Basix Seeks Rs 800Cr CDR – Leading microfinance firm Basix, which has failed to rope in foreign investors so far as it is neck-deep in debt, today said that it has formally approached its principal lender Sidbi with an Rs 800-crore debt recast proposal and expects the plan to be ready early next month. Out of Rs 800 crore, it is looking at Rs 500 crore equity infusion and restructuring of Rs 300 crore into long-term debt. (Economic Times)
New Silk Route, Bain In Talks For $30M Stake In Barbeque Nation – PE majors New Silk Route and Bain Capital are holding talks for a $30-million minority investment in Barbeque Nation, a restaurant subsidiary of Sayaji Hotels. The two funds were vying for a little over 26% stake in Barbeque Nation Hospitality, which has mandated boutique investment bank o3 Capital for fund raising. The potential deal could value the restaurant chain at over $100 million, or about Rs 500 crore. (Times of India)
Verlinvest Backs Everstone’s F&B Portfolio – Marquee Belgian family office Verlinvest SA, an investment company of the founding families of the world’s largest brewer Anheuser-Busch InBev, is partnering with Everstone Capital to build a portfolio of food and beverage (F&B ) assets in India. Verlinvest has picked up 20% stake in Cuisine Asia, a Mauritius-based holding company of Everstone’s restaurant business. Everstone company Cuisine Asia holds over 80% stake in Blue Foods, which is India’s largest restaurant operator, and has a joint venture running with JS Hospitality owning Park Balluchi and Pind Balluchi brands in national capital region ( NCR). (Times of India)
Elara Capital To Launch Healthcare Fund – Elara Capital, the UK-based financial services major with a strong Indian presence, is set to enter the private equity (PE) space. The company is in discussion with a Dubai-based financial major to launch a healthcare fund soon. The healthcare fund will have its focus on India, other south-east Asian countries, West Asian countries and Africa. The size of the offshore fund could be between $250-300 million. (Business Standard)
Microsoft Buys Into 24/7 – Microsoft has merged its interactive selfservice assets with 24/7 Inc (formerly 24/7 Customer) and in return has taken an undisclosed stake in the latter . 24/7 started as a BPO company, with focus on call centre operations, but has increasingly moved towards larger technology solutions, which explains the rechristening. The company, founded by P V Kannan and S Nagarajan , is headquartered in the US but has the bulk of its operations in Bangalore. (Times of India)
Parag In Talks For $50M From Bain, TPG – Parag Milk Foods Pvt. Ltd, a maker of dairy products, is in advanced talks with private investors to raise $50 million by selling shares.Edelweiss Financial Services Ltd is negotiating with interested parties. Talks are on with private equity firms TPG Capital India and Bain Capital Advisors (India) Pvt. Ltd. Parag sells milk powder, ghee, processed cheese, butter and curd under Gowardhan and Go brands.
Devas Lobbying Its Case In US – Devas Multimedia, whose satellite communications contract with the Indian government-owned Antrix was scrapped after a controversy, has been lobbying here to push forward its case before the US President and other lawmakers and has paid $140,000 so far for the same. Lobbyist firm Hogan Lovells US LLP began lobbying on behalf of Bangalore-based Devas Multimedia before the American lawmakers in June 2011. Devas Multimedia is backed by German telecom giant Deutsche Telekom AG, private equity firm Columbia Capital LLC and Telecom Ventures. (Economic Times)