General Atlantic-backed IBS Software Services is looking at an initial public offering to give its principal PE investor an exit. The investor and the promoters of the company would dilute up to 20% stake in the public offering. In 2006, General Atlantic had invested $60 million for a minority stake in the Kochi based IT services company. IBS is now being valued at $350-500 million (INR 1,897 crore to INR 2,710 crore). The company is in talks with investment bankers for a possible IPO as they are targeting a listing towards end of the current financial year. The promoters too will dilute some stake through this offer. (The Economic Times)
Aussie giant eyes Murugappa arm: Australia’s $12-billion Amcor has held advanced talks to buy out the flexible packaging business of Tuflex, part of the $5-billion southern conglomerate Murugappa Group. Amcor is conducting due diligence ahead of a deal with Tuflex though there’s no certainty of a transaction yet. The Chennai-based Murugappa wants to divest smaller non-core assets, triggering a deal at Tuflex which has a plant at Palej in Gujarat. Murugappa had sold Laserwords BPO to Philippines’ SPi Global as part of the non-core divestment move. Amcor has scouted for Indian acquisitions and discussed deals with multiple targets, including the listed aluminium foil maker Ess Dee. (The Times Of India)
OVL arm hunts for equity partner for Siberian shale field: Imperial Energy, subsidiary of ONGC Videsh Ltd, is betting big on shale oil to boost production from its asset in Tomsk region of Western Siberia, Russian Federation. For this, Imperial is likely to rope in a global energy company as equity partner. Imperial Energy Corporation, an independent upstream oil exploration and production company, was acquired by ONGC Videsh in 2009. Imperial has already floated an expression of interest (EoI) to which global companies have responded. (Business Line)
Embattled Sahara seeks equity, debt infusion: India’s embattled Sahara conglomerate is looking to bring equity and debt investment into its businesses as an ongoing dispute with the country’s securities regulator has set back its growth. Unlisted Sahara, a household name in India through its sponsorship of the national cricket team, has been ordered by the country’s Supreme Court to repay billions of dollars it raised from millions of small investors in outlawed bonds. The unlisted group has vast real estate holdings as well as operations in media and hotels, including the Plaza Hotel in New York and London’s Grosvenor House. The company was looking to bring in corporate or financial equity partners to take minority stakes in some Sahara businesses including its Q Shop retail chain, a large dairy project in India and real estate ventures. (Live Mint)
L&T Infrastructure Finance to set up Rs 300-crore debt fund: Non-banking finance company L&T Infrastructure Finance is setting up a INR 300 crore ($55.85 million) infrastructure debt fund. L&T Infrastructure Finance is a subsidiary of engineering conglomerate Larsen & Toubro. The proposed infrastructure debt fund would invest in public-private-partnership projects that have completed at least one year of commercial operation. L&T is also planning to set up a private equity fund to invest in the country’s infrastructure sector. (The Economic Times)
Godrej Properties plans to launch rights issue: Godrej Properties Ltd. is planning to raise funds through rights issue. The board of directors would meet on May 9, to consider the issue of equity shares to existing shareholders on a rights basis. Godrej Properties, the realty arm of Godrej group, had launched its Initial Public Offer (IPO) in December 2009 to raise INR 468 crore ($100.1 million). The company also raised INR 470 crore ($100.5 million) last year through Institutional Placement Programme (IPP). (The Economic Times)
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