Indiaco Ventures Makes Partial Exit – Indiaco Ventures Ltd has made a partial exit of its investment in Info-Dynamic Tele Systems Pvt. Ltd made by IndiaCo Telecom Pvt. Ltd (ITPL). ITPL has received an IRR of 45% on sale of partial investment to a strategic investor. (BSE)
RIL To Resume Treasury Stake Sale – Reliance Industries Ltd (RIL) is planing to resume the sale of treasury shares held by its Petroleum Trust. The trust would be offloading around 40 million of the 120 million shares (3.68% stake) it holds in the next few days. The current deal is likely to be between Rs 950 and Rs 980 per share and insurance giant Life Insurance Corporation (LIC) is likely to participate. (Business Standard)
Basix To Raise Rs 300Cr PE Funding – Basix is planning to tap the private equity (PE) market to raise about Rs 300 crore in the coming months for its fourth round of funding. Major shareholders in Basix include Matrix Partners and IFC nesides the promoter group led by Vijay Mahajan. The current loan outstanding of the company stands at Rs 1,500 crore and the target this year has been set between Rs 2,500 crore and Rs 3,000 crore. (Financial Express)
Den Networks To Raise Rs 750Cr – Sameer Manchanda-promoted Den Networks plans to dilute 10-15% stake to build a fund corpus that would allow it to expand aggressively in a digital environment. The multi-system operator (MSO) has passed an enabling resolution to raise fresh capital up to Rs 750 crore, via a mix of quasi equity/debt instrument, as it expects digitisation to drive consolidation in the cable TV sector. (Indiantelevision)
Vishal Promoter May Go For TPG Offer – R C Agarwal, promoter of beleaguered Vishal Retail, came out in support of the offer from Texas Pacific Group (TPG) in preference to that from Kishore Biyani’s Future Group. The lenders, who are finalising a debt restructuring plan for Vishal, are also expected to opt for TPG, as Agarwal has advised. TPG is expected to sweeten its offer when the lenders proceed with discussion on its proposal. (BS)
Prakash To Buy Nova Iron – Prakash Industries, a medium-sized Delhi-based sponge-iron maker, is in talks to buy Nova Iron & Steel, which has a 1.5 lakh tonne sponge iron unit in Chhattisgarh. The company does not own any iron ore mines and buys the raw material from the market, mainly from Orissa. For the year ended March 31, 2010, Nova reported total revenues of Rs 144.77 crore and a net loss of Rs 4.23 crore. (DNA)
Yes Bank Buys Stake In USE – Yes Bank is planing to buy 1% in the United Stock Exchange (USE), which plans to go live with currency trading this month. After the deal, USE will have 27 banks as its shareholders. The bank is still awaiting a formal approval from the Reserve Bank of India. Last month, USE had sold 1.33% stake to ICICI Bank. (BS)
KKR Eyes Stake In Hero Honda – Honda Motors could be looking at divesting stake in the company and diluting about 6% stake in Hero Honda. Private equity major KKR could be looking at buying this stake. KKR has sent an expression of interest to Honda Motors for buying this stake and the talks are in an initial stage. (Moneycontrol)
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