Burmans Enter Fray For Milestone Capital – The Burman brothers, Mohit and Gaurav, promoters of the Dabur group, have joined the race for acquiring Milestone Capital. Milestone has been on the block after the death in August last year of its founder-CEO, Ved Prakash Arya. The Burman brothers already own Elephant Capital Plc, the UK-based PE firm. Milestone Capital manages assets worth $800 million (Rs 4,000 crore) and has attracted five to six bids from suitors Ashmore Investment Manage-ment, Edelweiss Capital, Dewan Housing Finance and Religare Enterprises, among others. Standard Chartered Bank has been given the mandate to find buyers. (Business Standard)
Orbimed, Ascent Capital Invest Rs 170Cr In KIMS – Private equity (PE) funds OrbiMed and Ascent Capital will pick up a minority stake in Kerala Institute of Medical Sciences, or KIMS ,for close to Rs 170 crore. The Trivandrum-based 750-bed multi-disciplinary hospital is led by Dr MI Sahadulla and his team of highly qualified and experienced senior consultants. The funds raised through the fresh issue of shares will be used for expanding their operations. (Economic Times)
IIFL Arm To Raise Rs 500Cr Realty Fund – IIFL Venture Capital Fund, the private equity arm of the India Infoline group, is close to raising Rs 500 crore for investing in real estate. The fundraising will mark the brokerage’s foray into the private equity business. The fund, which has raised the money from high net worth individuals, will focus on investing in residential properties in top cities. Recently, Red Fort Capital raised $500 million, Kotak Realty Fund raised over Rs 523 crore from domestic investors to invest in high-yield debt instruments of real estate properties. (Economic Times)
NMCE In Talks With PEs, Banks For Stake Sale – Ahmedabad-based National Multi Commodity Exchange (NMCE) is in talks with five private equity players and large private banks to divest part of shareholders’ equity in the exchange, to meet the regulatory guidelines before the extended deadline of March 31, 2012. Currently, the exchange has an equity share capital of Rs 19.12 crore, which, according to revised guidelines, should be raised to at least Rs 50 crore before March 31. (Business Standard)
Sequoia Invests In FreeCharge.in – Sequoia Capital India has invested Rs.20 crore in Freecharge.in, the latest in a series of e-commerce sites that the private equity (PE) firm has been putting money into. Freecharge.in allows users to recharge their mobiles in return for discount coupons, pushing more people into shopping online. The company has tied up with at least 50 retailers and service providers, including McDonald’s, Puma, Shoppers Stop and Jet Airways.
OVL In Talks For 15% Yamal Stake – An Indian consortium led by ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp. Ltd, is in talks with Russia’s OAO Novatek to acquire a 15% stake in its subsidiary OAO Yamal LNG for developing a natural gas field. The transaction will also include tie-up for a natural gas liquefaction project and joint marketing of liquefied natural gas (LNG). (Mint)
Citi To Fire 100 In India – Citi on Tuesday said it will cut around 100 jobs across its businesses in India. The move comes after the financial services firm announced that it will lay-off 4,500 employees or 2 per cent of its workforce globally. The firm has around 7,000 employees here. The firm hired over 1,577 in India across businesses last calendar year. (Business Standard)
IFCI Factors Keeps IPO Options Open – IFCI has not shelved plans to take IFCI Factors public. IFCI Factors, an IFCI subsidiary, had in July last year filed draft prospectus with market regulator SEBI for an IPO. Many issuers have delayed approaching the capital market with an IPO in the wake of subdued market conditions. IFCI Factors was last year looking to mop up anywhere between Rs 750 crore and Rs 1,000 crore through an IPO. (Business Line)