DSP Merrill’s Saurabh Agrawal To Join StanChart – Saurabh Agrawal, managing director and head of investment banking at DSP Merrill Lynch Ltd., will move to Standard Chartered PLC as managing director and head of corporate finance for South Asia in three months. In his new role, the 16 year DSP Merrill veteran Agrawal will oversee mergers and acquisitions, leveraged finance or acquisition finance, and equity corporate finance. He will report to Prahlad Shantigram, global head of mergers and acquisitions at Standard Chartered. The position had been vacant for around four months, since Venkat Anantharaman moved from that role to head corporate banking at StanChart. (Wall Street Journal)
Piramal Healthcare Looks At Buyouts – Piramal Healthcare, sitting on a huge pile of cash after selling its main business to Abbott, is set to strengthen its global presence in contract research and manufacturing services (CRAMS) and critical care business through the acquisition route. The company is engaged in talks with a clutch of global players to acquire contract research facilities and business as well as pain management and anaesthetic products for critical care division. Piramal sold its domestic formulation business to US-based Abbott Labs for Rs 17,000 crore last year. The Indian CRAMS market was pegged at approximately $3.8 billion in 2010 and is estimated to touch $7.6 billion by 2012. (Business Standard)
Sequoia Capital Buys Into Manappuram Finance – The market is abuzz with talk that private equity fund Sequoia Capital has turned active in the counter of nonbanking finance company Manappuram General Finance, with triggers being attractive valuation and high growth potential of the gold loan sector. The fund is learnt to have bought shares worth Rs 50 crore in the past one week, thereby re-entring the company after exiting its previous investments last year. Sequoia Capital India Growth Investments had invested $14 million to acquire a 14% stake in Manappuram. (Economic Times)
ING Vysya Raises Rs 970Cr Through QIP, Preferential Allotment – The private sector lender ING Vysya today raised Rs 970 crore through qualified instititutional placements (QIP) and preferential allotment of shares to the promoters. The Bangalore-headquartered bank raised approximately Rs 513 crore through the QIP route by placing 1.5 crore shares to a clutch of private equity funds, mutual funds and foreign institutional investors. To maintain promoter ING’s share holding at the current 43.93% post QIP, the bank also allotted 1.2 crore shares on a preferential basis to ING, which resulted in the realisation of a further Rs 457 crore. The QIP was done at Rs 342.09 a share while the preferential placement happened at Rs 344.23 a share. (DNA)
GTL Infrastructure Scraps Plans To Raise $300M – GTL Infrastructure, which was seeking to raise about $300 million from institutional investors, has scrapped its fund raising plans due to adverse market conditions. On Thursday, GTL Infra shares ended at Rs 32.10 on the BSE , 0.31% lower from previous close. GTL Infra, the largest independent telecom tower company with over 32,000 towers, had informed stock exchanges on March 15 that it has appointed investment banks to explore capital raising alternatives. (Economic Times)
IL&FS To Raise $300M For Tara India IV – IL&FS Investment Managers, the private equity arm of Infrastructure Leasing & Financial Services, has hit the fund-raising road to raise $300 million (around Rs 1,350 crore) for Tara India Fund IV. The fund will provide capital to companies across sectors, with core sector targets being manufacturing, retail and logistics. Tara India Fund-III, which raised over $225 million in 2007, has been spread across 11 investments, which include funding to Ramky Enviro Engineers, GSS America Infotech , Quickjet Cargo Airlines , RBS Group and Ramky Infrastructure. (Economic Times)
Hotel Leela Eyes Partnerships With Realty Firms, Stake Sale – Hotel Leelaventure today said it is exploring opportunities to partner with real estate firms on a revenue sharing basis to develop its land bank in Hyderabad and Bangalore. The hospitality chain, which is looking to raise around Rs 1,950 crore through sale of equity and assets and foreign currency convertible bonds, has shelved earlier plans to build hotels in Hyderabad and is instead looking at building upmarket residential complexes. The promoters are looking to sell about 14.95% stake to private equity players for about Rs 600 crore. (Moneycontrol)
Rushil Decor To Raise Rs 39Cr Through IPO – Rushil Decor Limited, a company engaged in manufacturing of decorative laminated sheets and plain particle board, plans to raise around Rs 39 crore through its initial public offer (IPO), which opens for subscription on June 20 and closes on June 23, 2011. The company intends to utilise the proceeds of the IPO to partly fund its expansion project. The company has fixed the price band of Rs 63 to Rs 72 per equity share. (Business Standard)
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