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News Roundup: PE Majors In Fray To Invest $100M In Gitanjali Gems

29 December, 2010

PE Majors In Fray To Invest $100M In Gitanjali Gems – Gitanjali Gems Ltd. has planned a “restructured jewellery brand holding company”where it will divest 10% of equity to private equity (PE) investors, to raise $100 million. It is in talks with Blackstone, CX Partners, Bain, Apax and Advent for acquisition of stake. Mumbai-based branded jewellery manufacturer and retailer is being advised by KPMG on the restructuring. (Business Standard)

Joyalukkas Plans Rs 650Cr IPO,In Talks With PEs –  Jewellery retailer, manufacturer and exporter Joyalukkas is all set to file a red herring prospectus for its proposed IPO in which promoters will dilute a 25% stake. The company plans to raise anywhere between Rs 600 and Rs 650 crore through the process. It has also started talks with private equity players. Joyalukkas currently has 22 stores and plans to open another 20 stores in the next two years. Joyalukkas hopes to close the current financial year with a turnover of Rs 2,650 crore which would represent 45% growth over the previous financial year. (HinduBusinessLine)

Kumar Urban Development To Raise $100M From PEs – Real estate company Kumar Urban Development Ltd (KUL) is looking to raise about $100 million at the SPV level for its new township and SEZ projects. The funding at the SPV level in two of its projects. While $60 million will be raised for the company’s SEZ project, the balance would be for the township project, both of which are in Pune. (HBL)

Bartronics India To Raise $100M – The annual general meeting of Bartronics India has approved a proposal to raise about Rs 450 crore ($100 million) through Global Depository Receipts, Foreign Currency Convertible Bonds or any such instrument. (HBL)

Pratip Chaudhuri In Race For SBI Chief – Pratip Chaudhuri , currently the Deputy Managing Director and Group Executive international banking of State Bank of India, is understood to be leading race for the top job of the country’s largest lender. CFO Hemant G Contractor  and Diwakar Gupta Deputy Managing Director and Group Executive (rural business and national banking) is also believed to be in race for the job. The vacancy would arise as the incumbent O P Bhatt five- year term comes to an end in March 2011. (Economic Times)

Prize Petroleum, HPCL May Merge – Prize Petroleum Company Ltd (PPCL), the exploration and production (E&P) arm of Hindustan Petroleum Corporation (HPCL), the state-run company may look at merging PPCL with its internal exploration and production arm, HP E&P. This comes as only small players have expressed interest in picking up 50% stake. HPCL has a 50% stake in PPCL while ICICI Bank and ICICI Venture Funds own 35% and 10%. (BS)

HPCL, Mittal To IPO Bathinda Unit in 2011 – Steel tycoon Lakshmi N Mittal and Hindustan Petroleum Corp Ltd (HPCL) plan to sell a 10% stake each in the under-construction Bathinda refinery in a public offering in Q4 of 2011 to raise Rs 1,000-1,500 crore. State-owned HPCL and Singapore-based Mittal Energy Investment Pte Ltd, an L N Mittal Group firm, own 49% each in HPCL-Mittal Energy Ltd (HMEL), which is building the Rs 18,919-crore refinery at Bathinda in Punjab. (BS)


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News Roundup: PE Majors In Fray To Invest $100M In Gitanjali Gems

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