Core Leads Talks To Buy Jhunjhunwala’s Stake In Aptech – Core Education & Technologies, an educational services firm, has emerged as the front-runner to acquire billionaire investor Rakesh Jhunjhunwala’s stake in Aptech. Jhunjhunwala is seeking a valuation of about Rs 700 crore for his stake, a 63% premium to Tuesday’s closing price of Aptech on the BSE. Jhunjhunwala purchased 36% stake in the company six years ago at one third the current price. (Economic Times)
CGH Earth In Talks To Raise $40M – CGH Earth, one of the country’s largest premium resort chains, will raise about $50 million in private equity investment to fund its growth plans including an ambitious project in the scenic Andaman & Nicobar Islands. The Kochi-headquartered company, formerly Casino Group of Hotels, operates 11 resorts and heritage properties under CGH Earth brand across the southern market, but now plans to expand to the north. (Times of India)
ChrysCapital To Raise $500M – ChrysCapital, one of India’s largest private equity firms, is in advanced talks to raise about $500 million (Rs 2,500 crore) from a slew of overseas investors. The 11-year-old firm plans to raise about $300 million from investors in the US, $100 million from Europe and the rest from Asia. The fund will be raised from long-term investors such as endowments, pension and sovereign funds, among others. The proposed fund, to be raised over the next two, months will focus on investments across diverse sectors. (Economic Times)
Carlyle Group Selling $283M Stake In HDFC – Carlyle Group LP is selling 20 million shares in Housing Development Finance Corp. (HDFC), valued at about 14 billion rupees ($283 million). Enough orders have been submitted to cover the shares being offered. Deutsche Bank AG is handling the sale. Carlyle, which invested in HDFC in 2007, will hold a less than 4 percent stake in the mortgage lender after this sale. HDFC shares closed at 697.85 rupees today, up 1.4 percent. (Bloomberg)
Perfint Healthcare To Raise Rs 100Cr – Perfint Healthcare Corporation, the Chennai-based robotic targeting systems for cancer care, will raise Rs 75-100 crore from private equity (PE) funds in the next 18 months in rounds. The company had already raised Rs 50 crore in two rounds from IDG Ventures, Accel Partners and Norwest Venture Partners in the last four years. It said it has no immediate plans to go public. (Business Line)
Kotak Mahindra Buys Barclays Card Business – Kotak Mahindra Bank has acquired the non-performing portfolio of Barclays Bank’s credit card business in India. The deal, experts said, gives momentum to the sale of stressed loan market in the country which has been having a dry run following stringent regulatory norms introduced in 2007. The portfolio acquired by Kotak is estimated to be around Rs 250-300 crore and comprise nearly 200,000 cards. (Business Standard)
Trishe Energy Eyes PE Funding – Chennai-based Trishe Energy, a wind power developer, which on Monday bagged an order from Indian Energy for the setting up of 1,000-MW of wind farms, is looking for private equity infusion. A deal was likely in the next couple of months. With the Indian Energy deal, Trishe has orders worth close to 2,000 MW in India. (Business Line)
Jindal Steel To Buy 60% Gopalpur – Jindal Steel and Power Ltd (JSPL) is set to buy a majority 60% stake in Gopalpur Ports Ltd, the company building a new port at Gopalpur in Orissa, as it looks for a maritime gateway to ship the raw materials required for its steel and power plant coming up in India’s eastern state. The value of the deal could not be ascertained. The move will mark JSPL’s entry into the ports sector.