Raheja Group May Exit Crossword Bookstores – Eleven years after buying Crossword Bookstores, the K Raheja Group — the promoter of Shoppers Stop — is reviewing the future of the book retailing chain. The group is exploring various options, including alliances and joint ventures, and may even exit the business altogether. The group is being advised by investment bank Avendus. Crossword has 72 stores, both company-owned and franchisees, most of these in west and south India. Crossword, according to sources, clocked Rs 150 crore revenue in 2010-11 and earnings before interest depreciation, tax and amortisation of Rs 5 crore. (Business Standard)
Omaxe To Raise Rs 450Cr – Omaxe Ltd, the New Delhi-based realtor, is weighing diluting promoter shareholding through a mix of follow-on public offering (FPO) and placement to raise Rs 450 crore. That would tantamount to a dilution of around 14% and will reduce promoter shareholding to 75% as per the Securities and Exchange Board of India norms announced in June last year. The realtor plans to reduce debt on its books by around Rs600 crore in the current financial year. (DNA)
Govt May Buy-Back IL&FS, IDFC Stake In Delhi-Mumbai Corridor – The government has decided to replace private sector infrastructure firms IL&FS and IDFC with state-backed institutions as it does not want private players to profit from the upside created by government funding. The industry ministry has approached the Cabinet with a proposal to buy back the 51% stake held by these two private companies in the Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC). IL&FS currently holds 41% in DMICDC , IDFC 10% while the balance 49% is owned by the Union government. (Economic Times)
ICVL Eyes 59% In Mozambique Firm – State-run International Coal Ventures Pvt. Ltd (ICVL) is evaluating an opportunity to buy a 59% stake, estimated to cost around $1 billion (Rs.4,490 crore), in Minas de Revuboé, which owns the Revuboé coal mining project in Mozambique. ICVL is considering to acquire this stake currently owned by Australia’s Talbot Group. The greenfield metallurgical coal mining project, with an estimated reserves of 700 million tonnes (mt), is owned by Minas De Revuboé, with Talbot Group being the project manager.
Thinksoft Eyes Acquistion In India, US – Thinksoft Global Services Ltd, a software-testing service provider based in Chennai and listed at the Bombay Stock Exchange, is planning for acquisitions in India and United States of America (USA) to strengthen its presence in the segment. The acquisition would be in the range of Rs 22 – 31 crore. The company provides software testing services to the Banking, Financial Services and Insurance (BFSI) segment, and is looking for IT firms which have core competencies, intellectual property (IP) and a robust client base. (Business Standard)
Balaji Telefilms To Float Film Fund – Television content provider and film producer Balaji Telefilms Ltd is planning to launch a film-focused private equity (PE) firm. The plan is to invest in Hindi films, television content and?educational media. Though the size of the fund is not known, Balaji Telefilms wants to tap foreign investors and rich individuals to raise money. It has applied with SEBI for registration of the fund.
SAIL May Shortlist 4 Pvt Firms For Afghan Bid – SAIL’s proposed consortium to bid for Hajigak mines in Afghanistan would comprise half-a-dozen other big players, including public sector RINL and NMDC. It is in the process of choosing private sector partners and would like to take only three to four big companies. SAIL is in the process of documenting the memorandum of understanding with proposed partners. The Hajigak iron ore deposits are located in Bamiyan province, some 130 km west of Kabul, and are estimated to contain 1.8 billion tonnes of haematite reserves. (Business Line)
Vasan Healthcare Looks For Buys In North India – Tamil Nadu-based hospital chain Vasan Heatlhcare Pvt Ltd is scouting for acquisition of healthcare centres including chain clinics in north India to expand its presence in the region. The company expects to spend around Rs 250 crore on the acquisition. It is in talks with six healthcare firms including chain clinics. The company is in talks with private equity firms to raise around Rs 500 crore for its expansion plans.(Business Standard)
Avendus Buys Grama Vidyal’s Loan Assets – Avendus Capital bought 84% of the debt of Grama Vidiyal Micro Finance with IFMR Capital buying the rest. The transaction involves purchase of 11,304 micro loans in Tamil Nadu which is not yet affected as much by defaults as in the neighbouring Andhra Pradesh. Avendus Capital has bought a major chunk of the Rs 10.8-crore loan portfolio of Tiruchi-based firm in the securitisation deal arranged by IFMR Capital. (Economic Times)