ReaMetrix Raises $2.1M - ReaMetrix, a diagnostics and contract research start-up, has raised $2.1 million from Sequoia Capital India, Mobius Venture Capital and Baring Private Equity. The company has offices in Bangalore and California and was founded by Dr Bala S Manian in 2003. Sequoia Capital India had initially funded this company back in 2005. (VentureBeat)
Abraaj capital Buys Jordanian VC Firm: Abraaj Capital Group announces that it agreed to acquire all of Riyada Ventures the leading venture capital firm in the MENA region. The acquisition is at the core of a major new push by Abraaj into the small and medium enterprise (SME) space, which is aimed at stimulating and supporting entrepreneurial activity in this vital segment of the MENA region's economies. (PE Hub)
Kimaya In Talks With PEs To Sell 15% - Kimaya Studios, a Mumbai-based fashion house, is in talks with private equity firms to offload more than 15% stake in the designer retail chain. The fashion house is in talks with private equity (PE) firms Carlyle Group and Blackstone. The company that has lined up expansion plans worth at least Rs 180 crore. Kimaya, which currently has a turnover of close to Rs 100 crore, expects to reach a turnover mark of Rs 500 crore in next five years. (Economic Times)
Unitech Seeks Approval To Raise $700M Through FCCBs - Unitech will raise $700 million through foreign currency convertible bonds (FCCBs). Unitech is looking overseas to raise money to bring down the overall cost of debt, which is around 13%.The company said that the funds will be used for an integrated township and not for repaying existing debts.Unitech has said the funds should be treated as pure debt till it is converted into equity. Unitech has raised $900 million (Rs 4,000 crore) through two rounds of qualified institutional placements (QIPs) earlier, this year. (ET)
JSW Steel May Sell 40% in Bengal Unit - JSW Steel, which last week tied up with Japanese steel giant JFE for technology, may sell as much as 40% in its upcoming 10-million tonne steel unit in West Bengal to its overseas partner. JFE could end up investing close to $1 billion in buying up to 40% stake in JSW Bengal Steel. JSW Steel holds 89% stake in the subsidiary, the rest is held by the West Bengal state government. JSW Steel closed 2.93% up at Rs 998.95 a share on the BSE. (ET)
IL&FS Open Offer For Matyas Infra Opens Tomorrow - Infrastructure firm IL&FS's open offer for acquiring an additional 20 per cent stake in crisis hit Maytas Infra will open tomorrow.The total consideration payable under the offer would be up to Rs 132.91 crore. Pursuant to successful completion of the offer, IL&FS' holding in Maytas would rise to 57 per cent from 37 per cent which it holds currently. (ET)
Infy May Acquire European Cos For $400-500M - Infosys Technologies, is actively looking at acquiring companies in the consulting and healthcare spaces in the range of $400-500 million and is primarily looking at companies with a strong presence in Europe.The firm expects the acquisition to either give it a geographical presence or a strong consulting base.Consulting and enterprise solution business together constitutes about 25 per cent of Infosys’ business today. (Business Standard)
Bhushan Steel May Sell Stake To Sumitomo - Bhushan Steel is looking to offload around 2.1 million of its 42 million shares to Japan’s Sumitomo Metal Industries. Sumitomo is also a technical partner for Bhushan Steel’s Orissa project. Bhushan had initially planned a two million tonne steel plant in Bengal, which has now been scaled up to six million tonnes. The investment, too, had gone up from Rs 8,800 crore to around Rs 18,000 crore.(Business Standard)
Videocon To Sell 25% In Power Arm To PEs - Videocon Industries Ltd is in talks with private equity players to place 25% stake in its power arm. The company is setting up a thermal power plant of capacity of 1,200 Mw in Gujarat with an investment of 6,000 crore. The debt component has been tied up with IDBI, State Bank of India and Rural Electrification Corp. The company is also setting up power projects in West Bengal and Chhattisgarh of 1,200 Mw capacity each. The total investment on the three projects would be 18,000 crore that will be funded in the debt-to-equity ratio of 75:25. (DNA)
Modi To Sell Hot Spot Chain - BK Modi-led mobile handset retail chain Hot Spot is expected to be on the block with promoters expecting a valuation of Rs 1,000-1,500 crore. The chain has around 600 stores across 70 cities. So far, the promoters have invested around Rs 200 crore in the venture. Hot Spot currently loses around Rs 1.5 crore every month. Essar-promoted Mobile Store could be the frontrunner to acquire Hot Spot. (Financial Express)
Welspun Raises $100 Mn Through QIP - Welspun Gujarat Stahl Rohren raised $100 mn through Qualified Institutional Placements (QIP) to reach its fund raising goal of $250 mn. It had raised $150 mn in the last two months through foreign currency convertible bond (FCCB) offerings placed in October this year. The funds will be used to invest for capital expenditure, retirement of high cost debts, investment in growth opportunities, among others. The shares issued under QIP will be listed on BSE and NSE while those under FCCB will be on Singapore stock exchange. JP Morgan is the sole book runner for both FCCB and QIP. (BSE)
