ICICI Venture, IFC To Exit Bharat Biotech - Private equity investor ICICI Ventures and multilateral lender International Finance Corporation are looking to exit Hyderabad-based Bharat Biotech. Both investors hold 9% each in the company and an exit may potentially value Bharat Biotech at Rs 1,000 crore. Investment banker Avendus has been mandated by ICICI Ventures to find suitors and the initial process has begun. Set up in 1996, Bharat Biotech International is a privately held biotech firm and is jointly promoted by the husband and wife duo of Dr Krishna Ella and Suchitra Ella. The company has an annual turnover of Rs 350 crore. (Times of India)
Yahoo! To Sell Stake In Tyroo, Callezee - A week after it exited bharatmatrimony.com, Yahoo is now all set to move out of its other strategic investments in India - online advertising network Tyroo and directory search service Callezee. The company's board, as part of a global clean-up plan, cleared the divestment in India three weeks ago. Yahoo is now close to finalising a deal for Tyroo and Callezee with Xplorer Capital, a fund floated by ex-Yahoo executives including former senior V-P Keith Nilsson. (Times of India)
Aditya Birla, PGCIL Eye Portugese Power Assets - State-owned Power Grid Corp. of India Ltd (PGCIL) and the Aditya Birla Group are looking to independently acquire stakes in Portuguese power utilities. While PGCIL plans to bid for 5-10% stake in Redes Energéticas Nacionais, SGPS, SA (REN), the Aditya Birla Group is seeking a 20% stake in Energias de Portugal SA (EDP). In both instances, the companies are seeking to buy out the holdings of the Portuguese government, which is seeking to exit the firms in the aftermath of the euro zone crisis. (Mint)
Bharti Retail To Expand Capital Base- Bharti Retail is increasing its authorised share capital four-fold that would allow the firm to attract sizeable investments in the company without diluting a substantial share of the promoters Bharti Enterprises. Bharti Retail has sought approvals from the New Delhi office of the Registrar of Companies to hike its authorised share capital from Rs 200 crore to about Rs 800 crore and has already paid the required stamp duty for it. (Financial Express)
GVK In Talks To Sell Minority Stake In Airport Biz - GVK Power & Infrastructure Ltd is in talks with investors to sell a stake of up to 26% in its airport subsidiary to raise as much as Rs. 3,000 crore after becoming the largest stakeholder in the Mumbai and Bangalore airports. GVK has term sheets from four private equity players and the due diligence is on for a 25-26% stake sale. GVK hopes to raise Rs. 2,500-3,000 crore in return for selling a 25-26% stake. By that estimate, GVK’s airport business will be valued at Rs. 10,000-12,000 crore. (Mint)
Via To Raise $100M From PE Investors - Bangalore-based online travel services provider Via.com today said it plans to raise upto $100 million (about Rs 500 crore) from private equity players by March next year to finance expansion in South East Asian markets. Via.com that currently operates in 2,400 cities in India, said it also plans to utilise a part of the fund to strengthen its e-commerce business that offers a host of products and services. Via.com employs about 650 people in the country and registered a turnover of $500 million in the fiscal year ended 31 March, 2011. (Firstpost)
PNB Completes Metlife Deal - Punjab National Bank, the country's second-largest public lender, today said it had completed formalities to acquire 30% stake in MetLife and launch of insurance policies is slated to begin on January 14 next year across the country, pending regulatory approval. The launch of insurance business is expected on January 14, 2012, and PNB expects Rs 100 crore business by selling Metlife life insurance polices in one year. (Business Standard)
