IDFC Mutual Fund Looks For Foreign Partner - IDFC Asset Management Co Pvt Ltd, the asset management arm of Infrastructure Development Finance Co Ltd (IDFC), is looking for a strategic foreign partner. The decision to tie up with foreign partner is to get access to an overseas distribution network that will help the firm to build an international presence and tap investors abroad. In one such development in January, US-based asset management firm T. Rowe Price Global Investment Services Ltd agreed to buy a 26% stake in UTI Asset Management Co. Pvt. Ltd for $140 million. (Mint)

Promoters To Shed 5% In Nagarjuna Arm - The Raju family, promoters of the Hyderabad-based Nagarjuna Group of companies, is planning to dilute 4-5% of its stake in group subsidiary, Nagarjuna Agrichem Ltd, to raise Rs 100 crore this fiscal. As per Sebi regulations, the promoters have to pare their stake to below 75% in listed entity. The Raju family currently holds 78.29% stake. The funds will be raised through a qualified institutional placement or placement of equity with a private equity player. The transaction would value the company at around Rs 2,000 crore. (FE)

Govt May Approach World Bank For Infra Fund - The government of India, which is planning to set up a Rs 50,000-crore infra fund, is likely to approach the World Bank to contribute to the fund. The committee headed by HDFC chairman Deepak Parekh is looking forward to the World Bank’s participation in the proposed debt fund for infrastructure, and may seek funds to the tune of Rs 9,000 crore from the World Bank. The proposed corpus of the fund will be raised by tapping funds from domestic, as well as foreign pension and insurance funds and other multilateral agencies. (DNA)

Ruia Group Plans More Buys In Auto-sealing Space - Ruia Group, a business conglomerate with interest in infrastructure & engineering, tyre & rubber products, sugar and electronics, is looking at more acquisitions targeting to become a leading player in the global automotive market. The Rs 2,800-crore group, which has acquired a controlling stake in UK firm Metzeler and in German firm Henniges Automotive Grefrath in 2008 and 2009, respectively, is keen to increase its presence in the automotive sealing business. It plans to expand either through acquisitions or through brownfield expansions. The business currently contributes 15-20% to the group’s total turnover. (ET)

Kabirdass Motor Gets Sebi Nod For IPO - Kabirdass Motor Company Ltd, a Chennai-based manufacturer of battery-operated electric vehicles, has received approval from the Securities and Exchange Board of India (Sebi) for its proposed public issue, which is likely in a couple of months. The company is planning to raise up to Rs 67 crore in the process. It plans to utilize the proceeds for the expansion of its existing facilities and for manufacturing of spare parts of electric scooters. (BS)

Fortis Healthcare Raises $100M Via FCCBs - Fortis Healthcare Ltd, a leading hospital chain primarily operational in north India, has raised $100 million (about Rs 467 crore) through the issue of foreign currency convertible bonds (FCCBs), it informed the Bombay Stock Exchange. Religare Capital markets Plc and The Royal Bank of Scotland NV have acted jointly as the book runners and lead managers. The fund raise was part of company’s plan to finance the acquisition of Singapore-based Parkway Holdings Ltd. Fortis bought 23.9% stake in Parkway recently. (Team VCC)

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