FIITJEE Eyes $2B Valuation With India, US Listing – Test preparation institute FIITJEE Ltd is planning to list on stock exchanges in India and the US by next financial year, and has invited investment bankers to run the issue. The company, which helps students prepare for competitive entrance tests for professional courses, is looking at a valuation of $2 billion (Rs. 8,960 crore). The company plans to use the IPO proceeds to expand in India and set up centres in the US. (Mint)
Indus Towers May Merge With Bharti Infratel – The three owners of Indus Towers, the country largest telecom tower firm, are considering the option of merging the company with Bharti Infratel, prior to the proposed listing of the Bharti Group company. Indus Towers is a three-way joint venture between Vodafone Essar, Idea Cellular and Bharti Infratel. Vodafone and Idea have asked Bharti Infratel to agree to the merger, and it is considering the request. (Economic Times)
Omnivore Capital Invests In Skymet – Omnivore Capital, an early stage venture capital fund backed by Godrej Agrovet Ltd, has made its first investment by buying a 33% stake in weather forecaster Skymet for an undisclosed amount. Funds will be used for research and development to improve the accuracy of their short- and medium-term forecasts, and to begin long-term forecasts.
BSFL Gets Rs 800Cr From Investors, Banks – Vijay Mahajan-promoted Bhartiya Samruddhi Finance Ltd (BSFL), popularly known as Basix, which nearly collapsed due to mounting bad loans, has received commitments worth around Rs 800 crore from nine banks and private institutional investors. BSFL will receive Rs.500-600 crore from commercial banks and Rs.100 crore from five institutional investors — IFC, Matrix Partners, Axis Bank, Hivos-Triodos Fund and Lok Capital Llc. SIBI and HDFC Bank will give it Rs 75 crore and Rs 25 crore as preference capital.
Value & Budget Housing To Raise Another Rs 100Cr – Value and Budget Housing Corporation (VBHC), a low-cost housing project started by technology entrepreneur Jaithirth (Jerry) Rao, is on track to meet the deadline for Phase I of its first project at Anekal near Bangalore. VBHC is close to raising around Rs 100 crore from a private equity fund shortly. This will be the third round of fund raising after being initially funded by HDFC. (Business Standard)
Srei To Raise $500M Infra Fund – Infrastructure finance company Srei will soon be raising a $500 million (Rs 2,237 crore) venture capital fund from global investors, to be deployed in domestic projects. Srei expects to finish the fund-raising by mid-2012 and will be targeting high networth individuals, pension funds, endowment funds and fund of funds to raise the money. (Business Standard)
Accel May Offload Stake To PE Player – Accel Ltd is open to selling part of its holding in Accel Frontline Ltd to either a private equity fund or a strategic partner. Last week, Accel Ltd bought out partner BT’s 51% stake in the company for about Rs 50 crore, paying Rs 43.50 a share. Today, Accel holds 71% in Accel Frontline, which is into a range of businesses under both IT hardware and software – including systems integration, remote infrastructure management and warranty management. (Business Line)
JK Lakshmi Cement Drops Egypt Buyout Plans – North India-based J K Lakshmi Cement has dropped its plan of last year to acquire a cement company in Egypt for Rs 800 crore. Part of the Hari Shankar Singhania group, it has targets to achieve a total capacity of 10 million tonnes per annum (mtpa) by 2013-2014. (Business Standard)