PE-backed Trimax Plans Rs 350Cr IPO – Trimax IT Infrastructure and Services intends to file for an initial public offering during the current calendar year. The company will raise between Rs 250-350 crore through the IPO route. The company hopes to file the draft red herring prospectus (DRHP) with SEBI over the next six months. The Mumbai-based company is backed by private equity firms like Zephyr Peacock and Banyan Tree Finance. (HinduBusinessLine)
Homex Buys Kotak Realty’s Chennai Property – Kotak Realty Funds Group, a real estate private equity arm of Kotak Bank, has sold a 20-acre residential plot in Old Mahabalipuram Road in Chennai to Homex, a Mexican pre-fabricated affordable housing company, for Rs 130 crore. The plot was sold at 6.5 crore per acre. Kotak Realty had acquired the land from Pentamedia Graphics in 2007 under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, 2002. (Economic Times)
Kumble Forms Start-Up Tenvic, Eyes $5-10M VC Funding – Anil Kumble is turning a sporting entrepreneur with Tenvic, which will focus on providing sports education and training at mainstream schools across the country. Tenvic’s investors include former BNP Paribas Securities MD Praveen Chakravarty and former table tennis champion Vasant Bharadwaj . The firm is currently in the process of raising between $5 million and $10 million from venture capitalists for the initial business scale-up. (Times of India)
Suzlon May Sell Stake To Gamesa – Suzlon Energy, battling losses and mounting debt, is expected to rope in a strategic investor to boost business prospects. The company’s shares soared over 5% on Tuesday to touch an intra-day high of Rs 57.30 on the Bombay Stock Exchange after television channels reported Suzlon’s promoters led by Chairman Tulsi Tanti may sell their 55% holding in the company to Spain’s Gamesas Corporation Technologies SA for Rs 77 a share along with a non-compete fee of Rs 10 a share. (Economic Times)
Steer Capital May Shut Down – Steer Capital, a private equity firm launched over a year ago, may shut down following difficulties raising money from investors. The firm floated by Harsha Raghavan, the former India head of private equity firm Candover, was slated to focus on a mix of growth and buyout deals in the mid-market segment. Neeraj Bhargava, co-founder at Steer Capital has already quit to head private equity firm Zodius. (Economic Times)
L&T To Be Divided Into Nine Cos – Twenty-one months before he retires, L&T Chairman AM Naik has kicked off a restructuring plan that will divide the Rs 37,000-crore engineering and infrastructure behemoth into nine virtual companies. Each of these, being called `independent companies’, will have a full-fledged CEO, CFO and HR head, and will manage its own profit and loss account. Some of these independent companies could be spun out of L&T and listed on the bourses before 2015. (Economic Times)
Tata Steel To Raise $1B – Tata Steel, India’s largest steelmaker by capacity, has started the process for an overseas sale of shares to raise up to $1 billion, in order to reduce debt incurred in 2007 to acquire Corus. The Jamshedpur-based steel company has already taken shareholders’ approval to raise up to $1.5 billion. (Economic Times)
Lakshmi Vilas Bank QIP In Feb-March – Private lender Lakshmi Vilas Bank was looking at a qualified institutional placement (QIP) in February-March to improve its capital adequacy ratio and raise capital to fund growth. The capital adequacy ratio (CAR) is around 13.5% and the company has the board’s approval for a 40% dilution. (Business Standard)
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