Enam Raising $750M Infra Fund – Enam group, a financial boutique in Mumbai, is raising a $750 million infrastructure fund to invest in the power, port, road and airport sectors. This will be the first private equity fund of the closely held firm. The fund will target infrastructure assets for 75% of its investments and allied sectors for the balance 25%. It will equally invest in new and existing infrastructure projects. (Mint)
CDC Software In Talks With Sonata Promoters – US-based CDC Software is in talks to acquire the promoters’ stake in Bangalore-based information technology (IT) services and solutions company Sonata Software. A Bangalore-based Indian IT services company is also in the fray to acquire the promoters’ stake in Sonata Software. (Business Standard)
Ispat Lender May Sell To ArcelorMittal, Tata Steel – Lenders to Ispat Industries, rattled by the steelmaker’s shaky finances, are exploring options of selling their shareholding in the company to rivals Tata Steel and ArcelorMittal India. The move by the lenders is aimed at protecting their exposure. Mumbai-based Ispat has about 15 lenders, including financial institutions, banks and insurance companies, which had together lent about Rs 6,500 crore to the steelmaker. (Economic Times)
PVR Eyes Multiplex Chain Buyout – Multiplex operator PVR Ltd is evaluating proposals to acquire a cinema chain in the country, adding it was just “talking” and “nothing concrete” had happened so far. The talks with DT Cinemas, owned by India’s top realtor DLF, have though not been revived yet.
Dalmia Cement Gets Rs 500Cr From KKR – Dalmia Bharat Enterprises said it has received Rs 500 crore investment from private equity firm KKR in Avnija, manufacturer of Dalmia brand of cements.Dalmia Cement and KKR had inked an agreement to invest Rs 750 crore for use in both sequential and merger & acquisition-based growth of the cement making firm. (ET)
Piramal Mulls Sale Of Private Equity Real Estate Fund – Ajay Piramal is now planning to exit his real estate private equity and asset management company, Indiareit Fund Advisors (Pvt) Ltd. Indiareit started in 2006 and has close to $1 billion (Rs 4,700 crore) of assets under management (AUM) including a new fund, Indiareit Domestic Fund Scheme IV. IL&FS Investment Managers (IIML) and Blackstone India’s real estate fund have been approached by Indiareit’s promoters for a possible buyout. (BS)
Electrotherm In Talks To Buy US Firm – Gujarat’s electric two-wheeler maker Electrotherm India Ltd is looking to acquire Illinois based lead acid battery manufacturer Firefly Energy. The US-based company has already filed for bankruptcy in March. EIL owns the popular electric scooter brand ‘Yobykes’. (BS)
HDIL In A $250M QIP – Housing Development and Infrastructure (HDIL), the fourth-largest realtor in the country, opened its qualified institutional placement (QIP) and was looking to raise $250 million (Rs1,160 crore). JP Morgan is the exclusive banker to the deal. (DNA)
Aqua Buys Star Distribution – Aqua Logistics Ltd, a third party logistics service provider, will acquire the Chennai-based logistics company Star Distribution Logistics Pvt Ltd for an undisclosed sum. Star has focus in warehousing and last mile distribution. Aqua will initially acquire a 40% stake in Star and an additional 20% within the next two years subject to terms and conditions as per the business performance targets. (HinduBusinessLine)
Vangal Selling TMB Stake? – Ramesh Vangal and foreign investors backing him have decided to exit the Nadar community-controlled Tamilnad Mercantile Bank (TMB). The buyers include Kuwait and Brunei sovereign wealth funds, foreign insurers and banks through different special purpose vehicles (SPVs). The proposal has been approved by the bank’s board and has been sent for approval to Reserve Bank of India (RBI). But Vangal has denied this development. (BS)
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