Japan’s NTT In Talks For Prizm Payments – Japanese corporate giant NTT Group is in discussion with payment service provider Prizm Payments Services Pvt Ltd to acquire a substantial stake in the Chennai-based company. The percentage of stake Prizm is diluting is not known yet. However, if a controlling stake transaction happens, it would be in a range of Rs 800-1,000 crore. NTT Group is likely to acquire the stake through its Indian arm of NTT Communication. (Business Standard)
IL&FS Buys Noida Office Building For Rs 200Cr – Private equity fund IL&FS Investment Managers has bought a 300,000 sq ft office building in Noida for Rs 200 crore. The building, Express Trade Tower, which is located in Noida’s sector 16-A Film City area, is currently occupied by media company TV 18 group and various consumer companies. Cushman & Wakefield was the transaction advisor in the deal. IL&FS Investment Managers is also in the process of buying four office buildings spread over 1.2 million sq ft in Noida’s sector-62 from Logix group and Citi Property Investors for Rs 600-650 crore. (Economic Times)
Kotak Realty Fund To Exit Lalith Gangadhar – Kotak Realty Fund is selling its stake in Lalith Gangadhar Constructions Pvt. Ltd (LGCL) back to the firm’s promoter for about 10 times the money it invested. LGCL was set up by Girish Puravankara, a cousin of Ravi Puravankara, promoter of Bangalore-based real estate company Puravankara Projects Ltd, after he quit the firm as deputy managing director in 2007. Kotak Realty Fund picked up a 49% stake in the start-up in end-2007 for Rs 5 crore, and is now selling the holding for Rs 53 crore.
ITC Ups Stake In Hotel Leelaventure – Diversified business group ITC has scaled up its holding in Hotel Leelaventure Limited, yet again, by acquiring more than one per cent through its wholly owned subsidiary, Russell Credit. During the April-June quarter, Russell Credit picked up 1.1 per cent in the hospitality major, taking total stake to 13.98 per cent, while the promoters hold a 56.57 per cent. (Business Standard)
Sajjan Jindal Buys Mumbai Property Rs 200Cr – Steel magnate Sajjan Jindal has finally cracked the deal to acquire Maheshwari House, a sea-facing three-storey bungalow at Nepean Sea Road in south Mumbai. Jindal has paid around Rs 200 crore to Manoj Maheshwari, who had stalled the transaction involving his other family members as sellers. Last year, Jindal had paid Rs 300 crore to other family members as part of a Rs 500 crore transaction, making it one of the most expensive residential property deals in the country. (Economic Times)
SUN-Apollo Takes Rustomjee To CLB – Private equity firm SUN-Apollo, along with its associate companies, has locked horns with Mumbai-based realty developer Rustomjee Group, and has accused the developer of acts of oppression and mis-utilisation of money invested by its funds. SUN-Apollo’s associates — Mauritius-based Mausmi SA Investments and Cyprus-based Mausmi Ventures — had invested close to Rs 300 crore in Rustomjee at the entity level for a 20% immediate stake. (Economic Times)
Wonderla Holidays To Raise PE Funding – Wonderla Holidays, an amusement park, plans to raise up to Rs 200 crore either through private equity or through an initial public offering. The funds will be used to set up new amusement parks in Hyderabad and Chennai. Wonderla is part of the listed Rs 1,000-crore V-Guard company. (Business Line)
Star Health To Raise Rs 150Cr – Chennai-based pure play health insurer Star Health and Allied Insurance Company plans to raise around Rs 150 crore equity this fiscal from private equity (PE) funds while targeting a premium income of Rs.1,000 crore. The existing shareholders are exiting and the new capital could be raised by fresh issue. The dilution will be around 6-8 percent. (News Track)