Carlyle May Pick Up 49% In Kurlon For Over Rs 400Cr - Private equity giant Carlyle Group may acquire a 49% stake in India's largest mattress maker Kurlon for over Rs 400 crore. Carlyle has been in talks to sew up a deal after Kurlon dropped its plans of an initial public offer earlier this year. Kurlon is part of the Rs 2,000-crore Manipal Group of Companies and has revenue of about Rs 750 crore. Carlyle's buyout fund has done a due diligence for a possible transaction that values the Bangalore-based company at roughly Rs 900 crore. (Times of India)
Red Fort Capital To Raise Another $500M Fund Next Year - Red Fort Capital Advisors, which manages more than $1 billion of Indian assets, plans to raise $500 million next year to invest in homes and offices. The company has invested about half of its $500 million Red Fort India Real Estate Fund II raised in January this year. Red Fort is betting the residential markets in Mumbai, Delhi and Bangalore. The company is starting to see some value in retail properties and in central business districts that don’t have an oversupply. (Bloomberg)
WinIT Software To Raise $5M Funding - WinIT Software, a Hyderabad-based mobile application strategy and development company, is in the process of raising $5 million (approximately Rs 27.5 crore) from private equity to scale up its operations. WinIT has roped in investment bankers to help it reach out to PE firms and the company expects to close the deal in the next four to five months. (Business Standard)
Malaysia's Axiata Now Threatens Arbitration - Malaysia headquartered Axiata Group, which holds about 20% stake in Idea Cellular has threatened claim damages and drag the Indian government to international arbitration under bilateral investment protection pacts (BIPA), making it the sixth international investor in the telecoms space to serve notice under bilateral trade agreements. Axiata's investments in India are routed through Mauritius. (Economic Times)
HSBC To Sell Stakes In Karnataka, Federal Bank - British banking major HSBC may sell stakes in two Indian lenders, Karnataka Bank and Federal Bank to free up capital to meet the stringent Basel III norms. HSBC, which owns 4.98% in Federal Bank and 4.46% in Karnataka Bank, is in talks with investors to sell stakes in both the banks and intends to raise Rs 425 to Rs 450 crore from the sale. (Economic Times)
No Buyers For L&T's Bangalore Hotel Venture - More than a year after deciding to scrap their joint venture (JV) for a five-star airport hotel project in Bangalore, hospitality major East India Hotels (EIH) and construction behemoth L&T are yet to divest their stakes. The Oberoi-led EIH and L&T have failed to find a buyer for their much-delayed L&T Bangalore Airport Hotel Ltd (L&T-BAHL). The value of the assets of the SPV have been pegged at Rs 382 crore, as per EIH’s disclosure. (DNA)
MakeMyTrip Seeks Small Acquisitions To Diversify Revenues - MakeMyTrip has $88 million in a pile of cash that could land it a large acquisition, but wants to split the money and buy small firms that will help him add businesses related to his once core activity of selling air tickets. It is looking for companies that are bundling hotels and holidays. (Mint)
Godrej Industries To Raise Rs 405 Cr Through QIP - Godrej Industries today said it plans to raise up to Rs 405 crore through a rights issue to institutional players. The issue would see it sell more than 17 million shares at a price band of Rs 210 to Rs 235 per equity share. The proposed issue opens on July 24 and closes on the same day. (Business Line)
