PE Firms In Fray For Hero Honda Stake – US-based private equity (PE) firms Carlyle, Kohlberg Kravis & Roberts (KKR) and Warburg Pincus are likely to acquire an effective stake of 15-18% in Hero Honda Motors, as part of a two-legged transaction that could see Japan’s Honda completely exit the country’s largest motorcycle company. BM Munjal-owned Hero group is in advanced discussions with these three PE firms to sell 60-70% stake in a special purpose vehicle (SPV) to fund the acquisition of Honda’s 26% shareholding. (Economic Times)
Jyothy In Talks To Buy Detergent Brand Safed – Jyothy Laboratories (JLL), which owns brands such as Ujala and Maxo , is in advanced stage of talks with West Bengal-based detergents and allied products company Safechem Industries to buy its flagship laundry detergent brand, Safed. The deal is estimated to be Rs 70 crore and the due diligence process has been going on over the last three months. (ET)
Gitanjali To Complete Italian Buy In 1 Month – Gem and jewellery major, the Gitanjali Group, which is in the process of sealing an Euro 20 million deal to acquire Italy’s DIT Group’s brands, expects to complete the process within a month. The DIT Group houses signature brands such as Stefan Hafner, Porrri, Nouvelle Bague and Io Si. (ET)
DoT May Approve Etisalat-Allianz Merger – The Telecom Ministry is likely to allow Etisalat DB Telecom (earlier known as Swan) to merge with Allianz Infratech, making it the first acquisition among new telecom operators who were given licences in 2008. The current rules prohibit sale of promoter’s equity in telecom service providers for three years after bagging the licences. (ET)
Abhijeet Group Plans Rs 1,500Cr IPO – Nagpur-headquartered Abhijeet Group plans to raise Rs 1,500 crore through an initial public offer of its power business subsidiary, Abhijeet Power, by the end of the current fiscal 2010-11. The company will file the draft red herring prospectus with Sebi (Securities and Exchange Board of India) by November. Promoters of the company may dilute 15-20% stake in the public issue. The bankers to the issue are Enam Securities, Bank of America-Merrill Lynch, IDFC Capital, UBS, Axis Bank , and SBI Capital Markets. (ET)
L&T To Exit Kalindee Rail Nirman – The financial services unit of Larsen and Toubro Ltd (L&T) offloaded a small portion of its stake in a listed firm Kalindee Rail Nirman (Engineers) Ltd. The open market sale brings down L&T’s stake to around 11.8% from 14.7% that it held for nearly two years. In 2008, L&T Capital Co. Ltd, strategically invested in Kalindee to aid L&T’s venture into railway infrastructure equipment, telecommunications network and gauge conversion projects. (Mint)
Manganese Ore India May Go For Second Largest IPO – Nagpur-headquartered Manganese Ore India Ltd (Moil), the largest manganese ore company in the country and a ‘mini ratna’, is all set to hit the capital market with the second biggest public sector initial public offering after the Rs15,200 crore Coal India issue. Moil would start its road shows from October 20 in Mumbai for a public offering which sources say expected to be in the range of Rs3,500-4,000 crore. (DNA)
Aditya Birla Minacs May Eye Europe Buys – Business process outsourcing (BPO) firm Aditya Birla Minacs, wants to expand to Europe through acquisitions to expand into healthcare and public sector verticals. Minacs has been trying to buy a BPO firm for quite some time now with a US focus in the healthcare and public sector verticals. (Financial Express)
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