PE Firms Eye BT Stake In Tech Mahindra - UK telecom major British Telecom (BT) has re-initiated discussions to sell its stake in Tech Mahindra which has attracted the interest of private equity firm Providence Equity Partners, Apax Partners and Goldman Sachs Private Equity Group. BT is said to be expecting a 30% premium over the current market price for its stake, pegging the potential value of the deal at over Rs 3,700 crore. (Economic Times)

Piramal May Reabsorb R&D Arm - Ajay Piramal-run drug maker Piramal Healthcare Ltd is planning to merge research and development (R&D) company Piramal Life Sciences Ltd with itself. Piramal Life Sciences was hived off three years ago as a dedicated research entity. The prospect of folding the research company back into the parent has been discussed by a core management group though a final decision has not yet been taken. (Mint)

SAIF To Take 15% In Associated Broadcasting - Hyderabad-based Associated Broadcasting Company has managed to rope in Mauritius-based private equity fund Saif III Mauritius Company to buy around 15% stake valuing the company at Rs 340 crore in less than five years of operations. Associated Broadcasting operates channels like TV9, TV1, TV9 Mumbai, News9 and India Vision among others across Andhra Pradesh, Karnataka, Kerala and Tamil Nadu. (Financial Express)

Adani May Bid Rs 8,630 cr For Australia Port - Indian's Adani Group is looking at putting in an A$2-billion (Rs 8,630 crore) bid for the port of Brisbane that is being privatised by the Queensland government. Adani Group has emerged as the third player, with other players including a group led by Morgan Stanley Infrastructure Partners and Unisuper, and a syndicate of Global Infrastructure Partners, Queensland Investment Corporation and Macquarie Capital. (Business Standard)

Indigo In A $500M IPO - India’s leading low-fare carrier IndiGo, run by InterGlobe Aviation Pvt. Ltd, is planning to raise $500 million (Rs2,215 crore) through its initial public offering (IPO), the highest ever for an Indian airline, and this may lead to a re-rating of airline stocks. The IPO is scheduled for the last quarter of the current fiscal ending March 2011. IndiGo has hired five investment bankers, including JM Financial Ltd, Credit Suisse Group AG, Citigroup Inc., UBS AG and Morgan Stanley for the proposed IPO. (Mint)

JSW To Buy 5% In JFE - JSW, the Sajjan Jindal-promoted steelmaker, on Monday agreed to pick up a 5% equity stake in JFE Steel. Participation in each other’s equity capital and technological collaboration, apart from scouting jointly for raw materials had been approved by the two companies early this year. (ET)

Den Networks In JV - IME Networks Ltd, the television and media services arm of DEN Networks, has announced the formation of a 75:25 joint venture with BFTV LLC. BFTV are broadcasters of BabyFirst – an international television channel for babies, toddlers and parents. The joint venture will house all rights for BabyFirst's businesses in India and other select territories, including the distribution of the channel and related businesses. (HInduBusinessLine)

Prime Focus Eyes $35M QIP - Prime Focus is mulling a QIP in the next few weeks after the resolution was passed in AGM last week. The company could be looking to raise $30 million to $35 million. It recently won orders worth $11 million from two leading Hollywood studios for 2D to 3D conversion of movies. (Moneycontrol)

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