HDFC Realty Raising $600M Fund – HDFC Realty, the private equity arm of Housing Development Finance Corporation, is engaged in talks with the world’s largest sovereign funds to raise its fourth real estate fund. HDFC Venture Capital Ltd (HVCL), fund manager to HDFC Property Fund, will start raising its new offshore fund, with a corpus of $400-600 million, by the end of November. The PE firm has started discussions with GIC, Temasek, ADIA, Kuwait Investment Authority. Another offshore fund launched under the HDFC banner was the $800-million HIREF International. (Business Standard)
Court Orders Bain, TPG To Offer Shares In Lilliput To Narula – The Delhi High Court on Wednesday restrained private equity investors Bain Capital and TPG from selling their shares in Lilliput Kidswear without first offering them to promoter Sanjeev Narula. Narula, who owns 55% stake in Lilliput, had moved the court last month alleging that the two investors were trying to stall the company’s initial public offering and seize majority control. Bain and TPG, who together acquired 45% stake, refuted the allegation and, in turn, accused Narula of fudging the company’s accounts. (Economic Times)
Murugappa To Sell BPO Unit To Philippines Co – Diversified southern conglomerate Murugappa Group is selling its business process outsourcing business, Laserwords, focused on publishing industry. Philippines-based SPi Global is set to acquire Laserwords in a deal which could be announced as early as next week. Murugappa had mandated Enam to explore strategic options for Laserwords, which it acquired in 2006. Laserwords’ clients includes Amazon, Scholastic, Pearson among others. (Times of India)
Berkshire To Enter Life Insurance Business In India – Seven months after debuting in India, Warren Buffett’s Berkshire Insurance plans to enter the life insurance space in India, by launching an online term cover. Berkshire India, a joint venture between Nebraska-based Berkshire Hathaway and Allianz, would start life insurance operations as a corporate agent of Bajaj Allianz Life Insurance Co. (Business Standard)
HT Media May Take MCX To Court – HT Media, publisher of the Hindustan Times newspaper, may take Multi Commodity Exchange (MCX) to court over a dispute regarding its stake not being offered for sale in the proposed initial public offer (IPO) of the commodity bourse. The media group had purchased 163,388 shares of MCX from Edelweiss Capital for about Rs 10 crore, through a share purchase agreement (SPA) executed among Edelweiss, Financial Technologies, MCX and HT Media on March 30, 2010. (Business Standard)
SKS To Raise Rs 900Cr Through Share Sale – Shares of SKS Microfinance Ltd, India’s largest and only listed microfinance institution (MFI), surged about 5% on Wednesday after its board approved a proposal to raise Rs 900 crore through a sale of shares to private institutional investors to support its business, which has been severely battered by an industry crisis late last year. SKS, in a communication to bourses, said its board has approved the sale through qualified institutional placements.
Kingfisher Seeks Foreign Currency Debt – Debt-ridden private carrier Kingfisher Airlines has sought assistance from its banks to substitute high-cost rupee borrowings with lower-cost foreign currency debt. The Vijay-Mallya owned airline hopes to support foreign currency debt by its international operations, which would provide with a natural hedge against currency movement. Kingfisher Airlines has a total debt of Rs 7,000 crore, and currently a consortium of 13 banks hold about 23% stake in the company as part of the debt restructuring plans implemented last fiscal. (Business Line)
WNS Buys Partner Stake In Philippines JV – Back-office company WNS Global Services has agreed to make WNS Philippines its 100 per cent subsidiary by buying out its partner Paxys’ 35 per cent stake in the venture. The original joint venture agreement, which was signed in April 2008, provided for a joint venture term of four years from the commencement of operations. (Business Line)