IFC, a member of the World Bank Group, will provide a $85 million loan to Dewan Housing Finance to expand finance for affordable and energy-efficient housing in India. The loan is being given with the support of the government of Canada. Of the total loan, IFC will provide $70 million through external commercial borrowing. IFC has committed an additional $15 million to finance green mortgages under the IFC-Canada Climate Change Program. The loan to Dewan will reduce 6,200 tonne of carbon emissions per year.
Zomato raises $37 m from Sequoia Capital, Info Edge
Zomato, a web-based restaurant search engine in India, said on Wednesday it had raised $37 million from Sequoia Capital and Info Edge India to fund its expansion in overseas markets. Info Edge, which is an existing investor in Zomato, said in a separate filing to the stock exchanges that it had invested R57 crore ($9.2 million) in Zomato in the latest round. Info Edge said its cumulative investment in Zomato reached R143 crore, giving it a 50.1% stake of the company.
Omaxe declares bonus to public shareholders
Omaxe on Wednesday said it will issue 10 bonus shares to public shareholders for every 39 shares held by them in order to meet market regulator Sebi norm on minimum 25% public shareholding. Promoters had 89.14% stake in Omaxe as on March 31. After four-round of offer for sale, Omaxe is still required to increase public shareholding by about 4%. The board approved capitalisation of R9,33,35,400 from securities premium account by issuing 93,33,540 shares as bonus shares in proportion of 10 new shares for every 39 existing shares held by shareholders as on November 12, 2013.
ABB July-Sept net jumps 78% to R38.07 crore
ABB India on Wednesday reported a 78% jump in its net profit at R38.07 crore for the quarter ended September, compared with the net profit of R21.37 crore during the corresponding period last year. The total income from operations declined to R1,785.90 crore from R1,808.61 crore in the same period last year. The company stated in its statement that the profit figure was after giving impact to the scheme of amalgamation