JP Morgan’s Dinesh Tiwari Quits, To Join Multiples - Dinesh Tiwari, executive director in charge of the private equity business of JP Morgan, has quit. Tiwari is likely to join Multiples Alternate Asset Management, the private equity firm launched by former managing director of ICICI Venture, Renuka Ramnath, as investment director. Other investment directors at Multiples include ICICI Venture’s ex-senior director Sudhir Variyar and Bharti’s former group director Prakash Nene. In mid-April, Multiples has made its first close at $250 million. (ET)
Aujas Networks To Raise $2.5M PE In Second Round - Aujas Networks Pvt Ltd, the IDG Venture-backed pure play digital security services provider, is exploring the possibilities of raising a second round of funding to push forward its growth plans. The company is exploring the private equity option to raise up to $2.5 million to expand its sales and marketing teams in its new markets. Aujas is in talks with some new funds, besides IDG for the round. (BS)
German Insurer Ergo In JV Talks With Banks - German insurance giant Ergo is said to be in talks with public sector banks to form a life insurance joint venture. The insurer had decided to enter into a bank-led insurance venture, and is in talks with Punjab National Bank (PNB), Allahabad Bank, Syndicate Bank, Central Bank of India and Vijaya Bank. In March last year, Ergo and the Hero group, the country’s largest two-wheeler maker, ended their life insurance tie-up, after Hero decided to focus on its core business. (BS)
Shoppers Stop Seeks Shareholder's Nod For Hypercity Stake Buy - Shoppers Stop, the Raheja group-promoted lifestyle retailer, is in the final stage of acquiring 32% more in group company Hypercity Retail. The board had already approved the acquisition last month, and the company is now seeking shareholders’ approval for the same. Shoppers Stop will pay Rs 125 crore for the extra stake, valuing Hypercity at Rs 391 crore. It already holds 19% in Hypercity. After the purchase, Shoppers Stop will hold 51% in Hypercity, and will make it a subsidiary. (BS)
IOC Eyes Stakes In Corporate Ports - Indian Oil Corporation (IOC), country’s public sector oil marketing major, has shown interest in picking up stakes in ports where the corporation and its subsidiaries are investing to create infrastructure for their captive use. The company informed that though it is not the core area of its operation, it may consider it if it is financially viable. Meanwhile, IOC group company Chennai Petoleum Corporation Ltd (CPCL) had lined up investments to the tune of Rs 1,000 crore in two corporate ports in South India. (BS)
GM India May Pull Plug On Spark EV - General Motors (GM) India may not continue its tie-up with Reva Electric Car Company (RECC) with Mahindra & Mahindra taking a controlling stake in the latter company. The US-based automaker has, however, said that it would not abandon its electric vehicle (EV) plans for India. GM had singed an agreement with Reva in September 2009 to develop EVs using Reva's electric power train technology and GM's car platforms. GM had earlier said that the first car under the venture -- the electric Spark -- would be launched by October 2010. (Business Line)
XL Telecom To Raise Funds Through FCCBs - XL Telecom & Energy has secured shareholders' nod to raise its authorised capital from Rs 30 crore to Rs 150 crore. The company members have also approved a move that will enable the management raise up to $100 million (about Rs 450 crore) through issue of Foreign Currency Convertible Bonds (FCCBs) or any other instrument to part fund its revival and expansion plans. (Business Line)
GVK To Merge Power Units - GVK Power & Infrastructure Ltd, the listed entity and holding company of the Hyderabad-based diversified GVK Group, has planned to restructure operations, particularly in the power vertical, bringing all divisions into one sub-holding company. As part of the plan, the company will transfer investments made in power assets to a wholly-owned subsidiary – GVK Energy Ltd. This is part of the restructuring of the assets in the energy business. (Business Line)
StanChart IDR Subscribed 0.10 Times On Day 2 - The second day of bidding for Standard Chartered Plc’s Indian Depository Receipts (IDRs) saw the issue being subscribed a mere 0.10 times with not a single bid coming from foreign institutional investors (FIIs). Bids were received for 20.77 million IDRs until 5 pm on Wednesday. The issue comprises a total of 240 million IDRs in the price band of Rs 100 to 115. The first day of bidding saw the issue getting subscribed 0.05 times. (BS)
Arcil Aims To Raise Rs 2,000Cr - Arcil, a leading asset reconstruction company in India, is in the process of raising around Rs 2,000 crore through a fund from domestic and foreign investors to support its business operations. Of the total corpus, the company has already mopped up Rs 400 crore from six to seven investors at its first close. Arcil, which had also raised Rs 300 crore through another fund recently, would use the capital to enhance its business operations. (BS)
PTC Plan To List India Power Finance Company This Year - PTC India Financial Services Ltd., a company backed by Goldman Sachs Group Inc. and Macquarie Group Ltd., is planning a share sale to tap growing investor interest in the South Asian nation’s power projects. PFS, which invests in electricity generation plants and assets, plans to raise as much as Rs 1,000 crore and may make an initial public offering by end of September this year. PFS may also sell a stake to a private equity investor before the IPO. (Bloomberg Businessweek)
Kemrock Industries Buys Majority In Italian Firm - Kemrock Industries and Exports Ltd, a manufacturer of fiberglass reinforced polymer composites, has acquired 80% stake in Top Glass SpA, a company in Italy. Top Glass is a leading producer of pultruded composite profiles, it informed the Bombay Stock exchange. The financial terms of the transaction were not disclosed. (Team VCC)
Omaxe To Raise Rs 1,000Cr Via QIP, Other Routes - Omaxe Ltd, a realty major in north India, is considering fund raising to the tune of Rs 1,000 crore through equity. The board of directors of the company has already approved the plan. Omaxe will raise the proposed fund by various means including the issuance of securities to persons other than the existing equity shareholders of the company, and through qualified institutional placement (QIP) of shares, it informed the Bombay Stock Exchange. (Team VCC)
