Angel Broking In Talks To Buy Sharekhan – Angel Broking is in talks with Citigroup Venture Capital International (CVCI) and other shareholders of Sharekhan to buy a majority stake in the brokerage. CVCL holds a 63% stake in Sharekhan. The rest is held by Baring Private Equity Asia (12%), IDFC (10%) and the management and employees (15%). If the deal materialises, Angel will have to pay at least Rs 800-1,000 crore for a 51% stake, valuing the brokerage at Rs 1,500-2,000 crore. The combined entity will have 6,675 company-owned branches and franchises and 1.8 million customers. (Business Standard)
Piramal Sells 80% Stake In Indiareit – Ajay Piramal, one of India’s top industrialists, has struck a deal with Religare Enterprises to sell 80% of his stake in realty fund Indiareit Fund Advisors to sharpen his group’s focus on real estate development. The deal is valued at over Rs 300 crore. Indiareit MD and CEO Ramesh Jogani and his team of 20 employees will hold the remaining stake. (Economic Times)
Stanchart PE, Jacob Ballas To Invest $150M In GMR Airport Biz – Bangalore based GMR Group is all set to raise $150 million from three PE firms. A consortium of three PE firms that include, Standard Charted Bank’s private equity arm, Jacob Ballas & Old Lane will be investing in the company. This is the second round of private equity fund raising by GMR for its airport arm, GMR Airports Holding. Last month, it had raised $200 million from SBI Macquarie Infrastructure Fund. (Economic Times)
RIL CFO To Head JV With DE Shaw – Two weeks after Reliance Industries (RIL) announced its entry into financial services through a joint venture with New York-based D E Shaw Group, Alok Agarwal, RIL chief financial officer is tipped to be the managing director of the joint venture. Agarwal has been associated with RIL for over 10 years. V Srikant, RIL’s deputy chief financial officer, is tipped to take over as the new RIL CFO. (Business Standard)
IVRCL To Sell Stake In Tamil Nadu Road Projects – IVRCL Assets & Holdings Ltd, a subsidiary of IVRCL Infrastructure and Projects Ltd, is set to divest its holding in three road projects in Tamil Nadu. The projects were taken up with an outlay of Rs 2,500 crore with two projects already on the tolling mode. The divestment would happen at the special purpose vehicle level where IVRCL would divest up to 49% in the projects. The sale, expected to take place through a private equity placement, is expected to rake in about Rs750 crore for the company. (DNA)
Tata To Up Virgin Mobile Stake – Tata Teleservices is looking to increase its stake in its joint venture with Virgin Mobile India, where it has 50% ownership. The Richard Branson-led Virgin group could be selling some of its stake to Tata Teleservices. Virgin Mobile India is a mobile virtual network operator (MVNO), which uses spectrum of Tatas, to market its brand. Virgin Mobile India launched its CDMA services in March 2008, and GSM services in January last year. (Business Standard)
Siemens To Sell Bangalore Land – Siemens has renewed discussions with developers Hiranandani Upscale and Nitesh Estates after its proposed sale of an eight-acre factory land in Bangalore to RMZ Corp missed deadline. The Indian unit of the German engineering giant was scheduled to offload the asset in a Rs 410 crore deal with RMZ on or before March 31. (Times of India)
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