Khazanah, Baring Asia Jointly Bid For Aegis - Malaysian sovereign fund Khazanah has joined hands with Baring Private Equity Asia to offer $800 million (more than Rs 4,400 crore) for Aegis, a business process outsourcing (BPO) firm fully owned by the Ruias of Essar. This joint bid is ahead of Kohlberg Kravis Roberts & Co (KKR), which is another contender. Khazanah and Baring Asia may rope in another Malay investor into the consortium as they bid at a valuation that's below the initial asking price topping $1 billion. (Times of India)
Anil Ambani Eyes Biyani's Insurance Venture - Reliance General Insurance, the non-life insurance arm of the Anil Ambani-led Reliance Capital, has initiated talks with Biyani on a potential merger between Reliance General and Future Generali India Insurance Company. Formed in 2007, Future Generali is a joint venture between Biyani’s Future Group and the Generali Group of Italy. Future Group had planned to raise Rs 1,000 crore by monetising its two insurance ventures. (Business Standard)
GEF Raises Rs 700Cr For South Asia Clean Energy Fund - Sustainable forestry-focused private equity (PE) firm, Global Environment Fund (GEF), has raised a Rs 700 crore, small and medium enterprises (SME)-focused South Asia fund dedicated to India—the first niche fund of its kind in the country. The firm would prefer taking a minority stake, anywhere between $3 million and $15 million, in the companies GEF invests in.
Gayatri To Sell Stake In Energy Ventures - Infrastructure company Gayatri Projects is evaluating the option of diluting equity in its energy holding company Gayatri Energy Ventures Ltd (GEVL) to raise Rs 500 crore. The proceeds would be used for equity infusion in its power ventures. The company has been working on two key power projects at Krishnapatnam in Andhra Pradesh. (DNA Money)
Pantaloon Raises Rs 200Cr From BCCL - Pantaloon Retail (India) has raised Rs 200 crore from Bennett, Coleman & Co Ltd (BCCL) through issue of shares on preferential basis. Debt-ridden Future group, of which Pantaloon Retail is the flagship company, is in the process of divesting stake in its non-core businesses. (Firstpost)
Jhunjhunwala Puts Aptech Sale On Hold - Billionaire investor Rakesh Jhunjhunwala has put on hold plans to sell his stake in Indian computer-education provider Aptech Ltd. due to lower-than-expected valuations. Jhunjhunwala, also Aptech’s chairman, has been planning to sell his stake since at least December but hasn’t found any takers yet at the asking price. Jhunjhunwala, along with his family, owns around 34.24% of Aptech. (Wall Street Journal)
Fame Set To Merge With Inox Leisure - Multiplex chain Fame India Ltd and three of its subsidiaries are set to merge with parent firm INOX Leisure Ltd, with the company’s board expected to clear the deal in its next meeting on June 15. After the merger, Fame will likely be rebranded as INOX, said a person familiar with the matter on condition of anonymity. The merger will create the country’s largest multiplex chain with 257 screens. (Business Standard)