Olympus, Morgan Stanley In Fray For Vishwa Infra Stake – Morgan Stanley Private Equity and Asia-focused Olympus Capital Holdings are in the final lap to buyout 35% stake held by the private equity arm of Axis Bank in Hyderabad-based Vishwa Infrastructures and Services for Rs 350 crore. Axis PE decided to exit the Rs 910-crore Vishwa Infra and solicited interests from financial investors. New Enterprise Associates (NEA), which is already a shareholder in the company, might pick up a part of the Axis stake. (Times of India)
Oracale Financial Services MBO Falls Through – A potential sale of Oracle Financial Services Software’s services unit to a combine, consisting of private equity firm Carlyle and former top-level executives of the company, has fallen through. The combine was the sole bidder for the unit and the bid, which was significantly below Oracle’s expectations, is prompting the software major to reconsider its plans to sell. The Carlyle combine bid around $250 million-$300 million for the services unit but Oracle’s expectation was closer to $1 billion. (Economic Times)
Blackstone To Invest $111M In Visa Power – Private equity giant Blackstone Group has signed a definitive agreement to invest about Rs 500 crore, or $111 million, in Kolkata-based Visa Group’s power business. Blackstone will hold around 25.2% stake in Visa Power, which is an independent power producer whose core asset is a 1,200 MW coal-fired plant in Chhattisgarh. This marks Blackstone’s third investment in India’s power generation sector where it has committed almost $500 million in the last 15 months. Visa Power has a pipeline of further 6,600 MW under development, including a 1,320-MW coal-based super critical power plant in Orissa. (Times of India)
Cox & Kings In Talks For UK’s Holidaybreak – Travel group Holidaybreak’s suitor is understood to be India-headquartered Cox & Kings, which analysts say will have to pay at least 400p to land the north west company. Holidaybreak announced earlier today that it was in discussions with a third party which may or may not lead to an offer. The news sent shares in Holidaybreak, which is listed on London Stock Exchange, racing ahead by more than 18%. Cox & Kings is the longest-established travel company in the world, tracing its roots back to 1758. It is a premium brand which operates in 20 countries. (Menmedia)
French Firm May Buy 25% In IDFC Pension Fund – The foreign investment promotion board (FIPB) has given France’s Societe Anonyme to pick up 25% stake in IDFC Pension Fund.The decision not only sets a precedent, but will also reflect in the government’s consolidated policy on foreign direct investment, where FDI limit in the pension sector will be prescribed at 26%, the same level as in insurance.Societe Anonyme is a French pension fund. The FIPB recently okayed its proposal to hold 25% equity in IDFC Pension Fund through both direct and indirect routes. (Financial Express)
Shriram City Files For Rs 750Cr NCD Issue – Shriram City Union Finance, a deposit-accepting non-banking finance company registered with the Reserve Bank of India, has filed a draft prospectus with the National Stock Exchange of India and the Bombay Stock Exchange for a public issue of secured non-convertible debentures (NCDs). The NCDs will have a face value of Rs 1,000 each, aggregating to Rs 375 crore, with an option to retain over-subscription up to Rs 375 crore for issue of additional NCDs, aggregating to Rs 750 crore. (Business Standard)
Radico Khaitan Redeems FCCBs – Liquor major Radico Khaitan said on Monday that it has redeemed the final tranche of its foreign currency convertible bonds (FCCBs) amounting to $44.22 million (over Rs 195 crore) issued by the company in 2006. The company had raised a total of $50 million through FCCBs on July 26, 2006. Radico Khaitan has funded the total amount paid of $44.22 million from new external commercial borrowings of seven year maturity. (Business Line)
Coal India May Buy 30% In Indonesian Firm – Coal India Ltd is in advanced stages to acquire a 30 per cent stake in an Indonesia coal firm. The company has sought the Government’s permission to go ahead with the deal. Coal India, for some time now, has been eyeing assets in countries such as Indonesia, Australia and the US. Reports suggest that Coal India is in talks with the Indonesian firm Golden Energy Mines for a possible stake acquisition. (Business Line)
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