PEs Look At Leverage For Honda Stake Buy – Private equity investors courting the Munjal family to part buy Honda Motor Corporation’s 26% stake in Hero Honda are talking to Standard Chartered Bank, Royal Bank of Scotland and HSBC to raise up to $600 million to finance their share purchase. PE giants, including Bain Capital, Warburg Pincus and TPG Capital, are in the race to buy a little below 15% indirect stake in Hero Honda. (Times of India)
Carlyle-Advent Rope In Vivek Paul For Patni Bid – The PE consortium of Carlyle Group and Advent International has roped in technology entrepreneur and former Wipro vice-chairman Vivek Paul as a partner to lead their $1-billion bid to acquire Patni Computer Systems. Paul would be a co-investor along with Advent and Carlyle in the bid for Patni through Akansa Capital. (Times of India)
RCom To Get $1.93B Debt From China Development Bank – Reliance Communications has struck a deal with China Development Bank (CDB) for a $1.93-billion (Rs 9,000 crore) syndicated loan, a major part of which will be utilised to refinance the company’s short-term debt, which it had incurred to pay for 3G spectrum. The loan, which will have a maturity of ten years at an all inclusive rate of interest of around 5%. (Business Standard)
PNB Acquires 64% In Kazakh Bank – Punjab National Bank (PNB) has announced the completion of acquisition of 63.64% stake in JSC Dana Bank of Kazakhstan. This acquisition is valued at $23.765 million (3.5 billion Tenge) for which PNB has been issued 35 million shares of 1,000 Tenge each at par. This acquisition will give PNB an operational presence in Kazakhstan, which is the largest economy in Central Asia. (HinduBusinessLine)
Govt Clears L&T Finance’s Rs 642Cr FDI – The government has approved 8 foreign investment proposals worth Rs 883.16 crore, with L&T Finance accounting for the major inflow, but deferred decision on those of Hindalco, Intel Capital and Reliance Broadcast Network, along with 11 others. L&T Finance proposal entails FDI inflow of Rs 641.25 crore.
VRL Logistics Files For IPO – Hubli-based VRL Logistics Ltd, which is entering the capital markets, has filed its Draft Red Herring Prospectus with the Securities Exchange Board of India (SEBI) on December 13. The company is planning initial public offering (IPO) sometime during February-March. The company plans to issue 2.35 crore shares which constitutes 25% of the fully diluted post-issue paid-up share capital. (HBL)
Church Gives Up Battle For Catholic Syrian Bank – After one-and-a-half decade of rivalry and public sparring, the Catholic church in Kerala said it was giving up efforts to wrest control of Catholic Syrian Bank (CSB), which has many community members as shareholders. (BS)
ICICI Prudential’s Nilesh Shah Quits – ICICI Prudential AMC’s Deputy Managing Director, Nilesh Shah , has quit the company to pursue other opportunities. ICICI Prudential AMC is a joint venture between home-grown financial services major, ICICI Bank, and the UK’s Prudential. Shah has been with the company since 2004. (BS)