Apax May Invest $100M In Jyothy Labs For Henkel Buy – Jyothy Laboratories is likely to rope in global private equity (PE) specialist Apax Partners for a $100-million funding to stitch up the acquisition of Henkel’s India business. Though Jyothy has had negotiations with a bunch of marquee PE investors like Carlyle, TPG and Blackstone, Apax is set to make the cut. The PE firm is expected to take a 10-12% stake. Jyothy has also organised a credit line from ICICI Bank to tie up financing for the proposed deal with the PE placement is expected to take place in a few months. (Business Standard)
GSK May Buy BE’s Vaccine Division – GlaxoSmithKline Biologicals, a division of global drug giant Glaxo, is in talks with the Hyderabad-based Biological E Ltd (BE) to purchase its vaccines division. This division produces and markets a range of paediatric and adult vaccines and has a sizeable market share in the Indian vaccine market. Officials from Glaxo Biologicials, which is based in Belgium, recently visited the Indian firm’s manufacturing facility in Shameerpet near Hyderabad. BE, which has already invested around Rs 350 crore for its facilities, has three key divisions, biologics, pharma and public markets. (Economic Times)
Corsair Capital Racks Up Stake In TMB – Corsair Capital, a US-based private equity group, who according to Reserve Bank of India, acted in concert to acquire over 16% stake in Tamilnad Mercantile Bank. Earlier this week, RBI rejected a 2007 sale of shares by NRI businessman Sivasankaran to foreign investors including, FI Investments, Cuna Group, Kamehemaha Investors and Swiss Reinvestors—all incorporated in Mauritius—through which the investors arranged by Corsair Capital invested. Although the sale represented over 16% stake in the bank, none of the investors individually bought more than 5% as RBI does not permit any investor or investors in concert to hold more than 5% stake in a bank. (Times of India)
Brand Capital Hires Knight Frank For Realty Portfolio – Brand Capital, earlier known as Times Private Treaties, the ad-for-equity business of publishing group Bennett, Coleman and Co. Ltd (BCCL), has hired real estate consultant Knight Frank India Pvt. Ltd to manage its real estate portfolio. Brand Capital has a real estate portfolio of Rs.500 crore. According to Brand Capital’s website, it has 13 real estate firms in its portfolio, including Emaar MGF Land Ltd, Sobha Developers Pvt. Ltd, Nitesh Estates Ltd, Shriram Properties and Lavasa Corp. Ltd.
Yes Bank To Raise $500M In FY12 – Private lender YES Bank plans to raise equity of up to $500 million in one or more tranches in the current financial year. The funds would be raised either through global depository receipts, American depository receipts or qualified institutional placements. Yes Bank would target capital raising in the second half of this financial year with funds to be used to finance growth in the bank’s assets in the coming years. (Business Standard)
Barclays Reviews India Credit Card Biz – Barclays Bank is likely to review its credit card business in India, following its decision to focus on secured retail assets. Barclays may review several options, including the sale of its credit card operations in India. The bank was yet to invite bids for its credit card business, but said sale could be an option if buyers offered a high price. (Business Standard)
VIP May Sell Stake In Windsor Machines – VIP Industries, India’s largest travel-gear maker, is likely to sell its stake in the BSE-listed machine manufacturer Windsor Machines Ltd, to Renaissance Equipment Pvt Ltd, along with other promoters. VIP, one of the promoters, holds 17.49% stake in Windsor Machines. The promoters are expecting a final decision from the Board for Industrial and Financial Reconstruction (BIFR) soon. Windsor Machines is a manufacturer of plastic processing machinery with revenue of Rs 206 crore. The deal could be valued around Rs 125 crore. (Business Standard)
SEBI Approves SRS IPO – SRS Ltd, a company into cinema exhibition, food and beverages, retail and manufacturing and retailing of jewellery, today said that it has obtained Sebi approval for its initial public offering (IPO). SRS Ltd will issue 35,000,000 equity shares of Rs10 each, constituting 25.13% of the post-issue share capital of the company. The objective of the issue is to raise funds for setting up of cinemas, food courts and restaurants. The company also plans to set-up retail stores, jewellery manufacturing facility and jewellery retail stores. (DNA)