IDFC AMC To Sell 25% To Natixis – Infrastructure financing major IDFC Ltd has agreed to sell a 25% stake in IDFC Asset Management Co Ltd to US based Natixis Global Asset Management, a US based privately owned investment manager. The deal has been struck for Rs 275 crore, valuing the unit at Rs 1100 crore. IDFC Asset management is the 10th largest asset manager in India managing over Rs18,300 crore. (Mint)
OP Jindal Enters Fray For Ispat Industries – The OP Jindal Group has emerged as a strong contender for Ispat Industries, the debt-laden company owned by Pramod and Vinod Mittal. Sajjan Jindal of JSW Steel and Naveen Jindal of Jindal Steel & Power (JSPL) are in the fray. Ispat, which appointed Kotak Mahindra Bank to explore possible suitors to take controlling interest in the company. Ispat’s move follows the failure of talks with Stemcor for a strategic 10% stake sale. (Business Standard)
HDFC Nears Closing Two PE Deals – HDFC Real Estate Private Equity Fund, which recently invested Rs 500 crore in Lodha World One, will invest $180 million in two other projects. One of the projects will be in Bandra, Mumbai while the other will be in Bangalore in the next three months. The fund has a corpus of $350 million which has to be deployed by October 2011. (DNA)
Coal India To Buy 15% In Peabody For $120M – Coal India is in advanced talks with Peabody Energy on buying a stake of up to 15% in the Wilkie Creek mine for about $120 million. Peabody Energy has valued the mine at $800 million. DSP Merrill Lynch is advising Coal India on the proposed deal. The state-run Indian company, the world’s biggest coal producer, has also appointed Minarco-MineConsult as a technical adviser. The mine has an estimated coal reserve of 400 million tonnes. (The Australian)
Pennar Industries Eyes Engineering Buys – Hyderabad-based engineering company Pennar Industries is scouting to buy an engineering firm with design capabilities. KPMG is helping the firm to evaluate potential targets. Pennar is aggressively expanding into valueadded engineering products, including pre-engineering building systems (PBS). This acquisition would be routed through its subsidiary PEBS. (Economic Times)
Anand Rathi – Knight Frank Fund Raises Rs 220Cr – Anand Rathi Financial Services has completed the first round of fund-raising for the realty fund it has set up with Knight Frank India Pvt Ltd, collecting about Rs 220 crore. The fund, Rental Yield and Appreciation Portfolio (RYAP), aims to raise Rs 350 crore, with a greenshoe option of Rs 100 crore.Launched in September, RYAP is set to invest about Rs 120 crore to buy two prime commercial office spaces in central Mumbai this month. (BS)
AP Urges RBI To Bar PE Funding, Capital Markets For MFIs – The Andhra Pradesh government urged a Reserve Bank of India (RBI) panel to bar micro finance institutions (MFIs) from tapping capital markets and seeking private equity investments arguing this has made micro lenders more profit hungry. The government has submitted to Malegam that PE investors from across the globe were being lured by the higher profits and high returns showcased by the for profit MFIs. (Mint)
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