ICICI Venture, Baring Asia To Exit Karvy Stock Broking – ICICI Bank Ltd’s private equity arm ICICI Venture Funds Management Co. Ltd and Baring Private Equity Asia have begun talks to sell their stake of close to 31% in Karvy Group-owned brokerage house Karvy Stock Broking Ltd or KSBL. ICICI Venture and Baring PE had jointly bought the stake for at least Rs. 500 crore in 2007, the largest deal in the broking space at the time. (Mint)
Six In Fray For UTIMF Top Job – The panel formed to select the next chairman-cum-managing director (CMD) for UTI Mutual Fund has called at least six people for the final interview on Saturday, including former LIC chairman T S Vijayan. The post of the CMD at UTIMF has been vacant since mid-February 2011, when U K Sinha, the then head of the fund house, became head of market regulator Sebi. (Times of India)
EXLServices Plans Multiple Buys In US – Nasdaq-listed EXL Services, a provider of outsourcing and transformation services, is in advanced stages of negotiations with multiple companies in the US for acquisitions. Its buyout targets are in the healthcare, clinical services, analytics and retail banking services in the US. The deals are ranged in the $25 million to $75 million bracket, while one could go up to $100 million. (Times of India)
Sun Pharma Considers Buying German Drug Firm – Sun Pharmaceutical Industries Ltd, India’s largest drug maker by market value, is looking for acquisitions in Europe, including a possible takeover of German generic drug maker Stada Arzneimittel AG. Sun has sought to raise about $1 billion for a European deal. Stada has a market value of about euro 1.4 billion ($1.7 billion). (Business Standard)
Unitech Moves To CLB Against Auction – Unitech today filed a petition with the Company Law Board, asking it to pass an order restraining a possible auctioning or any other sale or transfer of assets of Unitech Wireless, its telecom joint venture with Norwegian giant Telenor. The petition comes close on the heels of a decision taken by the Unitech Wireless board to auction its assets with a fixed base price of Rs 4,000 crore. (Business Standard)
Yes Bank To Raise $155M – YES Bank has raised $155 million, and €50 million (Rs341 crore) through a dual currency syndicated loan facility. The facility has a maturity of one year and will be used for general corporate purposes and trade finance. The bank had entered the market with an intention to raise $140 million and €32 million. (DNA)
Hero MotoCorp Invests $20M In Erik Buell For R&D – In what is likely to be Hero MotoCorp’s first investment in an overseas company, the two-wheeler maker is believed to have invested $20 million (about Rs 110 crore) into US-based Erik Buell Racing (EBR). With the fresh funds, EBR is expected to bolster Hero’s R&D efforts in modifying existing products and work on new bike design and development. (Business Line)
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