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News Roundup: Century Real Estate Plans To Tap PE

06 January, 2010

Quandt’s PE Unit To Invest $300M In Asia – Auda International LP, the $5 billion private-equity unit of Germany’s Quandt family, plans to invest around $300 million in Asia over the next three years. The fund will allocate 40% of investments in China and 30% in India, and will look to put its money in small- and medium-sized firms where there is less competition and more reasonable valuations. Auda will focus on the health-care, consumer products and green energy industries. (BS)

US Fund House Exits ONGC Over Sudan Investments – US fund house TIAA-CREF has exited Oil and Natural Gas Corporation (ONGC) and other Chinese energy companies over their investments in war-torn Sudan. TIAA-CREF has sold its holdings in ONGC, PetroChina, CNPC Hong Kong and Sinopec. The fund house had a tiny shareholding in ONGC and stakes sold across the four companies constituted a small slice of its $402 billion assets under management. (BS)

Century Real Estate Plans To Tap PE – Century Real Estate Holdings, the realty development arm of Century Group, is looking to raise Rs 700 crore to expand its development initiatives. The company is planning to tap capital markets to raise the fund in addition to the option of going to private equity players. The group, which has over 3,000 acres of land in and around Bangalore city, diversified into development of projects in 2007 and has delivered residential projects covering 1.5 million square feet in an effort to move up the value chain and derive more value for its land bank. (BS)

Infosys Elevated Insiders To Head BPO and KPO Arms – Infosys Technologies has finalised the new heads for its business process outsourcing (BPO) subsidiary, Infosys BPO, and the knowledge process outsourcing (KPO) practice. The firm has elevated Swaminathan D — the current COO and senior vice president of Infosys BPO — to the position of CEO and MD. Also, Kishor Gummaraju — who was earlier AVP and head of Consumer Packaged Goods (CPG) Solutions at Infosys — has been made head of the KPO practice. (BS)

RJ Corp Plans To Tap PE – RJ Corp, the diversified conglomerate owned by serial entrepreneur Ravi Jaipuria, plans to tap private equity funds or venture capitalists to raise funds for its global expansion in the unexplored, high-potential African market with plans to amass $180-200 million from the food and beverages business this year. The company plans to set up dairy businesses in Rwanda by the year-end and in Tanzania by mid-2010 through buyouts or greenfield ventures. In beverages, it plans to establish three greenfield plants this year—in Zambia by April-May, and one each in Zimbabwe and Malawi by the year-end. (ET)

Great Offshore Shareholders Sell 16% To ABG – ABG Shipyard Ltd, which had earlier sold almost its entire stake in Great Offshore Ltd before its public offer for buying shares opened, may end up owning at least 16% stake in the company. ABG Shipyard, which is keen to have a management control of Great Offshore, is offered to buy a 33% stake at Rs 520 a share. Bharati Shipyard Ltd, its rival that owns 23.17% in Great Offshore, has received shares representing a 27.65% stake in Great Offshore. ()

Eros Plans To Raise Rs 350Cr Via IPO – Media firm Eros International plans to raise Rs 350 crore through an initial public offer (IPO) and has already filed a draft prospectus with market regulator Sebi for the same. The company is considering pre-IPO placement of shares worth Rs 20 crore with certain investors. Enam Securities, Kotak Mahindra Capital Company, Morgan Stanley India and RBS Equities India are the book running lead managers for the issue. (BS)

NHB Brings In Strategic Partner – National Housing Bank (NHB) has roped in another foreign partner other than Asian Development Bank (ADB) and International Finance Corporation (IFC) for its mortgage guarantee company, which is expected to commence operation by June. The name of the partner is not disclosed yet. Initially, NHB was supposed to hold 26% and ADB and IFC were to hold 13% stake each in the mortgage guarantee company. (Hindu Business Line)

Infinite Computer To Raise Rs 190Cr – Infinite Computer Solutions has come up with a public issue of equity shares to raise around Rs 190 crore at the upper end of the price band of Rs 155-Rs 165 a share. The issue opens for subscription on January 11 and closes on January 13.The company will use the proceeds of the issue for inorganic growth activity, repaying debt and for capital expenditure requirements. It is also planning to acquire IT companies in the telecommunications space. (HBL)

Motilal Oswal Financial Gets Nod For MF Biz – Motilal Oswal Financial Services has received the final certificate of registration from the market regulator SEBI to set up a mutual fund business through its subsidiary Motilal Oswal Securities Ltd. The company received an in-principle approval from SEBI in August last year. The company plans to launch its first set of products in early 2010. (HBL)

Assocham Wants FDI Hike In FM, DTH Segments – The Associated Chamber of Commerce and Industry of India (Assocham) has urged the government to hike FDI ceiling in FM radio from the existing 20% to 49% and in Direct-To-Home (DTH) services from 49% to 74%, in a memorandum to the Information & Broadcasting and Finance Ministries pointing out that the varying rule from segment to segment in the media and entertainment sector creates confusion and discourages foreign investors from investing in the Indian M&E segment. (HBL)

Lakshmi Vilas Bank Issue Fully Subscribed – Lakshmi Vilas Bank, which issued 4.916 crore equity shares of Rs 10 each for cash at a premium of Rs 44 an equity share to its shareholders aggregating to Rs 265.49 crore, has been fully subscribed. The issue was subscribed 1.17 times. The funds will be used to augment the bank’s capital base by increasing the Tier-I capital and maintain stipulated CRAR, including meeting the expenses of the issue and contingencies. (HBL)

Godrej Properties To Raise Upto Rs 3,000Cr – Real estate developer Godrej Properties Ltd plans to raise around Rs 3,000 crore through debt or equity to fund its expansion plans over the next two-three years. It is currently undertaking several projects across 10 cities, which are at various stages of development. Moving ahead, the company expects to become a major player in the affordable housing segment, by offering housing units in the range of Rs 25-30 lakh.(BS)

 


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News Roundup: Century Real Estate Plans To Tap PE

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