India’s biggest internet initial public offering (IPO) may be on the anvil as Consim Info, the holding company of online matchmaker Bharatmatrimony, has started discussions with investment banks for a share sale of up to $125 million (INR 669 crore). Bessemer Venture Partners-backed Consim Info could attract a $350-450 million valuation as it looks to raise $100-125 million in cash. Citigroup, JM Financial and Deutsche Bank are the banks in the reckoning to lead the public issue, which may happen later this year. (The Times Of India)
Allahabad Bank may sell Rs 540Cr bad loans in Q4: In a bid to improve performance in asset quality and margins, Allahabad Bank would sell INR 540 crore ($100 million) worth of non-performing assets (NPAs) to asset reconstruction companies. The process is currently on and would be completed during the current quarter. The bank has adopted a three- pronged strategy to rein in NPAs, which includes appointing a general manager to look after the credit management, doubling the recovery target from INR 411 crore to INR 911 crore, and offloading a part of the INR 2,300-crore NPAs. (Business Standard)
Strides Arcolab promoter setting up fund to invest in high-growth firms: Arun Kumar, the reclusive first-generation promoter of Bangalore-based pharma company Strides Arcolab Ltd, is understood to be actively involved in creating a family office type of fund to channel his personal wealth into fast-emerging companies. Kumar, who is believed to be finalising a $1-billion deal with global pharma majors to exit the specialties injectable business in Strides Arcolab, is scanning the landscape for a clutch of investments, say sources. He had made an investment in Mysore-based medical equipment company Skanray Healthcare. It is understood that he has made another investment and is looking to scale it up in the near future quite aggressively. (Business Standard)
IndiGo in talks with British Airways for alliance: Indian budget carrier IndiGo is in talks for an alliance with U.K. carrier British Airways. The two airlines have been exploring synergies on airline routes, such as codeshare agreement in which one airline can sell tickets on its partner’s flights. The two airlines have also discussed a possible investment by British Airways’ parent International Consolidated Airlines Group SA, into Interglobal Aviation Ltd. which owns IndiGo. (The Wall Street Journal)
IVRCL to Sell Gasfield Holdings to Fund Road Projects: IVRCL Ltd. (IVRC), an Indian construction company, plans to sell its stake in five gas exploration blocks and use the proceeds to fund road-building projects. The company plans to complete the sale in a few weeks. IVRCL holds 25% stake each in three areas in Yemen and 20% stake each in two blocks in Egypt, through a subsidiary. The balance is held by Gujarat State Petroleum Corp. (GSPC), and two other partners. The stake sales would help the company raise funds for road projects as flagging revenue due to regulatory bottlenecks and the highest borrowing costs in Asia prevent them from bidding for new projects. (Bloomberg)
John Distilleries seeks foreign partner: John Distilleries (JDL), founded by NRI businessman Paul John, has mandated Morgan Stanley to scout for potential suitors interested in picking up a major stake in the company. The promoter and private equity investor Gaja Capital, which holds about 35% stake in the Bangalore-based maker of Original Choice whiskey, has valued the company at about INR 900 crore (INR 168 million). The deal, which is likely to see two existing shareholders offload majority stake, would also give an exit window to India focused private equity fund Gaja Capital, which had entered the company two years ago. (The Times Of India)
Polaris all set to become M&A target: The next big M&A deal in Indian IT industry is underway with the $400-million Polaris Financial Technology appointing a four-member task force to explore all “strategic options” to unlock shareholder value. The Chennai-based company, which counts Citigroup as its biggest client, could sell its smaller products business or demerge software services and products into separate entities to unlock value. A deal making move by Polaris could value the company at more than $600 million. The task force would return to the company’s board with recommendations in the next 90 days. The move came after global consultants BCG advised the board that products and services businesses of the company are run on different matrices. (The Times Of India)
Gitanjali Gems to raise $250 million: Gitanjali Gems Ltd. is looking to raise $250 million (INR 1,338 crore). The company would raise funds through issue of securities through qualified institutional placement or American depository receipts or global depository receipts or foreign currency convertible bonds or any other securities compulsorily convertible into equity shares. (BSE)
Tholons Capital setting up luxury realty fund: Tholons Capital is establishing a $50 million real estate fund to finance ventures in the Indian luxury and boutique home and commercial realty segments. The company has a mandate to infuse $20 million exclusively into home realty projects in Bangalore in 2013. The firm has already invested half that amount in realty ventures in the city. (The Times Of India)
Mahindra Holidays plans institutional placement of shares: Mahindra Holidays & Resorts India Ltd. has planned to launch an institutional placement programme apparently to comply with SEBI regulations for a minimum public shareholding of 25% in the equity of companies listed in India by June this year. Currently, the promoters hold 82.69% stake in the target company. (BSE)
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