After exiting its investment in Paras Pharmaceuticals through a mega merger with UK's Reckitt Benckiser in 2010, private equity fund Actis is looking to purchase more than 25% stake in cortico steroids maker Symbiotec Pharmalab for around $50 million (Rs 300 crore). Actis, which focus on emerging markets, would buyout the existing investor Franklin Templeton and other individual investors in the company. Through this transaction, Actis would end up owning significant minority shareholding in the company. In 2011, Franklin Templeton Private Equity Strategy, a private equity portfolio managed by Franklin Templeton Asset Management (India), invested Rs 45 crore. IDFC Capital is said to be advisor for Symbiotec. (The Economic Times)

RSA acquires India-bred product firm for $225 million: RSA, the security division of the $22-billion EMC, is acquiring Deepak Taneja's Aveksa for over $225 million (Rs 1,350 crore), said sources familiar with the development. The Massachusetts-based identity and access-management company does its core development work in Bangalore. The company's India operations is based in Koramangala . The deal is one more testimony to technopreneurs of Indian origin striking gold in the US. Aveksa raised $10 million series C round of financing in 2009 led by US-based venture firm FTV Capital and existing venture investors FirstMark Capital and Charles River Ventures. (The Times Of India)

BHPV-BHEL merger likely in August: The long-awaited merger of Bharat Heavy Plates and Vessels (BHPV) with Bharat Heavy Electricals Limited (BHEL) is likely to be completed in the month of August this year once the Board for Industrial and Financial Reconstruction (BIFR) holds a statutory hearing on July 31. According to sources, the merger will come into effect once the Modified Draft Rehabilitation Scheme (MDRS), is approved by the BIFR. According to the MDRS, all the debts, liabilities, advances, duties and obligations of BHPV will be transferred to BHEL without the need for the consent of any third party. (The Times Of India)

C-DOT to buy out Alcatel Lucent’s stake in Chennai R&D centre: The Government has decided to acquire the 51% stake from Alcatel Lucent in the Chennai-based Research & Development centre. The R&D centre was set up in 2005 to develop solutions for WiMax technology. Alcatel-Lucent owns 51% stake in the R&D centre and the balance is held by Government owned C-DOT. Earlier, Munish Seth, President and Managing Director, Alcatel-Lucent India told that the company wanted to reduce the stake in the venture to a minority status so that the Government can chase key areas like security. (Business Line)

Yes Bank may sell stake to PE funds to raise $300 million: YES Bank, may sell shares to two private equity investors to raise about $300 million (Rs 1,784 crore) as it attempts to raise its professional standards amid likely competition from new entrants. The bank is negotiating with potential investors to sell up to 4.99% stake. The firm may in future bring these investors on its board to benefit from their professional expertise. The board of directors of the bank has approved raising as much as $500 million in tranches. The issuance may be by way of qualified institutional placement, or any other international offering like global depository receipts, American depositary receipts, follow-on public issue or by any other appropriate mode as decided by the capital raising committee. (The Economic Times)

ICICI Bank led Infradebt in talks for offshore funds: Looking to raise long-term finance for India's infrastructure sector, ICICI Bank-led Infradebt Fund has begun talks with offshore funds and international rating agencies as part of its capital raising exercise. India Infradebt Ltd, also known as Infradebt and has been set up by top private sector lender ICICI Bank in partnership with Bank of Baroda, Citibank and LIC. It was assigned top-notch 'AAA' credit rating by Crisil last week. The Fund can provide funding to the tune of up to $2 billion after roping in debt investors from India and abroad. (The Economic Times)

Inox Wind plans to raise funds through IPO: Inox India Ltd. is planning to raise funds through an initial public offering (IPO). The proposed issue consists of a fresh issue of up to Rs 700 crore ($117.5 million) and an offer for sale of up to 20 million equity shares by Gujarat Fluorochemicals Ltd. (BSE)

Courtesy: VCCEdge

Leave Your Comment(s)