General Atlantic In Talks To Invest $80-100M In Snapdeal – Online retailer Snapdeal is close to sealing a deal to raise $80-100 million (Rs 440-550 crore), in the process potentially snagging private equity investor General Atlantic Partners which was once in funding negotiations with rival Flipkart. Existing investors Bessemer Venture Partners, Nexus Venture Partners and IndoUS Venture Partners will also participate in this round. The transaction will possibly see Snapdeal pull ahead of Flipkart in terms of the total amount of private equity capital raised. (Economic Times)
Bharti To Raise Funding Through Issue To Public or QFIs – Bharti Airtel is exploring issuing new shares to the public or institutional investors, heralding the possible return of India’s biggest telecom company to the equity markets for the first time since its high-profile public flotation of 2002. The company was examining options as part of a wider exercise to bolster finances that are weighed down by a $12.7-billion debt load. (Economic Times)
Xrbia Developers Raise Rs 200Cr – Xrbia Developers Ltd, which launched its first affordable housing project in a suburb near Pune last week, has received a commitment of Rs 200 crore for five projects from Brick Eagle Capital Group, a private equity and landbanking firm. The five projects will come up in the area of Karjat, near Mumbai, on 150 acres acquired by Brick Eagle and will be developed in partnership with Xrbia. The fund has invested Rs 40 crore in the first development.Bain Capital In Advanced Talks For Genpact Stake – Bain Capital Partners LLC is in advanced talks to buy a $1.6 billion stake in Genpact Ltd. from General Atlantic LLC and Oak Hill Capital Partners LP. Bain Capital may announce an agreement for the 40 percent stake as soon as this week. The stake held by Oak Hill and General Atlantic is worth almost $1.6 billion. Oak Hill and General Atlantic acquired 60 percent in Genpact for $500 million in 2004. They sold some of their investment in Genpact’s $494 million IPO in August 2007. (Bloomberg)
NCC, IL&FS To exit Himachal Hydroelectric Project – Infrastructure firms NCC and IL&FS Engineering have decided to completely exit from the hydroelectric project they are jointly building on the River Sorang, a tributary of Sutlej River, in Himachal Pradesh. The 100-mw power project is coming up at an investment of Rs 849.8 crore. NCC holds 67% equity in Himachal Sorang Power, the special purpose vehicle, while IL&FS Engineering holds the balance of 33%. (Economic Times)
Arvind Eyes Debenhams, Next’s Business – Arvind’s Sanjay Lalbhai may acquire the operating stores and rights of British fashion retailers Next and Debenhams from Planet Retail, triggering another retail industry consolidation. Arvind’s wholly owned subsidiary Arvind Lifestyle Brands is holding advanced talks to buy a large portfolio of retail assets, including Nautica stores, from Planet Retail. (Economic Times)
Ravneet Gill India CEO At Deutsche – Deutsche Bank has appointed Ravneet Gill as chief executive of its operations in India. Gill will also become a member of the bank’s Asia-Pacific executive committee. Last month, Shrinath Bolloju had became interim CEO. He had taken charge for the interim period after Gunit Chadha moved to Singapore as co-CEO of Deutsche Bank’s Asia-Pacific operations. (Business Standard)
Warburg Pincus’ Open Offer For Future Capital Delayed – Future Capital on Monday informed the Bombay Stock Exchange the open offer by US-based private equity firm Warburg Pincus for acquiring 26 per cent additional stake in the company was delayed, as it had not secured regulatory clearances. The offer was originally scheduled to open on July 25 and close on August 11. (Business Standard)
Deccan Chronicle Slumps As IFCI Files Winding Up Petition – Amid reports of Industrial Finance Corporation of India (IFCI) filing a winding-up petition in Hyderabad High Court, the shares of Deccan Chronicle Holdings (DCHL) plummeted to a new 52-week low of Rs 16.70, down 10 per cent on Monday. DCHL is the publisher of Deccan Chronicle newspaper and also owns Deccan Chargers, the IPL franchisee from Hyderabad. (Financial Chronicle)
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