Global private equity powerhouse The Carlyle Group is understood to be looking to increase its stake in Value & Budget Housing Corporation (VBHC), the budget housing venture promoted by technology entrepreneur Jaithirth (Jerry) Rao. The company is understood to be in the process of raising close to Rs 70 crore ($11.66 million). Carlyle, which has picked up close to a 20% stake in VBHC in late 2011 for an investment of around Rs 100 crore, is understood to be close to investing further in the fresh round as well. (Business Standard)
Xander to invest Rs 375 crore in Rustomjee Urbania project: The private equity (PE) arm of investment firm Xander Group Inc. is set to invest around Rs 375 crore ($62.5 million) in a township project of Mumbai-based realty firm Keystone Realtors Pvt. Ltd, according to three people familiar with the development. Kapstone Constructions Pvt. Ltd, a unit of Keystone Realtors, is currently constructing the Rustomjee Urbania project, a 127-acre township in Thane, near Mumbai. The project is under a joint development pact between the company, which operates under the brand name Rustomjee Group, and a few landowners. Xander Investment Management Pte Ltd will invest the capital by buying non-convertible debenture (NCD) issued by Kapstone Constructions. The transaction is expected to be close this month. (Live Mint)
Bharti Airtel plans to raise $2 billion via bond issues: Bharti Airtel is planning to raise a further around $2 billion (Rs 11,976 crore) through a series of bond issues in the next financial year starting April 1, two people familiar with the matter said. The first in the series could be in May or June,” one of the people told. Bharti Airtel could again tap the dollar, euro or swiss francs markets for the upcoming bond issuances, the people said. Deutsche Bank, BNP Paribas and UBS were the joint book runners and lead managers on the last offering. ()
EXLServices starts hunt for partner, may sell 15-20%: Nasdaq-listed business process outsourcing ( BPO) firm, EXLServices Holdings, has started the process to partner with a private equity fund or a strategic investor by selling anywhere between 15% and 20% of the back office company, four people with knowledge of the plan said. EXL, which competes with rival Genpact and WNS Global Services, has appointed Citigroup Capital Markets to scout for buyers, these people said. While some of the existing individual investors might look at exiting the company, there could be some primary capital that will be raised. In 2013, Oak Hill Capital, a private equity fund, exited EXL with more than 10-fold return after staying invested for 11 years. ()
SBM to raise Rs 425 crore through rights issue: State Bank of Mysore (SBM) plans to raise Rs 425 crore ($70.84 million) through a Rights Issue to augment its equity capital. The board of directors of the Bank, which met on March 29, accorded an in-principle approval to launch a Rights Issue to raise the funds. The amount includes premium. The Bank, however, is yet to fix the face value and decide other modalities. State Bank of India is the largest shareholder of the Bank with 90% of the equity, while the balance 10% is held by the public shareholders. The Bank had raised Rs 65 crore through an institutional placement programme (IPP) in May last year. (Business Standard)
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