News Roundup: Kings XI Punjab May Sell Majority To PE


  • 12 May 2010

Kings XI Punjab May Sell Majority To PE - ISIS Equity Partners, a UK-based private equity fund, is in talks with some of the promoters of KPH Dream Cricket Pvt Ltd, the holding company of Kings XI Punjab. The PE fund is likely to buy a majority stake in the IPL franchisee. KPH Dream is in discussions with four suitors and nothing is finalized yet. Mohit Burman and Ness Wadia were the key shareholders in the company, and together hold around 40% stake. The company is expecting around $225 million valuation at this stage. (ToI)

Reliance Big Buys Hollywood Distributor IM Global - Reliance Big Entertainment Ltd, part of diversified ADA Group, has bought a majority stake in IM Global, a Hollywood film sales company. IM Global has bases in Los Angeles and London. The acquisition is part of company’s plan to ramp up its own distribution abilities for Bollywood movies in key markets outside India. Both the firms were already in alliance since February this year by which IM Global was distributing Bollywood cinema - essentially films produced and distributed by Reliance Big - in the US and the UK. (DNA)

GMR Energy To Raise Rs 450Cr From IDFC PE - GMR Energy, a subsidiary of GMR Infra, is raising $100 million (Rs 450 crore) from private equity firm IDFC Private Equity. The fund raise is part of company’s plan to boost its power generation capacity from the current 808 Mw to 6,500 Mw over the next 3-4 years. This is the second round of equity raising by GMR Energy. Last month, it had raised $200 million from Singapore-based investment company Temasek. The deal is expected to be closed in the next few weeks. (BS)


Srei To Launch $500M International Infra Fund - Srei, an infrastructure focused fund, is planning to launch a $500-million international infrastructure fund. This will be the fifth fund of the company, and will be launched under Srei Venture Capital Ltd (SVCL), the wholly owned subsidiary of Srei Infrastructure Finance Ltd. At present, the subsidiary has about Rs 440 crore fund under management. The company is looking to rope in international investors for the new fund. (BS)

IVRCL Assets To Raise Rs 1,000Cr Via QIP - IVRCL Assets & Holdings Ltd has received shareholders’ approval to raise up to Rs 1,000 crore through qualified institutional placement (QIP) of shares. IVRCL Assets is a newly formed entity in which two group firms of IVRCL were merged together. IVRCL has restructured its businesses and merged two of its group firms, IVR Strategic Resources and Services Ltd and IVRCL Water Infrastructures Ltd with IVR Prime Urban Developers Ltd, and subsequently renamed the unit as IVRCL Assets & Holdings Ltd. (Business Line)

Dalmia Cement Looks To Buy Sugar Firm - Dalmia Cement, the company which brought private equity major KKR recently in a Rs 750-crore deal, is planning to acquire a sugar mill and is in talks with two such firms in Karnataka and Andhra Pradesh. The size of the proposed deal would be around Rs 250 crore, including the investment to be made for a power plant to run the sugar mill. The company currently has three integrated sugar mills in Uttar Pradesh with a capacity of 22,500 tonne of crushing a day. (ET)


Cantabil Receives SEBI Nod For IPO - Cantabil Retail India Ltd, an apparel manufacturer and retailer, has received approval from market regulator the Securities and Exchange Board of India (SEBI) for its forthcoming initial public offering (IPO). The firm had filed the draft red herring prospectus (DRHP) for the IPO in September 2009. It intends to raise upto Rs 105 crore from the IPO, which may hit the market in a month or two. (Business Line)

GSPC To Merge Two Of Its Units - Gujarat State Petroleum Corporation (GSPC), a state-owned oil and gas major, is close to merging unlisted unit Sabarmati Gas with its gas distribution subsidiary, GSPC Gas. This is part of company’s plan to increase its presence in the gas distribution business in Gujarat. The department of energy and petrochemicals, which is the nodal ministry for energy in the state, has given its in-principal approval to the merger and a swap ratio is expected to be completed within a month. (ET)

Evolve Medspa To Invest Rs 75-100Cr Over Three Years - Evolve Medspa, a joint venture between Yash Birla Group and Pacific Healthcare, that provides integrated healthcare in Singapore, Hong Kong and China, is planning to expand its operation in the domestic market. The company has earmarked an investment of Rs 75-100 crore for the expansion and branding exercise. Evolve is also open to venture capital and private equity investments in the company. The proposed investment will be made over the next three years, and it plans to expand its footprints in Mumbai and other major cities across the country. (FE)


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