Blackstone To Buy DLF’s Pune IT SEZ For Rs 900Cr – DLF, India’s largest real estate company, will sell its shareholding in two IT SEZs in Pune and Noida, for a combined value of Rs 1,300 crore. Two partners, Ackruti City and The 3C Company, will also exit. Blackstone is likely to buy the IT SEZ in Pune for Rs 900 crore, while a high net worth investor will buy the Noida IT Park for Rs400 crore. DLF’s has a 70% stake in each of the two properties. Ackruti City is a co-promoter in the Pune venture, while The 3C Company is a partner in the Noida IT park both with 30% each. (Economic Times)
Avigo, Metmin Take 60% Stake In Spykar – Private equity firm Avigo Capital has brought in Metmin Investments as a co-partner to acquire a controlling stake in Spykar Lifestyle, reversing its earlier plan to exit the homegrown jeans brand. Metmin will invest Rs30 crore for a 30% stake in Spykar, while Avigo will hold another 30% stake. Company’s promoters Prasad Pabrekar and Harshada Pabrekar will hold the balance 40%, but the private equity players will work together to control the company. (Economic Times)
Blackstone May Back Embassy’s 22% Stake Buy In Bangalore SEZ – Private equity giant Blackstone may finance south-based Embassy Property Development’s purchase of 22% stake in Manyata Tech Park, the country’s largest operational tech SEZ located in Bangalore, from HDFC Property Ventures for Rs 540 crore. The stake buyback would raise Embassy’s shareholding in the IT business park to 57%. Embassy Property Development, which has delayed its Rs 2,400-crore initial public offering, has been holding talks with Blackstone and Warburg Pincus to raise funds. (Times of India)
Ackruti Raises Rs 300Cr Through Mortgage – Mumbai-based developer Ackruti City has raised Rs 300 crore from Future Capital’s NBFC arm, State Bank of India and ICICI Bank by mortgaging two fully built commercial buildings, Ackruti Star and Ackruti Solaris in Andheri east, Mumbai. Ackruti Star is a 400,000 sq ft building against which the company has raised Rs 150 crore from Future Capital’s NBFC. It has raised another Rs 150 crore from SBI and ICICI Bank by mortgaging its 450,000 sq ft commercial building Ackruti Solaris. The builder had recently raised Rs 100 crore in a suburban Mumbai residential project from private equity firm Milestone Capital. (Economic Times)
Cox & Kings Eyes Buys For Fundraise – Travel company Cox & Kings is looking for acquisitions in English speaking countries to expand its operations. The company is planning to raise Rs 1,500 crore through the foreign institutional investors (FII) route and has applied to the Foreign Investment Promotion Board (FIPB) to seek its approval to raise funds. (Business Standard)
NSE Seeks Extension For NCDEX Stake Sale – The National Stock Exchange (NSE) has again approached the Consumer Affairs Ministry to seek extension of three months to dilute its stake in the commodity bourse NCDEX to 5%. The deadline for dilution of the stake is expiring on Thursday. NSE had got three-months extension from the ministry in April. At present, NSE has 11.1% stake in NCDEX. NSE has contended it is in advance stage of talks with a domestic company and a Qatar-based firm for dilution of stake in NCDEX. (Business Standard)
Grassroots Business Fund To Invest $1M In Industree Crafts – Ethnic craft maker, Industree Crafts, has raised capital from Washington DC-based Grassroots Business Fund – an investment firm first set up as a department of World Bank and International Finance Corporation. GBF’s investment of $1 million is in the form of convertible debentures and will be used solely for the manufacturing company, floated by the Bangalore-based handicraft manufacturing and retail venture that is 53% owned by Kishore Biyani’s Future Ventures. (Economic Times)
JCBL Group To Raise $10M PE Funding For Unit – Chandigarh-headquartered JCBL Group has said it is looking to raise about $10 million capital through private placement for its bus body manufacturing business. It is currently in negotiations with three private equity (PE) players, to which it will divest 18-20% stake. The privately-held company has diversified business interests with subsidiaries across the automobile, auto component and pharmaceutical sectors. Its bus manufacturing business has a turnover of around Rs 300 crore, while the group turnover is Rs 750 crore (2010-11). (Business Line)
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