Edelweiss AMC Head Rajeev Mehrotra Quits – Rajeev Mehrotra, head of wholesale asset management at Edelweiss Financial Services, is learnt to have put in papers after a seven-year stint with the Mumbai-based brokerage. Mehrotra is planning to start his own fund and may raise close to Rs 500 crore. Rajeev Mehrotra has been instrumental in setting up the structured finance, real estate and infrastructure practice at Edelweiss. He also managed the $230 million Edelweiss Special Opportunities Fund. (Economic Times)
Kotak Realty Fund To Invest Rs 170Cr In BPTP Project – Kotak Realty Fund is investing Rs 170 crore in NCR-based developer BPTP’s residential township project Astaire Gardens in Sector-70A of Gurgaon. While the township project is spread over 102.2 acres, Kotak is taking over 50% stake in a 70-acre part of the project where BPTP is selling plots and villas. Kotak is investing in the project through its foreign fund Kotak India Real Estate Fund 1. This is a preferred equity transaction with a hurdle of 18-20%. (Economic Times)
DB Hospitality In Talks With Sahara To Sell Goa Property – DB Hospitality, a sister company of DB Realty whose promoters have been mired in the 2G scam, is in talks with the Sahara Group to sell its newly launched five-star hotel Grand Hyatt Goa. The asset owners were demanding a huge premium for the hotel, which opened for guests in August 2011. DB Hospitality is seeking Rs1,000 crore, which they felt is quite high, especially for a project in Goa. (DNA)
DivyaSree Looks To Raise $100M – DivyaSree Developers, a realty developer based in Bangalore, is embarking on another major round of fund raise through which the company is looking to raise as much as $100 million during the next four years at project level. The first tranche of $30 million is expected to raised during early next year. DivyaSree has started talking to few private equity funds to raise the first tranche and subsequently they plan to raise in rounds of $20 million each thereon. The company is also gearing for an eventual exit of TPG-Axon, a global private equity fund which had invested $100 million during 2007 at the enterprise level. (Business Standard)
IVRCL Puts Land Assets On Block – Hyderabad-based IVRCL Infra is planning to sell as much as 1,600 acres out its land bank that it had secured for its real estate development. The land spans across five cities: Bangalore, Pune, Chennai, Hyderabad and Visakhapatnam. The 1987-founded IVRCL, which operates in the core sectors of water & environment, transportation, buildings and power, also has four land blocks in Noida. These properties, east of Delhi, are ones it plans to sell off in the current financial year itself. (Business Standard)
Serum Institute Ups Stake In Orchid – Cyrus Poonawalla-backed Serum Institute has increased its stake in drug major Orchid Chemicals and Pharmaceuticals Ltd by acquiring around 9,13,000 equity shares for Rs 11.6 crore. With this, Poonawalla’s stake in Orchid has gone up around one per cent, from 10 per cent. The company bought around 4,13,000 equity shares at a price of Rs 120.95 per share on December 19 and 5,00,000 equity shares at a price of Rs 132.14 per share on December 20, 2011. (Business Standard)
Bhushan Steel Plans $1B Share Sale – Processed steelmaker Bhushan Steel has deferred plans to build a new plant and raise $1 billion through a share issue because of problems acquiring land in West Bengal and weak financial markets. The company expects to maintain a 25 per cent margin and increase sales this year as costs for inputs such as coking coal and iron ore ease.
Cadila Buys Mumbai’s Biochem – Cadila Healthcare Ltd (Zydus Cadila) on Wednesday announced the acquisition of 100 per cent stake in the Mumbai-headquartered Biochem Pharmaceutical Industries Ltd for an undisclosed financial consideration. One of the top 40 pharma companies in India, Biochem is a privately-held company and integrated pharma player with a presence in the antibiotics, cardiovascular, anti-diabetic and oncological segments. Biochem had reported Rs 264.5-crore sales for 2010-2011. (Business Line)