Carlyle To Buy Stake In Fabindia – Global private equity major Carlyle has outbid rival firms to close an equity investment in ethnic wear chain Fabindia. The deal values the company at Rs 1,400 crore. Top private equity firms, including Bain Capital, Everstone Capital, KKR, New Silk Route, Premji Invest, Sequoia and Temasek, were vying to pick up a stake in Fabindia. Besides fresh private equity infusion, the new investors were also vying to pick up an 8% stake held by private equity fund Wolfensohn Capital Partners. (Economic Times)
Jaypee May Sell Part Of Cement Biz To Temasek – The Jaypee Group is negotiating with investors to sell a part of its cement business as the real estateto-power group tries to pare debt, which is over $8 billion or Rs 40,000 crore, by more than a third. A number of investors, including Temasek Capital, an investment house based in Singapore, had been approached. Jaypee’s cement business is housed in Jaiprakash Associates, a listed company that has a cement-making capacity of 28 million tonnes a year, making it India’s third-largest cement producer, behind capacities owned by Germany’s Holcim and the Aditya Birla Group. (Economic Times)
Anand Rathi Rental Yield Fund Makes Debut Deals – The real estate fund of Anand Rathi Financial Services Ltd has bought stakes in two commercial projects for Rs.135 crore, its first investments since it raised the rental yield fund last year. The fund has purchased a stake in an office project by Hubtown Ltd, earlier known as Ackruti City Ltd, in Andheri for about Rs 70 crore. The fund also invested Rs 65 crore in a project of Kumar Urban Development Ltd called Cerebrum B3 in Pune. (Mint)
SKS Reports Rs 385Cr Q2 Loss – SKS Microfinance’s net loss mounted to Rs 385 crore in the quarter ended September 30. In the first three months of this financial year, SKS’ net loss was at Rs 219 crore, lower than the July-September quarter. SKS’ second-quarter total income narrowed 25% sequentially and 66% annually to Rs 123 crore. Expenses nearly tripled from a year ago and surged 55% sequentially to Rs 461 crore on account of higher provisions. (Business Standard)
Subex Looking To Tide Over Rs 600Cr FCCB Issue – Subex , the one-time poster boy of the Indian software product story, has approached investment bankers to tide over a looming foreign currency convertible bond (FCCB) crisis. The Rs 483-crore Bangalore-based telecom software firm took the FCCB route to fund its ambitious overseas acquisitions five years ago, but needs to repay $131 million, approximately Rs 642 crore-including redemption premium-on bonds that are maturing in March next year. (Times of India)
UTI AMC May Appoint Jitesh Khosla As Chief – The impasse over appointment of the next chief of UTI Asset Management Company is likely to end, with shareholders close to reaching a consensus on Jitesh Khosla, a civil servant, as the new chairman and managing director. The consensus came about after US-based investment management firm T. Rowe Price, the single largest shareholder with a 26% stake, dropped its objection to the appointment of Khosla. (Economic Times)
Edelweiss Promotes Himanshu Kaji As Executive Director – Edelweiss Financial Services has re-designated its group CFO Himanshu Kaji as an executive director. With his inclusion, the board of directors at Edelweiss Financial Services has now been strengthened to eight members. Kaji is a chartered accountant with a post-graduate diploma in securities law. Starting off with ICICI as an investment banker, he joined his family broking business and later launched his own company offering corporate advisory. (Economic Times)
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