Bharti Airtel May Sell Africa Towers To Arm - Bharti Airtel will sell the mobile phone towers of its African operations to arm Bharti Infratel in order to raise cash and taking a big step towards replicating the outsourced business model. The deal is expected to be sealed for Rs 12,000-15,000 crore by December 2010. Bharti Infratel will in turn raise money by selling stakes to sovereign and private equity funds. Bharti Infratel is owned 90% by India’s largest cellphone service provider. (Economic Times)
Trident Microfinance To Raise Rs 75Cr Funding - Hyderabad-based microfinance institution (MFI) Trident Microfin plans to raise Rs 75 crore by equity from high net worth individuals (HNIs) and two existing investors. Besides some HNIs, existing investors Microfinance Fund and India Financial Inclusion Fund will participate in the capital expansion plans. Trident’s microfinance portfolio is about Rs 160 crore, with capital base of Rs 25 crore. It services about 200,000 borrowers. (Business Standard)
Japan's Taisho Joins Fray For Paras Pharma - Japan’s Taisho Pharmaceutical Co. Ltd and at least another foreign drug maker looking for an entry into the Indian market have joined the fray for Ahmedabad-based Paras Pharmaceuticals Ltd. Taisho Pharma, one of the top 10 drug makers in Japan with a key focus on over-the-counter (OTC) products, had earlier sought a FDI approval from the Indian government. (Mint)
SBI Plans Holding Company - State Bank of India, is in talks with the banking regulator Reserve Bank of India, to form a holding company that will control the equity of the bank, its associates and also subsidiaries, a move which could lead to a more efficient use of capital. A holding company structure will obviate the India’s largest lender’s need to set aside capital for all its enterprises unlike now, when the lender has to assess the risks and assign capital when it ventures into new lines of businesses. (ET)
Career Point Ropes in 10 Anchor Investors - Career Point Infosystems has allotted 6.56 lakh shares to anchor investors for a total of Rs 20.34 crore. The shares were allotted to the anchor investors at Rs 310 a share. The investors include Goldman Sachs, Sundaram BNP Paribas, Citigroup, Alden Global, Canara Robeco, Birla Sun Life, DSP Blackrock and Axis Mutual Fund. (ET)
Religare Acquires 50% In Lanka Firm - Religare Enterprises is planning to acquire a 50% stake in a Sri Lankan brokerage firm named Bartleet Mallory Stock Brokers (BMS). Details of the deal have not yet been made public and the transaction is yet to receive regulatory approvals in India and Sri Lanka. Established in 1989, BMS is a member of the Colombo Stock Exchange with a head count of 50. (HinduBusinessLine)
DB Realty Buys L&T Bombay Developers - Mumbai-based developer D. B. Realty has acquired 100% stake in L&T Bombay Developers, which is a special purpose vehicle (SPV) formed by L&T Urban Infrastructure and Bombay Dyeing and Manufacturing Company to redevelop MIG Colony at Bandra (East) here in Mumbai. (HBL)
Actis Biologics To Raise $380M - Actis Biologics, the US-based biotech drug research company, plans to raise about $380 million by selling stakes in its Indian and Malaysian arms. Actis has plans to raise about $300 million by selling a substantial stake in its Malaysian arm, Actis Biologics Malaysia Sdn Bhd, which is setting up a biocity at Melaka. The Indian arm, Actis Biologics Private Ltd, would also dilute about 8-10% to private equity investors and another 10% to the parent company. (BS)
Godrej May Partners PE Funds For Kiwi - Godrej group may partner a private equity (PE) fund who are bidding for the marketing rights of Kiwi shoe polish brand owned by Sara Lee. Goldman Sachs is handling sale of the shoe polish brand, which is No. 2 in its category in India behind Reckitt-owned Cherry. If PE bid goes through, Godrej may secure rights for the brand in the Indian, Indonesian and Nigerian markets where it has a manufacturing presence. (Financial Chronicle)
Sun May Sue Levitt Family - Sun Pharmaceutica will now go all out to acquire shares from promoter Barrie Levitt and family, who hold over 40% voting rights in the company. Sun Pharma said that it received an offer to sell 29,382 ordinary shares, which is approximately 0.07 per cent of Taro’s outstanding ordinary shares, during the tender offer. With last week’s favourable verdict from Israel’s Supreme Court, Sun Pharma can now initiate the last battle in courts to take control of the shares of the Levitt family. (BS)
UTC Fire Eyes India Buys - UTC Fire & Security (UTCFS), a global leader in fire safety and electronic security solutions, is looking for acquisitions in India as apart of its strategy to expand its business in the country. UTCFS is a unit of the US-based United Technologies Corporation (UTC), which is a diversified, NYSE-listed company. UTCFS has witnessed a three-fold increase in its business from $10 million since its debut in the Indian market in 2005 to over $30 million at present. (BS)
