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News Roundup: Piramal In Talks To Buy Enam Stake In ING Life

20 July, 2011

Piramal In Talks To Buy Enam Stake In ING Life – Piramal Healthcare, which sold its generics unit to Abbott Laboratories for $3.8 billion (Rs 17,190 crore) last year, is looking to buy Enam Financial’s stake in ING Life Insurance. The insurance company, in which battery maker Exide Industries and retired investment banker Hemendra Kothari hold stakes, may be valued at Rs 2,400 crore, a 45% premium to what Kothari paid in 2010. (Economic Times)

Embassy In Talks With PEs To Raise Rs 500Cr – Bangalore-based real estate company Embassy Property Development is selling office buildings owned by it to private equity firms to raise Rs 400-500 crore. These buildings have already been leased and generate income. The company is in talk with multiple private equity funds, including US- based Blackstone, and rental yield funds to offload stake in Embassy Golf Link, a 5-million sq ft business park. (Economic Times)

Vodafone May Offload Stake In India Arm – UK-based telecom major Vodafone has initiated talks with at least two private equity companies to sell a stake in its India operations. Earlier this month, Vodafone and Essar exercised options to transfer all of Essar’s 33% in the India’s third largest mobile service operator by subscribers to Vodafone for $5.46 billion. At the end of that transaction, Vodafone will cross the limit on foreign holding in a telecom company by 1%, forcing it to divest at least that much to a domestic partner. (Economic Times)

Motilal Oswal PE’s Second Fund Eyes First Close By September – Motilal Oswal Private Equity Advisors plans to raise a second fund of Rs 900 crore. The capital almost double of its first fund will be raised from a mix of domestic and offshore institutions. The fund is expected to achieve the first closure by September this year and the target will be to invest this amount in the next three years. (Economic Times)

Coffee Day Arm To Raise Rs 400Cr – Tanglin Developments, the real estate development arm of Bangalore-based Coffee Day Group, has raised close to Rs 400 crore debt from HDFC to repay an earlier debt raised from German real-estate lender Hypo Real Estate. Tanglin Developments, led by V G Siddhartha of Coffee Day Holdings, had effected a structured fund raising of Rs 380 crore during March 2007 from Hypo Real Estate Bank International. (Business Standard)

South Indian Bank Raising Rs 1,000Cr – South Indian Bank (SIB) has received its shareholders’ approval to raise around Rs 1,000 crore through qualified institutional placement (QIP). The bank is planning to dilute 33% equity through the proposed placement. Besides, the bank is also planning to float a subsidiary for lending gold loans. (Business Standard)

Jindal Power IPO By November – The initial public offer of Navin Jindal-led Jindal Power Ltd, which is expected to rake in up to Rs 7,000 crore, may hit the capital market around October. Jindal Power was earlier expected to launch its IPO around March 2011, but the stake sale got delayed as the company felt the market conditions were not conducive. The proceeds from the public offer will be utilised to part-fund JPL’s expansion projects in Chhattisgarh and Jharkhand, worth around Rs 22,000 crore. (Business Line)

Viom May Buy GTL If Debt Burden Falls – Viom Networks Ltd, the joint venture between Tata Teleservices Ltd and the Kanorias of Srei Group, is willing to acquire GTL Infrastructure Ltd only after the beleaguered tower company’s debt mountain is slashed through a restructuring process. Viom would assess whether the present cash flow can sustain the debt level post CDR. (DNA)

PineBridge Eyes CitiFinancial’s India Portfolio – Global asset management company PineBridge Capital has evinced interest in buying the home loan, insurance and financial services portfolios of CitiFinancial Consumer Finance India, which is the retail lending unit of Citigroup. PineBridge Capital is owned by Richard Li, son of Hong Kong-based business tycoon and Hutchison Whampoa chairman Li Ka-shing. Another player in the running is the Singapore-based DBS. (Financial Express)


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News Roundup: Piramal In Talks To Buy Enam Stake In ING Life

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