facebook-page-view
Advertisement

News Roundup: Bharti In Talks To Sell Asset Management Biz

By TEAM VCC

  • 15 Oct 2010

Bharti In Talks To Sell Asset Management Biz - Bharti Enterprises is in talks with Bank of India, the fifth-largest state-owned bank, to sell its 25% stake in the domestic asset management joint venture with AXA Investment Managers. The AXA Group, headquartered in Paris, owns 75% in the mutual fund venture with assets under management, or AUM, worth Rs 510 crore as on September 30. Bank of India is keen to raise its stake in Bharti AXA Investment Managers beyond Bharti’s 25% share in the venture. (Economic Times)

Nava Bharat Eyes Fundraising - Nava Bharat Ventures Ltd, a Hyderabad-based ferro alloys and sugar company that ventured into power and coal, is looking to raise a fresh round of equity funding. The firm may sell a stake in the parent firm’s power holding company or in its overseas holding company. Nava Bharat needs $1.5 billion (Rs.7,000 crore) to fund expansions of its power projects in Zambia.

SBI Buys 20% In A Little World - The country’s largest lender State Bank of India (SBI) has bought 20% equity stake in A Little World (ALW), a technology services providing company with a strong rural focus, for Rs 80 crore. The other stakeholders of ALW include Enam Financial, Bellweather Microfinance Fund, India Financial Inclusion Fund and Legatum Ventures, a Dubai-based private equity fund. (Financial Chronicle)

Advertisement

Honda Evaluates Exit From Hero JV - Japan's Honda Motor Company is evaluating proposals for a deal which could even see it exiting from its joint venture with the Munjals of the Hero Group in Hero Honda. The Munjals, with individual stakes and through a couple of investment companies, have reportedly shown interest in buying a direct 6% stake from Honda. (Sify)

Little Italy To Raise PE Funding - Little Italy, the restaurant chain that serves vegetarian Italian cuisine, is looking to expand its footprint across the country and is seeking private equity. In 2011-12, Little Italy would be investing close to Rs 50 crore. It plans to dilute a 20% stake. The restaurant chain, having a topline of Rs 45 crore, expects to have 70-75 outlets functioning across India in the next three years. (HinduBusinessLine)

GMR, JSW In Fray For CIC Energy - GMR, the Bangalore-based infrastructure and power major, has put in an aggressive bid to emerge as a frontrunner for the controlling stake in CIC Energy, the Canadian resources company. The bid could value the acquisition at a little over $500 million and is pitted against Sajjan Jindal’s JSW Group who has also put in a non-binding bid. (BS)

Advertisement

Prestige IPO Subscribed 2.26 Times - The Initial Public Offering of Bangalore-based real estate developer Prestige Estates Projects Ltd has been subscribed 2.26 times. The National Stock Exchange website said the share of qualified institutional buyers was subscribed 3.11 times, and the retail portion by only 0.03 times at the end of the offer period today. Earlier, the company raised Rs 216 crore from 25 anchor investors by selling 11.77 million shares. (BS)

Ananya Finance To Raise Rs 200Cr From IFC, Triodos Bank - Ananya Finance for Inclusive Growth (AFIG), the Ahmedabad-based Self Employed Women’s Association (SEWA)-promoted non-banking finance company (NBFC), is looking at raising around Rs 200 crore through private placement. AFIG is in advanced talks with some international institutional investors like IFC, the Women’s World Bank and the Netherlands-based Triodos Bank for raising funds. (BS)

Advertisement

Share article on

Advertisement
Advertisement