Blackstone Eyes 20% Stake In FINO – Private equity fund Blackstone is set to pick up around 20% equity in FINO, a tech company which provides last-mile connectivity to those untouched by financial services. The talks which are at an advanced stage value the company at around Rs 700 crore after an investment of about Rs 140 crore. FINO was promoted in 2006 by lenders like ICICI Bank, which acted as an incubator for the fledgling business. Other shareholders include Corporation Bank, HSBC, ICICI Lombard, IFC, IFMR Trust, Indian Bank, Intel, LIC and Union Bank. (Times of India)
SARE To Invest Rs 1,500Cr In Mumbai Project – South Asian Real Estate or SARE, the UK-based private equity fund and a fully integrated investment and development company, is close to acquiring a 100-acre land parcel in Navi Mumbai and pump in about $350 million (Rs 1,500 crore) in the project. SARE would hold 55% in the project while a private developer would hold the remaining 45% in an affordable residential complex on the land. The total cost of the land is estimated to be around Rs 140 crore where the remaining amount would be spent by a private developer.
ASK Property Investment Raises Rs 520Cr – ASK Property Investment Advisors has raised Rs 520 crore for a domestic realty fund, becoming the first fund among half-a-dozen such realty PE funds waiting in line, to raise money from rich investors in 2011. The ASK fund had originally aimed to raise Rs 1,000 crore, including a green shoe option of Rs 500 crore that is open till December. ASK had raised Rs 340 crore in 2009 after the global financial crisis, which was committed in six mid-size real estate projects. (Economic Times)
Essar, Great Eastern & Dart Eye ONGC Methane Blocks – State-run Oil & Natural Gas Corp (ONGC) has said Essar, Great Eastern Energy and Australia-based Dart Energy have evinced interest in picking up a “significant” stake in its coal-bed methane blocks located in Bokaro, Jharkhand and Raniganj. ONGC is expected to take a final decision by the end of this week. (Economic Times)
Pricol Travel Eyes Two Buyouts – Pricol Travel, part of the Coimbatore-based Pricol group, is looking to acquire two companies in the corporate and luxury travel segment in the next 24 months. The acquisitions are valued at Rs 150 crore, and one of them is likely to be completed by the end of this year. The 11-year-old company, is targeting a three-fold jump in revenues to reach Rs 350 crore in the next three years from the current Rs 100 crore. (Business Standard)
Fudraising Delay For SEWA NBFC Arm – With investors being unsure of the MFI sector for time being, Ahmedabad-based Self Employed Women’s Association (SEWA) promoted non-banking finance company (NBFC) Ananya Finance for Inclusive Growth (AFIG) has witnessed delay in its plans to raise share capital. The NBFC was in advanced talks with the likes of IFC, Women’s World Bank and Triodos Bank for raising Rs 200 crore through a private placement. The company would look to raise funds from domestic as well as international social institutional investors. (Business Standard)
Ybrant To Buy Stake In Israeli Firm – Hyderabad-based digital marketing company Ybrant Digital will be acquiring a minority stake in Web 3.0 of Israel, which operates in the digital fields of web, mobile web and performance-based marketing and applications development. Ybrant’s investment in the 35-people strong Web 3.0 comes in the wake major initiatives both the companies are making in the mobile space. (Business Standard)