News Roundup: Blackstone, Panchshil Realty bid $30M for Citi’s BKC property

16 March, 2016

Pune-based Panchshil Realty and US-based private equity giant Blackstone have emerged front-runners for buying Citibank’s old headquarters at the Bandra-Kurla Complex, Mumbai’s prime business district. They have jointly bid Rs 186 crore ($30 million). Citibank had put this building on the block last year and appointed CBRE group as its consultant. According to sources, the company was expecting Rs 300-350 crore, valuing the current bid about 37 per cent lower at Rs 22,000 per square feet. For the Panchshil-Blackstone combine, this is the second tender after they jointly bid to buy Express Towers in Mumbai’s Nariman Point from ICICI Venture and Viveck Goenka for about Rs 900 crore. (Business Line) 

Mastek plans share buyback at Rs 250 apiece: IT solutions company Mastek is set to buy back up to 32 lakh of its own equity shares at a 24 per cent premium to the stock’s closing price on Thursday of Rs 201.55. The company would spend a maximum of Rs 54.5 crore at Rs 250 apiece, it said in a communication to the stock exchanges. Mastek’s board of directors had met on Thursday to finalise the offer. The buyback plan will be implemented with the approval of the company’s shareholders by way of a special resolution through postal ballot, the company said. (Business Line) 

Tech Mahindra looks to buy Financial Technologies: Sources with direct knowledge share that Anand Mahindra’s Tech Mahindra is keen on buying Jignesh Shah’s Financial Technologies if the promoter is asked to sell his stake as part of the NSEL scam proceedings. Tech Mahindra has initiated an evaluation of Financial Technologies for a buyout possibility, sources suggest. Sources said that Tech Mahindra wants to re-gain it’s strength in the BFSI segment which had been hit had in the Satyam portfolio. ()  

Motilal Oswal to sell its 15% stake in Parag Milk for Rs 200 crore post Tirumala deal: A year-and-a-half after it sold part of its stake in dairy and milk products maker Parag Milk, Motilal Oswal Private Equity Advisors is looking to sell its remaining stake to a private equity investor, and is in the process of appointing investment bankers to scout for buyers, three people with direct knowledge of the development said. In 2012, IDFC PE bought around 15-20% stake in the company for Rs 155 crore, valuing it around Rs 750 crore. Earlier last year, the promoters further sold their stake in the company to International Finance Corp (IFC) for $17 million (Rs 104 crore). IFC, Motilal Oswal and IDFC together own around 45-50% in the company while the rest is held by promoter Devendra Shah. (< 

Lanco Infra looks to sell Griffin Coal to pare debt; co close to inking Rs 7,500 crore pact: Cash-strapped Lanco Infratech is exploring sale of its prized coal mine acquisition in Australia at the behest of its lenders to pare its debt, sources in the know of the development said. Lanco Infratech is close to signing a corporate debt restructuring (CDR) agreement for Rs 7,500 crore ($1.2 billion) that will allow the infrastructure company to reschedule repayment and also give it access to new credit of Rs 3,500 crore ($565 million). As part of the agreement which has been approved by the bankers, the promoters have to infuse as much as Rs 3,000 crore ($484 million) over the next three years. The promoters have committed that the funds raised would be partly from the sale of its Udupi power plant, bankers said. ()  

United Spirits considers selling Whyte & Mackay completely: Ever since Diageo struck a deal to buy controlling stake in United Spirits Ltd, the two companies have pulled all stops to ensure the “dream combination” gets all the regulatory clearances. Diageo had even voluntarily offered to sell off a significant portion of its wholly-owned Whyte & Mackay to allay competition concerns being probed by the UK’s Office of Fair Trade. The company is now said to be considering the sale of the entire asset of Whyte & Mackay and not a major part (about 70 per cent) of the company. Whyte & Mackay, including the brands, distilleries and scotch inventory, may be valued at around $800 million and which during the last financial year contributed $200 million to the revenue of United Spirits in financial year 2013. (Business Standard) 

Indian Ad Retargeting Startup Vizury Is raising $20 million: Vizury, a Bangalore-based ad retargeting startup, is in talks with investors to raise an additional $20 million (Rs 124 crore) by March this year, with existing backer Inventus leading the round, according to sources familiar with the company. The Series C investment is being done reportedly at a $60 – $70 million valuation. The financing will be used to expand aggressively in China and Japan. Vizury has already raised $11 million in funding. (TechCrunch) 

Cabinet paves way for sale of Suuti stake: The government on Thursday decided not to dismantle the Specified Undertaking of Unit Trust of India (Suuti) for now, paving way for sale of its stake in three private companies. The undertaking holds an 11.54% stake in ITC, 23.58% in Axis Bank and 8.27% in Larsen & Toubro – worth Rs 34,351 crore ($5.5 billion) by Thursday’s market value. Divesting part of these could help the government meet its target of raising Rs 14,000 crore through sale of residual stake in non-government companies. However, sources said, it might not opt to offload the entire Suuti stake in these companies. (Business Standard)

Courtesy: VCCEdge

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News Roundup: Blackstone, Panchshil Realty bid $30M for Citi’s BKC property

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