Coffee Day Group Eyes I-Banking – Coffee Day group, the Bangalore-based coffee retailing to wealth management diversified group, is understood to have restarted a move to acquire an boutique investment bank. The group, which has a growing presence in the stock and commodity broking and wealth management space, is understood to have initiated talks with at least three boutique investment banks to get into space. Coffee Day Group may be looking at a target which will cost them between Rs 200-300 crore. (Business Standard)
iGate To Cut Patni Stake Before Delisting – U.S.-listed iGate Corp. plans to cut its stake in Patni Computer Systems by 8% to meet regulatory requirements, but wants eventually to buy back all its outstanding shares and delist the company that it acquired earlier this year. iGate, which took control of the rival outsourcing services provider in a joint deal with private-equity firm Apax Partners LLP, now has an about 83% stake in it. The 8% Patni stake that iGate plans to pare down is worth about $80 million. iGate has $770 million of debt, incurred to fund the $1.22 billion purchase of Patni. (Wall Street Journal)
Mahindra Partners Eyes Education, Pharma Sectors – Mahindra Partners, the private equity arm of the $12.5-billion Mahindra Group, is exploring options in education and pharmaceutical sectors. The company is close to making an investment and is also exploring the incubation model. The company could be looking at investing anywhere around $ 500 million in the next couple of years. Mahindra Partners is investing in an online company that already has a presence in the education sector.
PSA-ABG Win JN Port Terminal Project – A consortium led by PSA International Pte Ltd, the world’s second biggest container port operator, has emerged the highest bidder to build India’s largest container terminal yet, by capacity and cost, at the Jawaharlal Nehru port, or JN port. PSA, along with local partner ABG Ports Pvt. Ltd, offered a revenue share of 50.82% to the government-owned port. JN port’s fourth terminal will have a capacity to handle four million standard containers a year and will cost about Rs 1,000 crore. (Mint)
USL Eyes Bangladesh Distillery – United Spirits (USL) has inducted Vineet Chhabra, who was chief executive of food business at Gautam Thapar’s Avantha Group, to spearhead its emerging markets unit even as the company initiated talks for potential acquisitions in Sri Lanka, Bangladesh and Mauritius. Chhabra has joined the company as chief operating officer (COO) to lead the emerging markets strategy for the world’s largest spirits company by volume. USL was considering a proposal to re-acquire the distillery assets of Carew Phipson in Bangladesh which was nationalized decades ago. (Times of India)
LIC Buys 10% In Andhra Bank – The country’s largest insurer, Life Insurance Corporation (LIC), has hiked its stake in state-run Andhra Bank to 10% through stock market purchase. LIC has bought over 55.8 million shares or 9.99% stake in Andhra Bank on June 21 through open market deals. At the current market price, LIC’s holding in Andhra Bank is valued at over Rs 750 crore. (Business Standard)
BILT To Pursue London Listing Next Year – Gautam Thapar-promoted Ballarpur Industries (Bilt), the country’s biggest paper producer, will pursue its $330-million IPO plans at the London Stock Exchange (LSE) in the next financial year, after completing its ongoing expansion projects. The company had put on hold IPO plans of its UK subsidiary in April after the New York Stock Exchange-listed International Paper announced acquisition of Andhra Pradesh Paper Mills at $423 million, a 180% premium. (Business Standard)