Karbonn Mobiles In Talks With PEs To Raise $50M – Bangalore based-mobile handset brand Karbonn Mobiles is in preliminary talks with private equity players to raise funds to the tune of $50 million (Rs 230 crore). The mobile handset seller has held discussions with Accel Partners and Mount Kellet Capital valuing itself at around $500 million. Karbonn is expected to close this financial year with revenues of around Rs 1,800 crore. (Times of India)
Jindal Poly Films To Raise PE Funding For Power Plant – Jindal Poly Films (JPFL) plans to go for private equity investment in its subsidiary Jindal India Thermal Power. The BC Jindal-group promoted company may also go in for listing Jindal India Thermal once the company’s Rs 9,121-crore power plant in Orissa becomes operational. Jindal India Thermal’s 1800 Mw plant will have three units of which the first will be commissioned in March 2012, the second in September 2012 and the third in September 2013. (Business Standard)
M&M Financial Services To Raise Rs 570Cr – Non-banking finance company Mahindra & Mahindra Financial Services has got shareholders have approved raising Rs 570 crore through placement of securities with qualified institutional investors. The company has secured the permission of its shareholders for raising Rs 570 crore by issuing securities to qualified institutional buyers through postal ballot, Mahindra & Mahindra Financial Services said in a filing with the Bombay Stock Exchange. (Economic Times)
Gitanjali Close To $100M PE Fundraise – Indian jewellery firm Gitanjali Gems Ltd is in “advanced talks” with two private equity players to raise up to $100 million, and hopes to close a deal by February. The company, which is currently undergoing restructuring, plans to divest 10-12% equity in the restructured entity. Media reports earlier had said the Indian firm was in talks with global private equity firms Blackstone Group , CX Partners, Bain Capital, Advent International and Apax Partners to cut debt.
Sanlam May Buy 20% In Shriram Capital – The Sanlam group of South Africa is likely to pick up 20% stake in Shriram Capital, the Shriram group’s holding company for all its financial services ventures. Sanlam is the South African partner with Chennai-based group in both the insurance ventures (life and non-life). Shriram Life, which has a strong presence in the South, intends taking its business pan-India for which it wants to tap the century-old Sanlam’s expertise. Last year, PE fund TPG (formerly Texas Pacific Group) had begun the process to pick up 20% in Shriram Capital. (HinduBusinessLine)
Indian Bank To Enter Life Insurance, MF Biz – Public sector Indian Bank plans to venture into life insurance and is looking to float a consortium with domestic and foreign partners, for which it has already initiated talks. It would also appoint a consultant to advise it on re-entry into the mutual fund industry. Chairman and Managing Director T M Bhasin said Indian Bank was a bancassurance partner for HDFC Life Insurance and the agreement would mature in March. Last year, the bank earned a commission of Rs 26 crore through the tie-up and was targetting Rs 40 crore this year. (Business Standard)
Central Bank Plans Rs 2,500Cr Fundraise – Public sector lender Central Bank of India said its rights issue to raise Rs 2,500 crore would hit the markets in this quarter. It has got approval to rights issue of Rs 2,500 crore from Sebi and RBI. The government has already approved rights issue for the lender in June last year. (Economic Times)