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News Roundup: Ajay Piramal To Sell Realty PE Firm Indiareit

20 October, 2010

Viom Networks Plans $1.5B Public Issue – Viom Networks Ltd., a telecom tower joint venture between Tata Tele and Quippo Telecom, plans to raise as much as $1.5 billion in an initial share sale. Citigroup Inc., Credit Suisse AG, Goldman Sachs Group Inc., IDFC Capital Ltd. and Morgan Stanley have been hired to arrange the sale and Viom (earlier Tata-Quippo) is likely to seek SEBI approval in the first quarter of next year. Private equity shareholders are expected to sell stake in the offering. (Bloomberg)

Ajay Piramal To Sell Realty PE Firm Indiareit – Ajay Piramal, the pharma and real estate industrialist, plans to exit his real estate private equity and asset management company, Indiareit Fund Advisors. The promoter company of Indareit is in talks with international banks and hedge funds, including IL&FS Investment Managers, Blackstone and Kohlberg Kravis & Roberts (KKR), for a possible sale of the domestic private equity fund. The deal could be valued at Rs 600-650 crore. (Economic Times)

IVRCL Assets In Stake Sale Talks –  IVRCL Assets and Holdings, a unit of IVRCL Infrastructures and Projects, is set to dilute 12-15% of its stake in the company to raise Rs 300 crore for funding new projects, and meet new norms of shareholding. The company is in talks with domestic and international private equity firms such as Actis, Temasek, IDFC and 3i Capital.     IVRCL Assets has about Rs 10,000 crore of build, operate and transfer (BOT) projects. (ET)

IndusInd Media Plans Rs 500Cr Fundraise – The Hinduja Group’s cable distribution arm, IndusInd Media and Communications (IMCL), is looking at raising up to Rs 500 crore over the next 6-18 months to drive digitisation of services and acquisitions. The company would look at either roping in a private equity partner or an initial public offer (IPO) to raise the amount. (ET)

Azim Premji Plans Billion Dollar Endowment – Wipro’s Azim Premji will launch an endowment trust to fund all his philanthropic activities. The trust, which will eventually have a billion-dollar corpus, will be operational in January next year and could be funded by the sale of a 4.52% of promoter equity in Wipro, India’s third-biggest software services exporter. (ET)

Piramal Eyes OTC Acquisitions – The over-the-counter (OTC) division of Piramal Healthcare Ltd, one of the key businesses that the company retained after divesting its flagship formulations and diagnostics services units for Rs.17,600 crore in May, is in the process of finalizing multiple acquisitions. The OTC division had sales of Rs125 crore last fiscal and acquired the country’s largest selling emergency contraceptive pill, i-Pill from Cipla Ltd for Rs 95 crore.

MindTree To Exit Android Biz – Mid-tier IT firm MindTree is exiting its much-hyped product business as the firm can no longer make the huge investments required to sustain it.  Mindtree is winding down its ready-to-brand Android-based 3G handsets business, which was sucking up too much cash and eating into its profitability. (Financial Express)

Money Matters Raises $100M Through QIP – Mumbai-based non-banking financial company (NBFC) Money Matters Financial Services Ltd. has raised $100 million through a qualified institutional placement (QIP) which will aid it in furthering its debt market business. Post the QIP, promoter shareholding reduced by 14.11% from 69.12% stake as on September 30, 2010. (Mint)

Alok To Raise Rs 1,600Cr From Land Sales – Textiles company Alok Industries expects to finalise the sale of its two properties within one year to 18 months and is eyeing Rs1,500-1,600 crore from the deals. The properties include around 7 lakh square feet of commercial space at Lower Parel and around 500 acres of land in Silvassa. (DNA)

Twilight Litaka Buys 26% South Africa’s Interpro – Mumbai-based drug-maker Twilight Litaka Pharma Limited has picked up 26% equity in South Africa’s Interpro Healthcare Ltd. Interpro will exclusively market Twilight’s range of products, including anti-infectives, anti-tuberculosis, pain-management and nutra-supplements in South Africa. South African pharmaceuticals market which is projected to touch $3 billion by 2012. (HinduBusinessLine)


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News Roundup: Ajay Piramal To Sell Realty PE Firm Indiareit

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