Morgan Stanley To Sell Indian Back Office – Morgan Stanley, US based global financial services provider and market leader in securities, asset management and credit services, is looking at exiting its back office operations in India. The bank is exploring all options, including a part or full sale of its back office unit that does IT development as well as finance and accounting related work for the parent company. The potential value of the transaction for Morgan Stanley’s entire back office operations could be $150-200 million, and around $50 million only for the KPO operations. (Economic Times)
HDFC Arm, Temasek Eye Prestige – HDFC Property Ventures and Temasek are in talks to invest about Rs 625 crore ($130 million) in the Bangalore-headquartered real estate player Prestige Group. Both the funds are in discussions with Prestige, which is seeking a valuation of $1 billion for its business. The two funds may jointly pick up a little over 15% stake in Prestige Estates Projects. Prestige is also keeping the option of hitting the IPO market for raising funds in the next 18-24 months. (ET)
Salon Chain Naturals To Raise Rs 100 Cr PE – In an attempt to roll pan-India operation, salon chain Naturals’ is looking for a Rs 100-crore PE infusion. The amount will be raised in two tranches of Rs 50 crore each, for a 25-30% stake in the company. PE funds including Aditya Birla Private Equity Fund, Peepul Capital and TVS Capital are in the fray. (ET)
Everonn To Open Business Schools – Chennai-based education firm Everonn Education is opening around 25 business schools across the country. Everonn is looking at an investment of Rs 250 crore and is likely to make a formal announcement next week. The company on September 3 announced a change in its registered name to emphasise its operational expertise. (Business Standard)
OPaL Plans IPO, 25% Equity Dilution To Foreign Partner – ONGC Petro-additions Ltd (OPaL) is planning an initial public offer (IPO) by 2011. The company plans to dilute 25% of its equity for an overseas partner by the end of this month. OPaL is a special purpose vehicle and was established by ONGC for setting up a Rs 12,440 crore petrochemical complex in Gujarat, which is expected to go on stream by December 2012. (Business Standard)
HDFC Board To Find Parekh Successor In Oct Meet – The board of HDFC Bank is looking for successor of Chairman Deepak Parekh and will discuss the issue when it meets next month. The board will meet in October to discuss its quarterly results and will discuss the matter as well. Keki Mistry, Vice-chairman and MD and Renu Karnad, joint MD, are widely seen as candidates to succeed Parekh. (ET)
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