Nexus To Raise $250M For Third Venture Fund – Nexus Venture Partners will be raising a $250 million fund, its third, by early next year. The Mumbai-based venture capital or VC fund has over $300 million under management. The firm has already deployed 75% of its second fund, for which it raised $220 million in 2008. Over the past 12 months, Nexus has already exited four of its investee companies.
DLF To Sell Gurgaon Plot – India’s largest developer DLF is selling a 13-acre plot in Gurgaon, Haryana, as part of its plan to ease its debt burden through asset sales. About 1 million sq ft of commercial space can be built on the plot, which is expected to fetch Rs 300 crore for the realty firm. The company is also trying to sell land in other cities such as Hyderabad, Kolkata, and Chennai. (Economic Times)
ADM To Buy Rabo PE-Backed Geepee – US food processing giant Archers Daniels Midland Company (ADM) is set to acquire the Rs 650-crore edible oil maker Geepee Agri Private. The move is part of the $61-billion Illinois-based company’s strategy to bulk up production and secure grain procurement in times of rocketing food inflation. Noida-based Geepee Agri is majority owned by Thailand’s GP Group, a business conglomerate of India origin, and Rabo Private Equity. (Times of India)
Ashok Leyland’s Finance Arm Eyes PE Funding – Hinduja Leyland Finance Ltd, the financing unit of India’s second largest truck maker Ashok Leyland Ltd, plans to raise Rs 200 crore by March. Half the amount will be raised in September by selling more shares to Ashok Leyland and IndusInd International Holdings Ltd, the majority owners of the one-year-old financier. The remaining Rs. 100 crore may be raised by selling shares to private equity firms or existing stockholders early next year. (Mint)
Emami Realty To Merge With Zandu Realty – Emami Infrastructure today said it was planning to merge its wholly-owned subsidiary Emami Realty with the realty arm of Zandu Pharmaceuticals. The Emami Group has recently said it was in the process of merging three companies under its fold – Zandu Realty, Emami Reality and Emami Infrastructure – into one, thereby bringing all its real estate businesses under one roof. (Business Standard)
Venture Backed SunBorne Raises Debt For Project – SunBorne Energy has tied up funds to the tune of Rs 140 crore from domestic banks for its 15 megawatt (MW) solar photovoltaic plant in Gujarat. The total project cost is estimated in the range of Rs 200-240 crore. The debt advisory was led by SBI Capital Market Limited. SunBorne’s investors include General Catalyst Partners, International Finance Corp. and Khosla Ventures. (Business Line)
Axiata To Increase Idea Stake To 25% – Axiata, formerly Telecom Malaysia International, is looking to raise its stake in its Indian partner, Idea Cellular, to about 25%, once it receives permission from the promoters of Idea – the Aditya Birla group – and the promulgation of the new takeover code. On Wednesday, Axiata increased its stake in the company by 0.9% by buying shares from the stock market taking its stake to 19.98%. (Economic Times)
Aegon Withdraws Fund Activities In India – Aegon N.V.’s asset management license in India has been cancelled at the request of the global insurance and asset management firm. With immediate effect, Aegon Mutual Fund, Aegon Trustee Company Pvt. Ltd, and Aegon Asset Management Co. Pvt. Ltd, cannot operate as a mutual fund, trustee company, and asset management firm, respectively. (WSJ)
Sebi May Allow Promoter Stake Sale Through QIPs, Preferential Allotment – India’s capital market regulator may give two more options to promoters to pare stakes to 75%—issuing shares through qualified institutional placements (QIPs) and preferential shares. The government in 2010 asked firms to have a minimum 25% public shareholding by March 2013, to bring in accountability and transparency in listed firms. (MInt)
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