Peepul Capital Eyes UniverCell Exit - Peepul Capital the $700 million private equity fund, is setting the stage for an exit from the Chennai-based mobile phone retail chain UniverCell. Peepul may be looking at atleast 2x its investment of $25 million which Peepul made during late 2008. UniverCell, with a strong presence in South India, has expanded into Maharashtra and has close to 300 stores with plans for a gradual expansion. Starting nearly a decade ago, UniverCell has been growing at a healthy pace with a topline of around Rs 500 crore. (Business Standard)
Nirvana To Invest In Pune Start-Up - Nirvana Venture Advisors, a fund anchored by Patni family, the founders of Patni Computer Systems, has made its first investment in YourNextLeap.com, a Pune-based internet start-up that offers virtual career counseling to students. The nine-month-old startup, founded by Stanford and University of Southern California graduates Mohit Gundecha and Suruchi Wagh, uses artificial intelligence to help students make career decisions. Amit Patni, from the Patni Family, and Rajan Mehra, formerly the country head for eBay in India, will join the board of directors. (Economic Times)
Syndicate Bank To Buy 26% In Aviva - Aviva Life has emerged as the front-runner for tying up with Syndicate Bank for its proposed insurance joint venture. Manipal-headquartered lender is likely to pick up 26 per cent stake. Mohit Burman, director of fast-moving consumer goods major, the Dabur Group, holds 74 per cent stake. The rest is held by UK's Aviva. (Business Standard)
Welspun Eyes More Acquisitions - Textiles and metals group Welspun is planning to grow its infrastructure portfolio through acquisitions. Parvez Umrigar, managing director and chief executive officer of Welspun Infratech, said the company, which had already made two acquisitions on the construction side to build capabilities, was looking to add to its infrastructure development assets. While the company would continue to bid for projects at the primary stage, it would also look for good assets in public-private partnership projects. (Business Standard)
SRS IPO At Rs 58-65 Price Band - The price band of SRS Ltd's Initial Public offering (IPO) has been fixed at Rs 58-65 a share. The company stands to raise between Rs 203 crore and Rs 227 crore from the issue, if fully subscribed. The issue will constitute 25.13 per cent of the post-issue paid up share capital of the company. SRS Ltd plans to utilise the IPO proceeds for setting up cinemas, retail stores, food courts and restaurants. They also plan to set up a jewellery manufacturing facility and jewellery retail stores. (Business Line)
Rediffusion Sells Stake In Outdoor Media - Rediffusion DY&R has sold its equity stake in outdoor media major Selvel Advertising Pvt Ltd. Selvel was a joint venture between Rediffusion, Mr Abhijit Sengupta and Outdoor Advertising Agency Professionals (I) Pvt Ltd (OAP). (Business Line)
Shapoorji Pallonji Raises $120M For Fund - Shapoorji Pallonji, which launched its $500-million realty fund in April, has got commitments worth $120 million and may go for the first close at $300 million.The fund will look at investing in projects of other developers. (Business Standard)
