Rabobank To Sell Stake In Yes Bank - Rabobank International Holding BV, the Netherlands-based lender, is planning to sell its 15.9% stake in small Indian lender Yes Bank Ltd. The stake sale in Yes Bank is part of company’s plan to open a branch in India, as Indian banking regulations do not allow a foreign bank, which holds a stake in a domestic bank, to simultaneously operate a branch network in the country. Rabobank initially owned a 20% stake in Yes Bank, but its stake fell to 15.9% after Yes Bank raised capital from the market and other investors. (Mint)
RPP Infra Projects Plans To Raise Funds Through IPO - RPP Infra Projects Ltd, a Tamil Nadu-based construction company, is planning to raise funds through initial public offering (IPO). The company has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for the proposed IPO. It would issue 6.1 million equity shares representing 28.7% of the post issue paid-up equity capital of the company through IPO. VC Corporate Advisors was appointed as the book running lead manager to the issue. (Team VCC)
SKS Microfinance Plans IPO In July - SKS Microfinance, India's largest microfinance entity, is planning to raise approximately $257.6 million through initial public offering (IPO). It had already filed the draft red herring prospectus with the SEBI, and is planning to hit the capital market by July this year. The company would sell 16.79 million shares, representing 12-13% of its share capital, through the proposed IPO. Citigroup, Kotak Mahindra and Credit Suisse are the arrangers for the issue. (BS)
Citi Appoints Rajiv Nayar As Head Of CMO - Citigroup has appointed Rajiv Nayar as the company’s head of capital markets origination (CMO). He will lead a team that helps originate and execute debt and equity transactions for the company’s clients in the country. Nayar will be based in Mumbai, and would report to Ken Poon, head of Asia-Pacific, capital market origination, and Ravi Kapoor, head of global banking for India. He is currently the head of Citi’s Capital Management Group within Global Banking for Asia Pacific. (FE)
SeQuent To Spend Rs 150Cr In Expansion - SeQuent Scientific Ltd, a Bangalore-based pharma ingredient maker, is planning to invest Rs 150 crore in expansion purposes in the next two years. It plans to foray into new therapeutic segment, and will set up greenfield facilities. However, the report did not elaborate on the funding options of the proposed investment. According to an earlier VCCircle report, Strides Arcolab, another city-based mid-sized and deal-savvy pharma company, was exploring the possibility of divesting its generic pharma arm to SeQuent Scientific Ltd. Strides Arcolab promoters Arun Kumar and KR Ravishankar are personal investors in Sequent. (BS)
Idea Not Interested For Stake Sale - Aditya Birla Group chairman Kumar Mangalam Birla has said that there is no such plan to sell its stake in Idea Cellular, the telecom arm of the group. The statement comes in the wake of speculation that Reliance's Mukesh Ambani may be interested in foraying into the telecom business if Idea was available. Reportedly, Mukesh Ambani is re-looking at telecom foray after the two brothers scrap non-compete agreement, which restricted them to venture into each others business segment. (DNA)
Ceat Acquires Partner’s Stake In Sri Lankan JV - Ceat Ltd, a Mumbai-based tyre manufacturing company, has acquired the partner’s stake in Sri Lankan investment arm Associated Ceat Holdings Company Pvt Ltd (ACHL). Ceat currently holds 54.84% stake in the company. It has acquired 45,15,789 equity shares of ACHL for complete buy, it informed the stock exchange. Following this acquisition, ACHL has become a wholly owned subsidiary of the company. ACHL also holds 50% stake in Ceat Kelani Associated Holdings Pvt Ltd (CKAH), another joint venture between ACHL and its Sri Lankan Partner, Kelani Tyres Ltd. CKAH has 3 wholly owned subsidiaries in Sri Lanka. (Team VCC)
