Mohandas Pai To Launch $100M PE Fund – TV Mohandas Pai, former board member at Infosys, is planning to set up a private equity (PE) fund with a $100 million corpus. Pai, who left Infosys in June, confirmed plans for the fund that will make mid-to-late-stage investments in technology and healthcare firms. It is with Ranjan Pai of the Pai family that owns Manipal Group, that Mohandas Pai is starting his PE fund. The new fund is very close to finalising its first investment. (DNA)
Kumar Urban Gets Rs 50Cr – Real estate firm Kumar Urban Development Ltd (KUL) has raised Rs 50 crore from two private investors, taking its total fund-raising this year to about Rs 300 crore. The Pune-headquartered developer, promoted by Lalitkumar Jain, raised Rs 30 crore from Reliance Portfolio Management Services, a part of Reliance Capital Asset Management Ltd, and Rs 20 crore from Kotak Mahindra Bank Ltd’s non-banking financial company (NBFC). The company has 15 ongoing projects across four cities in India with a total saleable area of 3.42 million sq. ft. It plans to launch two more projects in Mumbai and Pune after Diwali.
Shri Kailash Logistics To Raise Rs 100Cr – The Chennai-based Shri Kailash Logistics plans to raise nearly Rs 100 crore from private equity investors and is in talk with three or four PE firms. The PE fund will help the company to invest in construction of new logistics parks in Oragadam, Bengalore and Coimbatore. The company plans to invest nearly Rs 300 crore in the three projects in the next two years. The company is part of the Rs 400-crore Sree Kailash Group, which has diversified operations in paper segment, logistics parks, construction and infrastructure activities. (Business Line)
IDBI To Raise Infra Debt Fund – IDBI Bank plans to float a debt fund to enhance credit flow to the infrastructure sector in the country. The bank was mulling the option of setting up an infrastructure finance company for floating the fund and was awaiting the Reserve Bank of India’s guidelines for the same. The bank’s total exposure in the infrastructure sector is Rs 30,000 crore. (Business Line)
HDFC Realty To Make Two Exits – HDFC Property Fund, sponsored by the country’s largest mortgage lender HDFC, will exit two of its investments soon, which will fetch the fund Rs 630 crore. The fund will sell its 21% stake in Manyata Business Park, a 7.7 million square feet infotech special economic zone in Bangalore, to the Embassy Group for Rs 540 crore. It had bought the property five years ago for Rs 210 crore. The second is a partial exit, whereby the fund will redeem the compulsorily convertible debentures issued by property developer Ozone Group in a residential project called Metrozone in Chennai. The fund will make Rs 113 crore from redeeming the debentures. (Business Standard)
TN Govt To Set Up VC Fund – The Tamil Nadu government is planning to create a venture capital fund with the support of private industries and foreign investors for the Entrepreneurship Development Institute (EDI) in the state. The govt has set aside Rs 100 cr for MSMEs in the jute industry. The number of such units in Tamil Nadu is the largest among all states in the country, accounting for 15.07 per cent of the national total. (Business Standard)
PVR To Merge Film Production Unit – Cinema exhibitor PVR today said it would merge the production division of its wholly-owned subsidiary, PVR Pictures, with itself. In July, PVR had bought out JP Morgan Mauritius Holdings and India Advantage Fund from PVR Pictures for an undisclosed amount as it looks to focus on cinema exhibition, while going slow on production business. (Business Standard)