Catamaran In Talks For Stake In CARE – NR Narayana Murthy’s venture capital firm Catamaran is in preliminary talks to buy 5-7% in rating agency Credit Analysis & Research (CARE) from some existing investors. Those looking to sell their stake are asking for around Rs100 crore and the investors looking to exit include ING Vyasa Bank. The news comes after private equity firm Milestone Religare Investment Advisors bought 5% in CARE last month for Rs 75 crore, valuing the ratings firm at Rs 1,500 crore. (Economic Times)
IFCI To Sell 5.44% In NSE For $128M – IFCI Ltd. plans to sell its 5.44% stake in National Stock Exchange of India within two months and is negotiating with overseas private equity firms. IFCI, which initially held a 12.44% stake, in 2007 sold 7% to Goldman Sachs Group Inc., NYSE Group Inc., General Atlantic LLC and Softbank Asian Infrastructure Fund. IFCI expects to raise about 6 billion rupees ($128 million) from the latest sale which would value the National exchange at about $2.4 billion. (Bloomberg)
ORRA Diamonds To Raise Rs 75Cr – Diamond retail chain ORRA Diamonds is planning to raise Rs 75 crore through the private equity (PE) route to support its retail expansion plans over the next three years. The company will be appointing an investment banker within a month to find out potential investors. ORRA could be looking at an equity dilution up to 25% and now has 31 exclusive boutiques and plans to add another 21 in the next three years. (Financial Chronicle)
Fortis To List In Singapore, Take Subsidiary Public – Fortis Healthcare plans to launch an IPO for its diagnostics business unit, Super Religare Laboratories (SRL), in 2011. SRL had acquired the diagnostics business of Piramal Healthcare for Rs 600 crore in the first quarter of this financial year. Fortis Healthcare is planning to list its shares on Singapore stock exchange as part of the company’s plan to expand its pan-Asia presence. (ET)
Nuziveedu Power To Sell 49% Stake To Foreign Co – Nuziveedu Power Ltd (NPL) is in advanced talks with a foreign company to sell up to a 49% stake in its conventional power business. NPL will tie up with a competent partner who will help in the operations and maintenance of the (Tamil Nadu and Orissa) power projects once commissioned. NPL’s conventional energy arm is setting up a 1,320MW coal-fired power project near Nagapattinam in Tamil Nadu and another one with similar capacity close to the Talcher coal mines at Banamalipur in Orissa’s Angul district.
John Distilleries To Raise Rs 75Cr By Next Month – John Distilleries Ltd (JDL), best known for its Original Choice whisky, expects to sell a 15% stake to a private equity (PE) firm by October for Rs 75 crore to fund expansion. The PE investor is currently completing due diligence and intends to use the proceeds to strengthen its manufacturing, distribution and marketing arrangements as it tries to broaden its revenue base beyond its flagship Original Choice whisky, which contributes around 95% of its volumes.
ONGC Videsh Eyes Shale Assets – India’s largest energy explorer Oil & Natural Gas’ (ONGC) foreign arm ONGC Videsh is set to acquire shale gas assets in the US. The company is pursuing several leads and will enter into partnership instead of going for complete buyouts. (ET)
TCS Unit Acquires UK Firm – Diligenta, the UK subsidiary of India’s largest information technology services company, Tata Consultancy Services (TCS), acquired Unisys Insurance Services (UISL) from Unisys Corporation, in lieu of which the company received business worth £250 million (Rs 1,800 crore) for the next six years. (Business Standard)
Essar Completes AGC Networks Buy – Essar Group today completed the acquisition of AGC Networks, including closure of the open offer representing 20% of AGC Networks’ outstanding shares. The total deal size was $61.4 million (Rs 288 crore), taking Essar’s stake in the company to 79.13%. (Business Standard)