New Silk Route (NSR) is in talks with private equity (PE) firms Baring Asia and General Atlantic LLC, along with strategic investors, to sell its stake in Destimoney Enterprises Pvt. Ltd, multiple people close to the development said. The firm is looking at exiting its six-year-old investment in Destimoney and is expecting a valuation of more than Rs 1,200 crore ($196 million), a sixfold gain over its investment of Rs 200 crore ($33 million). Destimoney also has a 49% stake in PNB Housing Finance Ltd. Baring Asia will soon have to exit its investments in financial services space, since they have been invested in these firms for more than five years. (Live Mint)
BackOffice Associates mulls buyout in India: US-based BackOffice Associates, a Goldman Sachs-backed company providing data migration and information governance solutions, is contemplating acquiring a company in the enterprise performance management (EPM) space in India for between $5 million and $10 million (Rs 31 crore – Rs 61 crore), said Krish Datta, chief executive officer (Asia-Pacific, Japan and West Asia). Earlier, the company acquired SAP data services consultancy Entota Ltd. in July 2012, and Canada-based Headwall Software Inc in December 2013 for undisclosed amounts. (Business Standard)
Worldfloat mulls raising $50 m via 10% stake-sale: Social networking site Worldfloat is looking to raise $50 million to expand its technologies by selling 10% stake. The company is looking to expand Worldfloat technologies to a larger scale and level. The firm is adding about 30 new products in the next six months and we are hopeful of getting a valuation of about $500 million from VC funds, said founder Pushkar Mahatta. (Business Line)
FTIL gets feelers from interested investors: Financial Technologies India Ltd (FTIL) has received initial expressions of interest from a handful of companies, mostly technology firms, interested in picking up a stake in FTIL, two people close to the development said on Wednesday. Reliance Industries Ltd (RIL), Infosys Ltd, Cognizant Technology Solutions Corp., Larsen and Toubro Infotech Ltd and Thomson Reuters Corp., have all shown interest in FTIL, said one of the two. The second person said Tata Consultancy Services Ltd (TCS) and Cognizant had sent feelers through investment bankers to potentially partner with FTIL. FTIL is looking at divesting up to 26% to a strategic partner and is hoping to complete the process within 120 days. (Live Mint)
Cannan Partners to exit Bharatmatrimony, Iyogi, UnitedLex: Venture capital fund Canaan Partners today said three of its portfolio companies — Bharatmatrimony.com, Iyogi and UnitedLex have matured for an exit and it will look for some sell-offs this year. Cannan Partners Managing Director Alok Mittal said an initial public offering, a strategic player acquiring it or a large buy-out fund picking it up in a secondary sale, are part of the options to exit. Typically, the fund targets a 6-8 year investment horizon in a company, The company typically invests up to USD 10-15 million in an investee company across the investment duration, he said, refusing to divulge the exact investment made in these three companies. (The Economic Times)
Sanlam keen plans to raise Shriram Capital stake; eyes banking licence: South African life insurance firm Sanlam wants to increase its 26% stake in Shriram Capital to 49%, subject to approval from Indian regulators. Sanlam Chief Executive Johan Van Zyl said the company has set aside R500 million of its R4 billion discretionary budget to raise its stake in Shriram Capital as it sees opportunity in high growth markets in Asia. The company already has a 49% stake in Malaysian short-term insurer Pacific and Orient Insurance Company Berhad. (Businesstoday)
Autoline Industries plans to raise funds through disinvestment: Autoline Industries Ltd. is planning to raise the funds through full disinvestment of stock/ shares in Autoline Industries Inc., USA and decided to meet in coming fortnight to discuss this further. The company board has discussed various avenues of raising funds to meet the funding requirements including the stake sale. (BSE)
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