L&T Finance to buy Pantaloon Retail's stake in insurance joint venture: L&T Finance Holdings, the financial services arm of L&T, is close to buying out Pantaloon Retail's stake in the latter's general insurance joint venture Future Generali India Insurance Company. A formal announcement is expected within the next 2-3 weeks, said three sources directly involved in the ongoing transaction.  (The Economic Times)

PEs eye 550cr Jyothy Labs stake: Private equity Alisters are racing to buy a minority stake in Jyothy Laboratories after the home grown FMCG major embarked on raising Rs 550 crore, said people briefed on the matter. TPG Capital, Advent International, Warburg Pincus and Bain Capital are in the fray following the Mumbai-based detergent maker, which acquired Henkel India, starting talks with half a dozen investors in recent weeks. (The Times of India)

Four firms in fray to buy GMDC's bauxite calcination plant: As many as four companies have evinced interest in buying bauxite calcination plant run by state-owned mining major Gujarat Mineral Development Corporation (GMDC). The plant having a production capacity of 50,000 tonnes per year is located in Kutch district. (Buisness Standard)

$2B Diageo-USL deal this week: Diageo Plc of the UK is set to pick up a 51% stake in Vijay Mallya-promoted United Spirits Ltd (USL) this week through a complex deal involving the direct purchase of a portion of the promoters’ holding, the issue of fresh equity and an open offer to buy stock from public shareholders. Under the takeover code, any entity buying a 25% stake in a company is required to make an open offer. (Mint)

RBI allows SIDBI to raise upto $500M via ECB for SME lending: The Reserve Bank today said it has allowed Small Industries Development Bank of India (SIDBI) to raise up to USD 500 million per annum (about Rs 2,700 crore) through External Commercial Borrowing (ECB) to fund small and medium scale industry. " has been decided to include SIDBI as an eligible borrower for availing of ECB for on-lending to MSME sector," RBI said in a notification. (The Economic Times)

Khazanah JV and SBI Macquarie may invest in GMR's road assets: Malaysian sovereign fund Khazanah and SBI Macquarie have emerged as potential investors in Bangalore-based diversified conglomerate GMR Group's road assets. (The Economic Times)

Power Grid plans maiden overseas bond issue, to raise $500M: State-owned Power Grid Corporation of India plans to raise $500 million through a maiden overseas bond issue in the first week of December, company executives told ET. The central power transmission utility would use the fund raise to part finance its Rs 20,000 crore capital expenditure planned for 2012-13. The bonds would be sold in Asia and Europe. (The Economic Times)

Volkswagen Finance plans to raise Rs 3B via bonds: Volkswagen Finance Private Ltd, a unit of Volkswagen AG, plans to raise Rs 3 billion ($54.99 million)through dual tranche bonds, a source with direct knowledge of the deal said on Tuesday.

Reliance Industries in talks to buy Leela’s IT park: Mukesh Ambani-controlled RILBSE -0.52 % is in the fray to acquire Hotel Leelaventure-promoted IT park in Chennai for Rs 172 crore, said people familiar with the matter. The talks are advanced with Hotel Leela's board approving the sale to a preferred bidder last Friday. (The Economic Times)

Daiwa to sell portfolios, but may Retain MF Licence here:The board of Daiwa Mutual Fund (MF), the Indian asset management of Japan’s Daiwa Securities Group, will sell its schemes but may retain the MF licence. The group has decided to adopt a ‘scheme transfer’ method to exit its domestic fund business. The company will soon start looking around for potential buyers for the fund portfolios, said a source close to the development. (The Times of India)

Courtesy: VCCEdge

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