, the US-based research firm said in its latest report. Despite inflationary challenges and elevated interest rates, financing in the solar industry has remained robust through the first three quarters of 2023, Mercom Capital Group CEO Raj Prabhu said. "The resilience can be attributed to a strong global push to achieve energy transition objectives and substantial demand created by the Inflation Reduction Act - which has helped the sector weather persistent economic challenges and retain the interest of investors," he added. In the venture capital segment in India, Juniper Green Energy secured a USD 350 million investment from AT Capital Group and Vitol to achieve its target to triple its ...

Wockhardt shareholders reject proposal to raise Rs 1,600 cr from promotor

Shareholders of Wockhardt have rejected a proposal to raise Rs 1,600 crore from a promoter entity, according to a regulatory filing. The board of Mumbai-based drug firm had sought shareholder approval for a related party transaction with Khorakiwala Holdings and Investments Pvt Ltd (KHIPL) to raise up to Rs 1,600 crore for a period of five years. KHIPL, a promoter entity, is an RBI registered NBFC. About 50.12 per cent votes came in against the proposal while 49.87 per cent of the votes polled favoured the resolution, Wockhardt said in a regulatory filing. In a note, proxy advisory firm IiAS said it had sought approval for the proposal but it was defeated. "Wockhardt's resolution for a related party transaction with Khorakiwala Holdings and Investments Pvt Ltd (KHIPL) for an amount up to Rs 1,600 crore for a period of five years, was defeated," it noted. IiAS said the proposed related party transaction with KHIPL was intended for borrowing of funds for an amount up to Rs 1,600 cr

Power Grid board approves raising Rs 5,700 cr through bonds in FY24

Power Grid Corporation's board has approved a proposal to raise up to Rs 5,700 crore through issuance of bonds on private placement basis in multiple tranches in 2023-24. The fund raised will be used to part finance its capex requirement, for providing inter corporate loans to wholly-owned subsidiaries/JVs and for general corporate purposes. This will be done by securitization of cashflows of 4 operational SPVs (special purpose vehicles) viz. POWERGRID Bhuj Transmission, POWERGRID Khetri Transmission System, POWERGRID Medinipur Jeerat Transmission System and POWERGRID Varanasi Transmission System up to March, 2034. The company is raising Rs 500 core in the first tranche with a green shoe option of (additional) Rs 1,400 crore.

Corporate funding in energy storage halves to $7 bn in Jan-Jun: Report

Total corporate funding in energy storage globally fell 55 per cent to USD 7.1 billion during the January-June period or first half of 2023, according to Mercom Capital. The segment had attracted USD 15.8 billion during the same period in 2022, the research firm said in its latest report. The report comes at a time when various governments across the globe are aiming to increase storage of renewable energy as part of their green initiatives to meet their net zero goals. "Corporate funding into energy storage companies reached USD 7.1 billion in 59 deals in 1H (first half) 2023, a 55 per cent decrease YoY compared to USD 15.8 billion in 60 deals in 1H 2022," it said. However, the corporate funding in energy storage bounced back in April-June or Q2 2023 with USD 4.9 billion raised in 32 deals, a 126 per cent increase quarter-over-quarter (QoQ). The funding during the Q2 was up 67 per cent year-over-year (YoY), the report said. The venture capital (VC) funding in energy storage in 1H

Federal Bank board to consider fundraising via issue of preference shares

Lenders plans issuing 72.6 mn such shares to International Finance Corporation

HDFC to raise Rs 10,000 cr via non-convertible debentures, tenure of 10 yrs

Mortgage lender HDFC on Monday said it will raise Rs 10,000 crore by issuing non-convertible debentures (NCDs) on a private placement basis to shore up its resources. These unsecured NCDs have a tenure of 10 years, and the coupon rate will be decided on the electronic bidding platform, HDFC said in a regulatory filing. The object of the issue is to augment the long-term resources of the corporation, it said. The proceeds of the issue would be utilised for financing/refinancing the housing finance business requirements, it said.

Adani Group's Abu Dhabi backer says no plan to join any new share sale

Three companies controlled by Adani are considering a fundraising that may draw as much as $5 billion

pi Ventures raises $8 mn for 2nd fund from British International Investment

The second fund was launched in March 2021 with a base target corpus of $75 million and including a green shoe target of $100 million

Gujarat and Rajasthan are Corporate India's investment lodestone

Gujarat tops with Rs 4 tn in fresh investments, Rajasthan is second with Rs 2.37 tn investments in FY22

Vedanta Resources' near-term liquidity risk as it seeks funds: S&P

Anil Agarwal-controlled unit looks to raise $700 mn from Indian lenders

Ola Electric raises $100-million long-term debt to build mega factory

The Ola Futurefactory is coming up on a 500-acre site in Tamil Nadu. At full capacity of 10 million vehicles annually, it will be the world's largest two-wheeler factory

UK-based Tide raises $100 mn funding from Apax Digital Fund, others

UK-based digital business financial platform Tide on Monday said it has raised over USD 100 million (about Rs 745 crore) in funding

3one4 Capital leads early-stage round in healthtech firm Breathe Well-being

The enterprise, which helps people prevent and manage Type-2 Diabetes has raised $1 million

Corporate card provider Kodo raises $8.75 mn seed from slew of investors

Card spends on Kodo have grown 45 per cent month-on-month for the past 12 months, the company claims

IvyCap leads $6 million funding round in mobility platform Get My Parking

Existing investor IAN Fund also participates. With this Series-A round, startup has raised $10.5 million in all so far

Elevation Capital leads seed round in women's activewear brand BlissClub

India is the world's fastest growing activewear market with women's segment contributing to most of the growth

ANSR raises $15 mn from Sistema Asia Fund and Evolvence in Series B round

ANSR had earlier raised Series 'A' from Accel Partners, who will remain invested as the firm's largest shareholder