ICICI Venture Invests Rs 250Cr In Devyani International – ICICI Venture has bought a 10% stake in RJ Corp’s Devyani International, which runs KFC, Pizza Hut and Costa Coffee chains in India, for about Rs 250 crore. Devyani also plans to go public before 2013. The private equity firm will pay Rs 225-250 crore for a 10% stake, valuing Devyani at $500 million. Devyani International operates more than 200 food and beverage outlets across the country including Yum Restaurants-owned Pizza Hut and KFC as well as UK coffee chain Costa Coffee. (Economic Times)
TA Associates Invests $40M In Tega Industries – Private equity firm TA Associates has picked around 15% stake in Tega Industries for $40 million to help finance expansion including acquisitions by the Kolkata-based company that makes products used for running mining equipment. Privately held Tega had struck two acquisitions one each in Australia and Chile early this year to boost its global presence and is scouting for more deals to close the gap with its Finnish competitor Metso. The deal valued the privately held company, which has annual revenues of around Rs 600 crore, at around Rs 1,200 crore. (Economic Times)
Warburg Pincus Invests In Diligent Power – Private equity Warburg Pincus has acquired a stake in Diligent Power Private Limited to enable the Dainik Bhaskar group’s power vertical to accelerate its growth plans. Diligent Power, through its subsidiaries, is in the process of setting up power projects aggregating to 6,400 megawatts. Warburg has invested around $150 million (Rs. 670 crore). (Mint)
Tata Capital Raises $800M For PE Fund – Tata Capital Ltd, a wholly-owned subsidiary of Tata Sons, today said it had raised $800 million (Rs 3,570 crore) for its private equity fund. The company had, last year, said it would raise $1 billion for its private equity fund by December 2011. Of the $800 million, $220 million was raised from domestic banks and financial institutions and $580 million, from international investors. The company has not yet approached US investors. (Business Standard)
3i Infotech Up On IBM Stake Buy Reports – Shares of 3i Infotech rose over 10% on Wednesday on a media report that International Business Machines (IBM) was in talks with ICICI Group to acquire its 20.33% stake in the Mumbai-based IT firm. IBM has made an offer between Rs 65-85 a share to ICICI Group to purchase its stake in 3i Infotech. According to the report, ICICI Group is also talking with a couple of other bidders. (Business Standard)
Tishman Speyer To Buy Emaar MGF Property – Delhi-based builder Emaar MGF is selling five acres in its 104-acre Emerald Hills Township in Gurgaon to global property developer Tishman Speyer for $50 million (Rs 220 crore). The 5-acre plot already has all approvals required for a 600,000 sq ft commercial office building. Emaar MGF has tried to raise money from the market and has filed for an IPO thrice already, in 2008, 2009 and in 2010. (Economic Times)
Infra Debt Fund Guidelines Soon – The Finance Ministry today said guidelines for infrastructure debt funds are likely to be announced by June end, which will help the core sector meet its financing requirement, pegged at $1 trillion during the 12th Plan (2012-17). The government is aiming at the creation of more than one such debt fund, which will provide low-cost funds from abroad for financing the growth of the infrastructure sector. In June, 2010, an expert panel headed by HDFC Chief Deepak Parekh had recommended setting up such a fund with an initial corpus of Rs 50,000 crore to meet the financial needs of the sector. (Economic Times)
Hedge Fund Alleges FCCB Fraud By Karur KCP – A Singapore-based hedge fund, 3 Degrees Asset Management, has moved the regulator against foreign currency convertible bonds (FCCBs) issuer, Karur KCP Packagings. 3 Degrees Asset Management, a bondholder of Tamil Nadu-based Karur KCP Packagings, has alleged fraud and manipulations in the company’s exemption scheme approved by majority of its bondholders on March 21.3 Degrees, an Asia-focused debt fund with 1,750 crore exposure to India, is planning to initiate legal proceedings against the issuer and has hired the services of law firm Nishith Desai Associates. (Economic Times)
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