Blackstone, StanChart PE In Race For Redington Stake – Blackstone and Standard Chartered Private Equity are vying to acquire a large chunk of the promoter stake in Redington India Ltd, one of the country’s oldest and leading distribution firm of telecom and IT products. Singapore based NRI conglomerate Kewalram Chanrai Group is set to dilute just under 15% stake to one private equity investor for roughly Rs 500 crore. Chanrai holds around 30% stake in the Chennai-headquartered Redington India which reported Rs 17,459 crore turnover in FY11. Chanrai was paring Redington stake to focus on the other business ventures such as Olam International, the Singapore-listed $10 billion commodities giant. (Times of India)
Fidelity, Emami Group Join Race For Sterling Hospitals – Kolkata-based Emami Group and U.S.-based Fidelity International are among a growing list of suitors for private-equity firm Actis Advisors’ majority stake in Sterling Hospitals. Actis has appointed investment bank JM Financial to sell its 80% stake in Sterling Hospitals in the next three months. Emami controls AMRI Hospitals, which had revenues of Rs 250 crore in fiscal 2011. The advisory team of Fidelity Growth Partners, the private equity arm of Fidelity, met Sterling executives last week. Sterling has three multi-specialty tertiary care hospitals at Ahmedabad, Vadodara and Rajkot in the western state of Gujarat. (Wall Street Journal)
KK Modi Eyes 51% In Godfrey Phillips – The KK Modi group is set to wrest majority control in cigarette maker Godfrey Phillips India (GPI) from American tobacco major Philip Morris as the Indian business house leads the company’s charge into non-cigarette segments such as beedi and chewing pan masala , potentially to the discomfort of the foreign partner. GPI, a Rs 3,000-crore publicly-listed company, is a joint venture between the Modis and Philip Morris who each held 36% stake originally. Last year the Modis pick up an additional 11% stake from the foreign partner last year, taking up their holding to 47%. (Times of India)
Wipro Joins Race To Buy Banking Arm Of Misys – Wipro Technologies has joined the race to acquire the banking arm of Misys, a UK-based software product vendor. The Azim Premji firm, unlike Infosys or TCS, does not have a core banking product, and is looking to plug the gap. Misys sells software products to banking, treasury and capital markets, has over 1,200 customers, including the world’s top 50 banks. The banking division raked in revenues of £162 million, down 14% over 2009. American firms like Sungard, Fidelity National Information services and Fiserv are some of the frontrunners Misys while Indian firms like Infosys, TCS and HCL are also in the fray. (Financial Express)
Narayana Hrudayalaya To Raise PE Funding For Dental Clinics – Nearly three years after raising a record $100 million from private equity funds to expand its presence in multi-specialty expansive hospitals in 5-6 cities in India, Narayana Hrudayalaya is once again tapping the private equity route to expand its presence in the neighbourhood speciality clinics space. The Bangalore-based Narayana Hrudayalaya is looking to raise $15 million to expand its network of dental clinics and has set up a wholly-owned subsidiary for this foray. The company has around 30 dental clinics as of now and it aims to scale this up to 200 in three years time.(Business Standard)
Cholamandalam Sells Pledged Shares In MIC – Cholamandalam Investment and Finance has sold a portion of promoters stake in MIC Electronics pledged with it in the open market. Venkata Ramana Rao, the chairman and managing director of MIC Electronics, had pledged 58.6 lakh shares (representing a fourth of his holding in the company) with Cholamandalam Investment as per a disclosure made to the stock exchanges. The total number of shares outstanding for the company is 10.24 crore. Out of the pledged shares, Cholamandalam has sold about 20.55 lakh shares in open market transactions on May 26, June 20 and June 21 and has raised Rs 3.1 crore. (Economic Times)
WinWind, Suryachakra To Rope In Strategic Partner In Project – WinWinD Power Energy and Suryachakra Green Power, that have come together to set up 250 MW wind energy farms, are set to close finances for the phase one within two months and possibly rope in a strategic partner. WinWinD Power Energy, part of the Finnish WinWinD Oy Group, and a constituent of Chennai-based Siva Group, and Suryachakra, will set up wind farms at Dharapuram in Tamil Nadu, with an investment of $350 million (about Rs 1,575 crore). Suryachakra would have 54%, WinWind 20% and the balance with a strategic investor. (Business Line)
PSU National Building Picks Managers For IPO – The Indian federal government has selected Enam Securities and IDBI Capital to manage its planned sale of a 10% stake in National Building Construction Corp. through an initial public offering. National Building Construction Corp., a heavy engineering company, is wholly owned by the Indian government. (Wall Street Journal)
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