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| Dunlop raises $90 million from hedge funds | | | Press Trust Of India / Kolkata December 24, 2007 | | | |
| Dunlop India, a Ruia group company, has raised $90 million (around Rs 360 crore) from a consortium of offshore hedge funds to restructure loan and to meet other corporate needs.
| | | | The structured deal offers the funds an option to pick up to 15 per cent stake in the tyre maker.
| | | | “We have recently signed a deal with a clutch of offshore hedge funds headed by Spinnakar Capital Group to raise a loan of $90 million. We have also raised Rs 121 crore from Deutsche Bank,” Dunlop Chairman Pawan Kumar Ruia told PTI.
| | | | The loan was raised by Dil Rim and Wheel (DRW), the Mauritius-based holding company of Dunlop India and Falcon Tyres, which bought the companies from the Chabbrias for Rs 200 crore.
| | | | To facilitate the loan, DRW has undertaken structural changes with the assets of the company.
| | | | Dunlop transferred its ‘non-core’ assets into two subsidiaries and shares of these two units were pledged to two other firms controlled by DRW, which in turn had been pledged to Spinnakar Capital.
| | | | Simply put, only the non-core assets of Dunlop are now pledged with the offshore lender.
| | | | “The non-core assets of Dunlop do not include plant and factories at Shahagunj and Ambattur, and are valued at about Rs 900-1,000 crore after revaluation,” said a company official.
| | | | Manufacturing facilities at Shahgunj and Ambattur alone were revalued at Rs 1,072 crore.
| | | | Meanwhile, Ruia said the company has submitted a proposal to the West Bengal government for an IT SEZ on the Shahagunj facility’s surplus land. | | | | | |
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