ICICI Venture's PE Co-Head To Join JP Morgan - K S Jangbahadur, a veteran investment banker of 14 years and co-head of private equity practice at ICICI Venture, has put in his papers. Jangbahadur is expected to join global investor JP Morgan as head of its private equity business. Jangbahadur joined ICICI Venture in March 2008 from JP Morgan’s San Francisco office where he was heading investment banking in the software sector. (Business Standard)
Prizm Payments Raises $8M From Sequoia - Venture capital firm Sequoia Capital India has invested another $8 million in Prizm Payment Services Pvt. Ltd, an electronic payment service provider. Sequoia, so far, has invested $15 million in the company; it also participated in the first round of funding raised in 2008. Prizm, which deploys, manages and operates point of sales networks for banks, will use the funds mainly for setting up more automatic teller machines. (Mint)
Druva Software To Raise $10M From Nexus - Druva Software, a Pune-based start-up that sells enterprise backup and retrieval software to customers, such as US space agency Nasa, French fashion brand Louis Vuitton and Xerox, will raise $10 million, in second round of funding, from Nexus Venture Partners. Druva, a three-year-old start-up, will use the capital to fuel international expansion and research and development. It received $5 million in an initial round of funding from Sequoia Capital last year along with Indian Angel Network. (Economic Times)
GVK, BHP To Sell Stake In Oil Blocks - GVK Power and Infrastructure Ltd, which owns seven oil and gas blocks off the western coast of India, and its partner BHP Billiton Ltd, may sell a part of their stakes in them to another company. The Hyderabad-based energy and infrastructure company and its Australian partner may look for an investor to garner additional funds for expansion of the oil and gas business. (Mint)
GVK To Close Hancock Deal In Six Weeks - GVK Power & Infrastructure (GVK PIL) will pick up 80% stake in Hancock Coal assets for $ 1.2 billion. Gina Rinehart, the promoter of Hancock prospecting will continue to hold 20% stake in the company and the deal is expected to be announced in the next four to six weeks. For the acquisition of 80% stake for $1.2 billion, the company will raise $800 million as debt from ICICI Bank while the remaining $400 million will be pumped in as equity by the promoters. The company will also rope in PE players to invest in the second phase. (Economic Times)
European Publisher Buys majority In Maxposure - Europe’s leading magazine publisher Gruner and Jahr on Thursday acquired 78.75% stake in MaXposure Media Group India for an undisclosed amount, the first acquisition in India. The remaining 21.25% will continue to be held by Prakash Johari, the Group’s founder. Johari will continue to function as the chief executive and managing director of the company. (Business Standard)
Cox & Kings Gets FIPB Nod - Travel company Cox and Kings has got the Foreign Investment Promotion Board (FIPB) approval to raise its foreign equity by 10% to 53.94%, from 43.81%. Currently, foreign promoters hold 19.87% and foreign institutional investors (FIIs) 22.72%. The company recently got the FIPB approval to raise Rs 750 crore from foreign markets. (Business Standard)
Prasad Sells 40% Stake In Vanpic - Nimmagadda Prasad, whose company Matrix Laboratories has remained a prefix to his name even after he sold it to US-based Mylan in 2006, has transferred 40% stake in Vanpic Ports Private Limited to the Navayuga group for an undisclosed sum. The AP government had signed a memorandum of understanding with Ras Al Khaimah in 2008 under which Vanpic Port was formed with Prasad-promoted Matrix Exports Holdings Private Limited as the Indian partner. (Business Standard)
Deutsche Ropes In Moharikar As M&A Head - Sughosh Moharikar, former head of mergers and acquisitions at Credit Suisse Group AG in India, will join Deutsche Bank AG in the same role.
Moharikar, a managing director who resigned from his post at Credit Suisse in Mumbai on July 20, will replace Amrit Singh, who is moving back to London by the end of 2011 after more than three years in India. (Bloomberg)
