Skyline To Raise Rs 60 cr For Its Bangalore Residencies
Skyline Group is planning to raise Rs 50-60 crore, through a mix of private equity and debt, for its construction of two serviced residences with a total of 210 units on Hosur road and Bellary road in Bangalore. The residencies will be managed by Skyline in partnership with Singapore based Frasers Hospitality. The remaining amount of the total cost Rs 100 cr will be funded by Piramal Enterprises’ real estate venture capital fund Indiareit Fund Advisors. Indiareit Fund Advisors has partnered with Skyline Group with an investment of Rs 225 crore to jointly develop about 30 projects in South India.
Sahara Prime City To Draw Funding Plans for Its Townships
Realty firm Sahara Prime City is looking at raising Rs 2,000 crore to part fund development of 217 integrated townships across the country. The capital would be raised in the next 12-18 months and would be constituted by both debt and private equity investments. The company also said that it was open to selling stakes at both company and project level or form joint ventures for townships development.
Citigroup To Offload 40% In Polaris Software Labs
Taking forward its strategy to offload non-strategic assets to offset its sub-prime related losses, US financial giant Citigroup has decided to sell off its 40% stake in Chennai-based financial software firm Polaris Software Labs. The company has already initiated talks and has conducted two rounds of negotiations with a few potential buyers.
Indiareit Plans Its $300 mn Offshore Fund
Indiareit Fund Advisors Pvt Ltd, a real estate fund manager promoted by Piramal Enterprises, is planning to raise an offshore fund of size $300 million. The fund, which will finance real estate projects in India in the next four years, closed $150 million last month and will raise the remaining $150 million from across the globe with a large part being raised from the Middle East.
Gopinath Offloads His Stake in Kingfisher
Capt. G.R. Gopinath, non-Executive Director and Vice-Chairman, Kingfisher Airlines, during the last two weeks, has reduced his total stake in the airline to around 4.6 percent from his earlier stake of over 5 per cent. The stake has been offloaded in small tranches ranging between 43,000 shares and 2,80,320 shares. It is understood that Capt. Gopinath’s appointed fund manager has been trying to raise funds to shore up the corpus for his logistics foray.
Severfield-Rowen Enters Into a 30 mn Pounds JV in India
British structural steel major Severfield-Rowen has signed a joint venture with JSW Steel, a subsidiary of O P Jindal Group, to create a structural steel joint venture based in Bellary and Mumbai. The venture will be called JSW Severfield Structures and will be based next to JSW Steel’s Vijayanagar works in the Bellary district of Karnataka. The 30 million pounds 50/50 JV will be funded through a mixture of two-thirds debt and one-third equity.
US-based INC Developers enters India with Rs 100 cr investment
California based INC Developers has entered the depressed Indian real estate market with a super luxurious apartments project titled ‘Manhattan’ worth Rs 100 crore, which it would jointly develop with Amar builders in over the next 24 months. INC Developers, who has completed more than 30 residential projects worth more than $ 400 million, is making its first entry in the Indian real estate sector.
Rabobank in tie-up with Rothschild for M&A
Financial services giant Rabobank and investment banking major Rothschild have tied up to offer advisory services in the field of mergers & acquisitions (M&A) and equity capital markets for the food and agriculture sectors on a global basis. Under the signed agreement Rabobank will acquire a 7.5 per cent stake in Rothschilds Continuation Holdings (RCH), where both will utilise their expertise, resources and relationships to expand their geographic reach and customer base.
Barclays enters the Indian Wealth Management Market
Global financial services provider Barclays launched Barclays Wealth India operations to capitalize on the Indian wealth management market. Barclays Wealth India, headed by Satya Narayan Bansal, would provide private client advisory, succession planning and investment services to Indian high net worth individuals.
Revathi Equipment to merge Potential Service Consultants with Seamec
Construction equipment company Revathi Equipment will Potential Service Consultants with its subsidiary arm Seamec. The merger, subject to the approval of the Karnataka High Court and respective shareholders of the companies, would make the merged company a subsidiary of Revathi Equipment.
Idhasoft to raise additional $30m for acquisitions
Idhasoft Ltd, a Mumbai-based IT firm, plans to raise $30 million in addition to the $30 million it had raised from Bahrain-based Arcapita Bank a few months back. The capital raised will be utilized for new acquisitions, which are expected to be in the areas of manufacturing, retail, healthcare, insurance, and telecommunications. The firm is currently in talks with new private financial institutions, besides its existing partners for funding.