Everstone Capital, a private equity firm with assets worth $1.7 billion (Rs 9,310 crore) under management, is exiting its investment in Nashik Vinters, the holding company of Sula Vineyards, which sells the leading Indian brand Sula Wines. Everstone is looking to sell its 10% stake to strategic investors. In 2010, Verlinvest SA, a Belgian investment holding company, purchased about 15% stake in Nashik Vintners for $15 million (Rs 82 crore today). Through the deal, Verlinvest acquired part stake owned by GEM India Advisors, Sula’s earliest investors. Avendus Capital has been hired to find potential investors. (Business Standard)
Tata Opportunities Fund to buy 5% stake in Tata Sky: Tata Opportunities Fund LP – a captive PE fund of the $100 billion salt-to-software conglomerate, is all set to buy 5% stake in Tata Group’s joint venture DTH company Tata Sky. The fund, which has a corpus of $600 million raised last month, will pay Rs 275 crore ($50 million) for 5% stake, valuing the loss-making JV at $1 billion. The company is likely to list next year. Currently, Tata Sons owns 60% in the company while STAR owns 30% stake. STAR is the television unit of News Corp, which also owns The Wall Street Journal and Dow Jones & Co. Singapore’s sovereign investment fund Temasek, through Bay Tree Investments, owns the residual 10% after it came on board in 2007 with Rs 250 crore. Tata Sky will issue fresh shares to TOF. (The Economic Times)
Wipro, L&T in race for Polaris unit: Arun Jain-spearheaded Polaris Financial Technology’s move to divest the IT services unit FT Sourcing valued at $300-350 million (Rs 1,638 crore-Rs 1,911 crore) has attracted bids from four bigger rivals including Wipro, HCL Technologies and L&T Infotech. Axis Capital is running a process exploring a sale, with long-time financial investor Citigroup seeking an exit. Tech Mahindra is possibly the fourth bidder in the fray. (The Times Of India)
L&T plans to raise $18M in 10-year inflation-linked bonds: Infrastructure major Larsen & Toubro (L&T) is planning to raise Rs 100 crore ($18.3 million) in 10-year inflation-linked bonds at 1.65% over wholesale price inflation, a move that comes after the Reserve Bank of India announced on Wednesday that it would issue the first tranche of inflation-indexed bonds on June 4. L&T will be the first company to introduce these bonds in the Indian markets for institutional investors. The coupon will be linked to the 12-month average wholesale inflation rate. (The Economic Times)
Viom Networks turns corner, to search for PEs to sell stake: Viom Networks, the telecom tower JV between the Tatas and the Srei group of Kolkata, made a first-time profit during 2012-13. The company is now looking for private equity partners to fund its plans. The firm will also rework its plans to look for PE partners. The company planned an initial public offering in December 2011, but had to cancel it due to bad market conditions. Tata Teleservices owns 54% in Viom while the Kanorias and other investors hold the rest. The Tatas are expected to bring down their stake after the IPO and/or share sale to PE investors. (Business Standard)
Tata Sons to divest 2.72% stake in TTML: Tata Sons Ltd, promoters of Tata Teleservices (Maharashtra) Ltd, is looking to divest 2.72% stake in the company through offer for sale on May 17 to meet the minimum public shareholding norm. The firm will sell 51.62 million equity shares of Rs 10 each, representing 2.72 per cent of the equity capital of the company as on date, exclusively through the seller’s broker, provided by the stock exchanges for this purpose. Currently, the promoters hold 77.72% stake in the company. (Business Line)
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