GMR May Sell InterGen Stake – GMR Infrastructure is looking for buyers for its 50 percent stake in power generation firm InterGen NV. GMR believes the value of its stake is in the $ 1 billion range, and that the company may not sell if bidders don’t meet that range. (Reuters)
DLF Buying Dubai World’s Stake in JV – DLF is buying out the property arm of Dubai World, its foreign partner in the 50:50 joint venture to make Bidadi Knowledge City. A wholly-owned arm of DLF will buy out the stake owned by Limitless Group, which is a part of Dubai World, for around Rs 200 crore. Dubai World is the investment vehicle of the Dubai government. Limitless is likely to be paid around $42.8 million, compared with its investment of $50.5 million. (Economic Times)
Astro To Buy 80% In Sanjeev Kapoor’s Channel – Malaysia-based investor Astro All Asia Networks (Astro) has picked up 80% stake in Turmeric Vision Pvt Ltd (TVPL), the television company owned by celebrity chef Sanjeev Kapoor and his wife Alyona Kapoor. Astro will pump in Rs 122 crore in TVPL over next three years. TVPL will use the money to launch a dedicated 24 hours food channel—Food TV—shortly. (Financial Express)
Orchid Eyes More Acquisitions – Orchid will look to acquire more front-end marketing companies (including its products, people and infrastructure) to give additional push to its products directly in these markets. It will keep introducing niche products for niche markets. Orchid sold its generic injectible finished dosage assets to Hospira for $400 million in late 2009. (FE)
Vodafone May Sell Bharti Stake – Vodafone Group Plc, the world’s largest telecom company in terms of revenue, might sell its indirect minority equity stake of 4.39% in Bharti Airtel, as part of a plan to get out of the group’s smaller investments in various companies across the world. At current prices, the stake is valued at Rs 5,200 crore. (Business Standard)
Manappuram Plans Rs 500Cr QIP – Manappuram General Finance and Leasing Ltd (MGFL), a Kerala-based non-banking finance company which mainly focuses on gold loans, plans to raise around Rs 500 crore by way of Qualified Institutional Placement (QIP) and Rs 1,000 crore by way of issuing non-convertible debentures (NCDs). The company’s promoters also plan to infuse around Rs 100 crore into the company. The proposed fund-raising is to support the company’s business target of around Rs 6,500 by end of the fiscal. (BS)
Oberoi To Raise EIH Stake – The Oberoi family, promoters of hotel chain operator EIH Ltd, is likely to increase its stake in the company to ring-fence it against a possible takeover bid. The Oberois currently hold 46.43% in the company, 24% of which is with Oberoi Hotels Pvt Ltd. Promoters are expected to open talks soon with financial investors to see if any are willing to sell their holding. (BS)
Hidden Reflex Looks For Series A Funding – Internet software start-up Hidden Reflex is scouting for a private equity partner as part of its plans to raise Series A funding in the range of $1-$2.5 million for its expansion plans. The company is set to seriously consider the possibility of raising funds through equity dilution starting next week. The Bangalore-based company launched its Epic browser last week to a successful response, is looking at bringing in a private equity partner with expertise in the Internet start-up space. (BS)
Topsgrup Plans Acquisitions Worth Rs 1,000Cr – Security services provider Topsgrup is looking for acquisitions worth up to Rs 1,000 crore in India and the US to be partially funded by an initial public offering (IPO). The company has firmed up plans for the IPO to raise around Rs 300 crore in 2011-12. The security firm has ICICI Venture, Indivision and stock investor Rakesh Jhunjhunwala as private equity investors. (Telegraph)
Jindal Saw To Buy Australian Coal Mine – Jindal Saw, pipe manufacturer, is in talks with North Clermont Coal Ltd, Australia, to buy up to 50% stake in one of its coal mine. The coal mine has total reserves of 130 million tonnes (mt), and at 50%, Jindal Saw will get access to 65 mt. The deal size is expected to be $120 million (around Rs 565 crore). The Australian company is looking for a strategic or a financial investor for the mine. (DNA)
Geojit, Al Johar In AMC Foray – Financial services firm Geojit and Al Johar Group will be soon be starting asset management business in Saudi Arabia. BSE-listed Geojit BNP Paribas Financial Services already has significant presence in Saudi Arabia by way of Aloula Geojit Brokerage Company — the joint venture in Saudi Arabia with Al Johar Group, in which Geojit holds 28%. (Financial Chronicle)
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