GIC May Buy 15% In Vasan Healthcare – Specialist eye hospitals chain Vasan Healthcare is in advanced talks to sell up to 15% stake to Singapore sovereign wealth fund GIC for around $75-100 million (Rs 337-450 crore). GIC is the frontrunner among 4-5 investors the Chennai-based company is negotiating with. The company, which was born as a pharmacy and now counts venture capital firms Sequoia Capital and Westbridge Capital among its investors, hopes to use the funds from the latest round of fund raising to fund its expansion plans ahead of a proposed public flotation next year. Vasan operates 80 eyecare centers across south India now and plans to add 55 more this year. (Economic Times)
HDFC Bank To Buy 1% In BSE – Leading private sector bank HDFC Bank will buy 1% equity stake in the BSE at Rs 375 a share through the preferential allotment route. The bank will acquire the fresh equity at a premium to the price at which the last off-market deal was transacted in the exchange’s unlisted shares. HDFC Bank will buy 10 lakh shares, or 1% of BSE’s equity, at a price 70-80% higher than that at which a recent transaction was completed between two brokers when a few thousand shares changed hands. The preferential offer values the exchange at Rs 3,900 crore, or $850 million. (Economic Times)
Assocham To Start Digital Incubation Fund – The Associated Chambers of Commerce and Industry of India (Assocham) is going to start Rs 100-200 crore Digital Incubation Fund in July to provide seed funds to IT start-ups, with a focus on research and development in the mobile telephony space. Spice Mobilitywill pick 10-20 per cent equity in this fund as an anchor investor. (BusinessLine)
Providence Eyes Smaller Deals, Incubations – After some large telecom deals, Providence Equity Partners LLC, one of the biggest private equity investors in communication and media companies, plans to tweak its India strategy and make smaller investments. Since 2006, its India unit has deployed nearly $900 million across firms such as Idea Cellular and Aditya Birla Telecom. It is open to do early stage deals in selective cases. Providence Equity is also keen on investing in India’s education sector, where it may buy a small company and help it grow through acquisitions or new product launches. (Wall Street Journal)
Sidbi To Showcase MFIs In London – After restructuring debt of micro finance institutions (MFIs), Small Industries Development Bank of India (Sidbi) is planning to lure private equity investors in London to infuse fresh capital in MFIs. Lenders, including Sidbi, had finalised the restructuring package of five MFIs, giving them seven years to repay loans. The total debt restructured is just over Rs 6,400 crore. (Business Standard)
Vinayak Shenvi Joins Exponentia Capital – Vinayak Shenvi , an 18-year veteran with private equity fund Citigroup Venture Capital International, has quit the firm. Shenvi was part of the five-member team that set up Citi’s private equity business in India. Shenvi is joining PR Srinivasan, who has started his own private equity venture, Exponentia sometime last year. Shenvi is the last member of the founding team to don the entrepreneurial hat. (Economic Times)
Sistema Shyam Open To Acquisitions, Merger – Sistema Shyam Teleservices, which controls about 1.29% of India’s 826.93 million-user telecom market, is looking to buy or merge with another operator in an effort to boost business. The company is eager but it has to wait for the government to finalize new regulations. India now has up to 14 operators in most telecom service areas, and analysts say consolidation is inevitable.Sistema Shyam is open to buying or merging with an operator which offers services under the more popular GSM, technology. (Wall Street Journal)
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