Billionaire Ajay Piramal’s real estate focused private equity fund Indiareit Fund Advisors, US-based real estate fund Capri Capital Partners and Edelweiss Capital are in the fray to acquire a stake in Mumbai-based realty company Vardhman Developer’s two real estate projects. Vardhman Developers is developing two projects for Rs 400 crore in South Mumbai and Andheri, a north-western suburb in Mumbai, for which the three funds are competing. Vardhman plans to raise Rs 100 crore ($16.19 million) through an offering. Advisory firm Jones Lang LaSalle Meghraj is advising the realty firm. (The Economic Times)
Tata Steel plans to sell prime Mumbai plot: Tata Steel is going to sell its prime 25 acres in Borivali here. The plot is expected to fetch at least Rs 1,000 crore ($162 million), said property consultants. The steel plant on the plot was shut four years ago. Knight Frank, the consultant for the sale, in an advertisement on Wednesday announced the requirements for bidders. A qualified bidder would need to make the initial offer by February 10, with a participation deposit of Rs 20 crore, Knight Frank said. (Business Standard)
Kotak Fund to raise Rs 3,850 cr to invest in stressed assets: Kotak Investment Advisors (KIA) is setting up a Rs3,850-crore ($623.34 million) fund to buy non-performing assets from lenders, a senior executive said. The Kotak Mahindra Bank subsidiary that invests in stressed assets is looking to raise the money from both overseas and local investors for this Special Situation Credit Opportunity Fund. KIA received capital market regulator SEBI approval for the fund last week and it plans to soon start discussions with foreign institutional investors and overseas high net worth individuals to raise Rs 3,100 crore ($502 million). The remaining Rs 750 crore ($121 million) would be raised from domestic institutional investors as well as banks and high net worth investors in India. (The Economic Times)
Two months on, IEP yet to respond to Banan’s offer: An amicable settlement of the tussle between Sagar Ratna Restaurant’s private equity investor and its promoters seems nowhere in sight. India Equity Partners (IEP), majority stakeholder in the restaurant chain, is learnt to have rejected the buyback offer made by the promoters, the Banan family. Sources in the know said in October 2013, the Banan family had offered Rs 132 crore ($21.37 million) for buying back IEP’s 73% stake in Sagar Ratna Restaurants. Jayaram Banan, owner of Sagar Ratna, valued the restaurant chain at Rs 172 crore, the same valuation at which IEP bought the chain in 2011. Banan has already roped in a high net worth individual for the buyback. The sources added the fact that IEP hadn’t responded even after two months indicated the investor wasn’t interested in the offer and was scouting for a better deal. (Business Standard)
Indiareit plans to close Rs 1,000 cr domestic fund next month: Indiareit Fund Advisors, promoted by Ajay Piramal Group, is looking to close its Rs 1000 crore ($162 million) domestic fund next month, said a executive in the group. The fund manager has already raised Rs 800 crore for the fund and looking to raise the remaining amount soon. Though Indiareit has applied with Department of Industrial Policy and Promotion (DIPP) to get investments from non resident Indians for the fund recently, it is yet to get approvals for the same. (Business Standard)
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