NSL Power To Raise Rs 250Cr From PE – NSL Power Limited is aiming to raise Rs 250 crore private equity (PE) fund before it goes to an IPO next year. The company presently has about 100 MW wind power plant fully operational in Tamil Nadu and Karnataka and another 50 MW project will come up in the next year. NSL Power, part of Nuziveedu Seeds Limited (NSL) Group, is planning to set up another 400 mw capacity wind power plants in various parts of the country besides three hydro power plants totaling 155 mw capacity in Himachal Pradesh. (Economic Times)
SBI Holding Co To Help Unlock Value – The government appears to have endorsed State Bank of India’s (SBI) plan to set up a financial holding company, which will help the bank raise capital, which can then be used for expanding subsidiary businesses. These business areas include private equity, reinsurance, mezzanine financing and credit enhancement. (Financial Express)
Aditya Birla PE, Bajaj Holdings Take 10% In CARE – Aditya Birla Private Equity and Bajaj Holdings & Investment have together picked up around 10% stake in rating agency Credit Analysis & Research (CARE). The PE firms have picked up this stake from two existing investors ING Vysya Bank and Kotak Bank for around Rs 150 crore. This transaction puts the valuation of CARE at Rs 1,500 crore, making it the second-most valued financial ratings firm in the country behind Crisil. (Economic Times)
Blackstone To Invest $2 Billion In India – Blackstone co-founder and chairman Steve Schwarzman has said that the private equity firm is looking to invest another $1-2 billion in India in the next three years. He also added that private equity did well during the crisis, adding that Blackstone’s latest fund that invested at the top of the market in large part is now back to its original cost. Schwarzman adds that “the scale of our ambition in India and in China needs to be increased.” (Economic Times)
Aga Khan Fund To Cut Stake In DCB – Aga Khan Fund for Economic Development (AKFED) will soon reduce its stake in Development Credit Bank (DCB) by 3-4%, keeping with the road map submitted by the bank to the Reserve Bank of India (RBI) to reduce the promoter holding to 10% by 2014. The bank plans to raise about Rs 150 crore via qualified institutional placement (QIP) by December 2010. (FE)
Arihant Superstructures To Raise Rs 100Cr From PE – Leading real estate firm Arihant Superstructures is looking at raising Rs 50-100 crore through private equity early next fiscal to fund its expansion plans. It is also considering various options of fund-raising like construction finance. (Business Standard)
Strides Arcolab To Raise $100M Through QIP – Strides Arcolab has raised $100 million (Rs 450 crore) through a qualified institutional placement (QIP) issue. The funds will be used to part-repay the debt incurred for its recent acquisitions. The Bangalore-headquartered mid-size pharmaceutical company set the floor price of the issue at Rs 423.55 and mandated Daiwa Capital Markets, IDFC, Kotak Mahindra Capital and RBS Equities as the lead managers. (BS)
Reliance Brands Plans Acquisitions – Reliance Brands, a subsidiary of Mukesh Ambani-led Reliance Retail, is scouting for acquisition in the domestic market, besides launching its own luxury label in the next 18 months. The company, which at present predominantly focuses on the men’s range, plans to also go for women and kidswear categories. (BS)
BPCL To Divest Stake In Overseas Blocks – Bharat Petro Resources Ltd, wholly owned subsidiary of Bharat Petroleum Corporation (BPCL) for exploration and production (E&P), plans to divest stake in a few of its overseas blocks. The company has participating interest in 26 blocks in India and overseas. BPCL is in talks for divesting in blocks which are all in exploratory stage and will give some acreage to a company and use that money for drilling or other exploration. (DNA Money)
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