ICICI Venture, the private equity arm of ICICI Bank, is in talks to pick up a significant minority stake in Bengaluru-based Micro Plastics Pvt. Ltd, The Economic Times reported.
Micro Plastics is a manufacturer and exporter of toys, model hobby kits and sport equipment to US and European companies. It also makes plastic-injection components and subassemblies for sectors such as appliances, electronics, telecom and heavy engineering, according to its website.
The company will use the proceeds to expand its manufacturing capacity, the report said.
Investment bank Veda Corporate Advisors is advising the company on the stake sale, according to the report.
The company’s net sales stood at Rs 150.5 crore for the year through March 2017, up from Rs 109.6 crore for the previous year, according to VCCEdge (www.VCCEdge.com), the data intelligence platform of News Corp VCCircle.
Separately, cash-strapped Infrastructure Leasing & Financial Services (IL&FS) has fully exited its investment in a residential project of Mumbai-based realty developer Runwal Group, The Economic Times reported.
Citing two people aware of the development, the report said IL&FS had received Rs 400 crore in the exit from Runwal Elegante, which is located at Andheri suburb in Mumbai. Runwal Group had made the payment to IL&FS in multiple tranches.
Through its overseas funds, IL&FS had pumped Rs 235 crore into the project in tranches between 2009 and 2013.
In another development, Tata group’s retail firm Trent Ltd is in advanced negotiations to buy office space for over Rs 200 crore in a property developed by Lodha group at Wadala in central Mumbai, Mint reported, citing two people aware of the development.
Trent will buy three floors, spread over 120,000 square feet, and lease another floor in a tower, the report said.
The tower is part of New Cuffe Parade, according to the report.
Trent, which operates retail chains Westside, Star Bazaar and Landmark, plans to use this space to expand its office.
In another development, Jaipur-based Girnar Software Pvt. Ltd, which owns auto portals CarDekho.com, BikeDekho.com and Gaadi.com, has raised $75 million (around Rs 550 crore) in a fresh round of funding from both new and existing investors, news portal Entrackr reported citing three people aware of the development.
It added that the total infusion in this round could go up to $150-170 million.
Existing investors including Ratan Tata, Times Internet, HDFC Bank, Hillhouse Capital, Tybourne Capital, and Dentsu were said to have participated in this funding round. The new investors were not named.
In March, the company had raised Rs 16 crore from Sequoia Capital, according to a report by The Economic Times.
Girnar Software had raised $3.6 million (Rs 25 crore) in debt funding from Trifecta Capital in July this year, according to a report by news portal Inc42.