Biyani Enters Fray For Vishal Retail – Kishore Biyani’s Future Group has made a bid for troubled retailer Vishal Retail in what could spell trouble for private equity major TPG Capital’s offer. TPG had approval from Vishal’s lenders and the company’s board also approved a non-binding and non-exclusive memorandum of understanding.
GVK In Talks With PEs For Airport Deal – GVK Power & Infra (GVKPIL) is in talks with PE players to dilute stake in its airport subsidiary. GVK Airport Development Private Ltd which is the holding company for all GVK investments in the aviation space. GVK is looking at diluting up to 26% stake and is in talks with Temasek, Blackstone and SBI-Macquarie. The company is looking at raising up to $400 million through the stake sale. (ET)
RIL May Invest In iPad Rival – Reliance Industries is said to be in talks to invest in the Hyderabad-based Notion Ink, which is developing a “made in India” tablet computer that is already being pitched against Apple’s iPad. RIL may pick up a majority stake in Notion Ink, which is making Adam tablet scheduled for a worldwide launch later this year. RIL’s interest could have been triggered by the fact that the Adam has been touted as an “Apple iPad killer” in many quarters. (HBL)
GIC Eyes Africa Buys – India’s national reinsurer General Insurance Corporation of India (GIC) is looking to acquire a reinsurance company in Africa which will expand the its footprint in the region. The reinsurer increased its share of international business from 38% to 44% at the end of March 2010. It plans to take this to 50% by 2012. (Business Standard)
Dhanalaxmi Raises Rs 380Cr QIP – HSBC and JPMorgan had acquired 3% stake each in the Kerala-based Dhanlaxmi Bank by subscribing to its sale of shares to qualified institutional buyers (QIBs). The bank raised Rs 381 crore in the QIB issue. The bank sold 21 million shares at a price of Rs 181.3 per share to 44 institutions, getting bids for two times the shares on offer. (BS)
SKS Price Band On Monday – SKS Microfinance’s initial public offering (IPO) of 16.8 million equity shares would open on July 28 and the price band will be announced on July 26. This will be the first IPO of a microfinance institution (MFI) in India. The issue consists of a fresh issue of 7.45 million equity shares and an offer for sale of 9.35 million equity shares by the company’s shareholders. (BS)
Spicejet Now Plans Rights Issue – The new management of the second largest budget airline SpiceJet Ltd is considering a rights issue after the open offer of media baron Kalanithi Maran closes on August 25. SpiceJet is looking at coming out with the issue around September or October, and the company was looking at raising around $50-60 million. (DNA)
Adani Enterprises Opens $750M Share Sale – Trading firm Adani Enterprises has launched a share sale to institutional investors to raise up to $750 million. The floor price of the issue has been set at Rs536.15 a share. (Reuters Via DNA)
Fund Houses Exit South Indian Bank – Nearly half a dozen fund houses, including foreign institutional investors (FIIs) and mutual funds, have offloaded in South Indian Bank (SIB). Those who cashed out from the Kerala-based bank include the India Fund Inc, the $ 4 billion Sanlam Asset Management Ireland and private equity major Voyager Fund. India Fund Inc, managed by Blackstone, has cashed out its entire investment in SIB between March-end and June-end. (Financial Express)
Fire Capital To Invest Rs 500Cr – Real estate private equity firm Fire Capital plans to tweak its strategy by investing in smaller projects which have a faster turnaround time. From investing in large projects of more than 100 acres, the firm would look at residential projects of 10-50 acres.