IOB To Set Up PE Fund – Chennai-based Indian Overseas Bank (IOB) is planning to set up a private equity fund. The bank has zeroed in on a joint venture partner, whose identity it refused to disclose. IOB is also planning to set up a joint sector bank at Malaysia along with Andhra Bank and Bank of Boroda (BoB). (Business Standard)
Punjab & Sind Bank To Go For Private Placement – Punjab & Sind Bank (PSB) is firming up plans to privately place equity shares with institutional investors ahead of an initial public offer next year. The public sector bank plans to offer around 5% each players like Life Insurance Corporation of India, General Insurance Corporation, Small Industries Development Bank of India (Sidbi) and UTI Asset Management Company. (BS)
Sterling To Invest Another Rs 150 Crore – Sterling Hospitals, owned and managed by Sterling AddLife India Ltd, is planning to invest Rs 150 crore to expand its presence in Gujarat by opening centres in Surat, Rajkot, Bhavnagar and Vadodara. Sterling Addlife, which has been backed by private equity major Actis, plans to become a 1,000-bed hospital by 2010. (BS)
John Distilleries To Raise Rs 200 Cr PE Funding – The Bangalore-based firm is close to raising Rs 150-200 crore from private equity firms by diluting 20-25% stake. John Distilleries Ltd has appointed JM Financial to seek potential buyers. The firm has sales of Rs 450 crore, also plans to launch three brands in vodka and brandy segments next month. Its “Original Choice” whiskeys has a sales target of Rs 1,000 crore by 2012. (Financial Express)
SocGen Eyes India, Gets NBFC License – French banking group Societe Generale looking at India along with China to offer major growth opportunities in the next three to five years. The firm has recieved non-banking finance company (NBFC) licence from the Reserve Bank of India and would start lending money to local customers. It also plans to add Pune to its existing locations at Mumbai, Delhi and Bangalore. (BS)
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