Persistent Systems Revives IPO Plans – Pune-based software firm Persistent Systems has revived its plans for an initial public offering (IPO), and is currently in discussions with
several banks and investment advisors to pursue a public listing over the next few months. The company had initially planned for a listing in 2008 but shelved it following poor market conditions. It had filed a DRHP with market regulator Sebi in July 2008 for an IPO of 4.9 million shares, consisting of a fresh issue of four million shares and 0.9 million shares on offer for sale. Venture capital firms including Norwest Venture Partners and Gabriel Venture Partners, Intel Capital and Hewlett Packard are investors in the firm and collectively hold about 25% stake. (ET)
Three PE firms Eye Asian Infra – A clutch of PE firms, including Morgan Stanley, Goldman Sachs and Norwest Venture Partners, are learnt to be together eyeing a minority stake in Asian Infrastructure Pte Ltd (AIL), a power company headed by former power secretary, RV Shahi. These firms may jointly invest around $300 million in AIL. Earlier, Morgan Stanley was the sole contender for the stake buyout. (FE)
Samsonite’s Tainwala To Buy Stake In Planet Retail – Ramesh Tainwala, president – Greater Asia, Samsonite Asia Ltd, is looking to acquire a major stake in Planet Retail Holdings Ltd. Tainwala, who holds 40% stake in Samsonite, is looking to foray into the fashion and lifestyle retail business through Planet Retail. Planet Retail is the exclusive franchisee for international fashion and lifestyle brands such as The Body Shop, Debenhams, Next, Guess, and Accessorize. Earlier, it had a joint venture with Pantaloon Retail India Ltd for sports and apparel business. (DNA)
Bharti Set To Take 70% Stake In Warid Tele – Telecom giant Bharti Airtel is close to clinching a deal to acquire 70% stake in Warid Telecom, a local mobile company in Bangladesh owned by Abu Dhabi Group. Officials from both the companies met to find a consensus on the deal. Bharti Airtel has placed a $300-million initial investment plan before the Bangladesh Telecommunication Regulatory Commission (BTRC). As part of the plan, Bharti Airtel will buy the stake in Bangladesh operations of Warid Telecom. (Times of India)
JSPL May Raise Offer For Australia’s Rocklands – Naveen Jindal-promoted Jindal Steel & Power Ltd (JSPL) plans to match the offer of a Chinese energy company for Australian coal firm Rocklands Richfield. China’s Meijin Energy Group stepped up the bidding war on Tuesday, when it raised its offer to $176 million against JSPL’s offer of $138 million. If JSPL raises its bid, it would be the second such revision to match the Chinese company in its bid for Rocklands. (BS)
Reliance Life Ups Stake In GeneMedix To 79% – Reliance Life Sciences (RLS), owned by the promoters of Reliance Industries, has increased its holding in its European subsidiary, Reliance GeneMedix, from 75 to 79%. The transaction was done at a conversion price of 12.5 pence per share, against a prevailing share price of 1.5 pence per share on the London Stock Exchange, totalling around £4.4 million. GeneMedix is primarily into making biosimilars — biopharmaceutical drugs that have emerged out of their patent-period — and was acquired by Mukesh Ambani in 2007 with an eye to on two of its products — EPO and GCSF. EPO helps in the formation of red blood cells while GCSF helps in the formation of white blood cells. (DNA)
BPTP To Slash Debt Through IPO – Delhi-based property developer BPTP plans to use over one-fourth of its initial public issue (IPO) proceeds towards prepayment of debt taken by the company. Out of the Rs 1,500 crore IPO, the company says it will use Rs 325 crore towards debt prepayment and repayment, Rs 459.4 crore to finance construction and development costs for its Park Elite Floors, another Rs 514.3 crore for payment of development charges to the government authorities and the rest for general corporate purposes. (BS)
UBI Files DRHP For IPO – Kolkata-based United Bank of India (UBI) plans to issue an initial public offering (IPO), with the issue size of Rs 50 crore and expects to raise Rs 350-400 crore through the process. The government’s stake after the issue will come down to 84.20%.The bank has appointed SBI Capital Markets as lead merchant banker, while Enam Securities and Edelweiss Capital are the other merchant bankers for the issue. (BS)
Government Cleared Mitsui’s Rs 326Cr FDI – The government has cleared nine proposals that will bring in foreign investment of Rs 524 crore, more than half of which would be contributed by Japan’s Mitsui and Company to set up warehousing and container freight stations in the country. Mitsui plans to invest Rs 326 crore in setting up a wholly-owned subsidiary in warehousing segment and a joint venture company in the container freight stations sector. (BS)
SBI-Macquarie JV Eyes Rs 2,500Cr – The State Bank of India and Macquarie domestic private equity fund which are to invest in the infrastructure sector will have a target size of Rs 2,500 crore. SBI, Macquarie and International Finance Corporation (IFC) have entered into a joint venture arrangement to sponsor private equity funds to make investments in the infrastructure sector in India. One, will be an offshore private equity fund and other, a domestic private equity fund. As per a Macquarie filing with the Foreign Investment Promotion Board (FIPB), the domestic fund will be set up in India as a trust to be called SBI Macquarie Infrastructure Trust. (FC)
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