Private equity firm Red Fort Capital is in talks with global investors for its third real estate fund just over a year after closing its second fund. The new offshore fund, expected to be valued between $500 million (about Rs 3,000 crore) and $750 million (about Rs 4,540 crore). Red Fort Capital, which already manages assets to the tune of about $900 million (Rs 5,450.4 crore) across two funds, counts Abu Dhabi Investment Authority, among its Limited Partners. Existing institutional investors will back the new fund said the source quoted above. (The Economic Times)

DM Health, HCG eye Sterling Hospital: Private equity-backed mid-tier rivals, DM Healthcare and HealthCare Global (HCG), are making offers to acquire Ahmedabad-based Sterling Hospitals after its majority owner Actis called for fresh bids to sell the healthcare network. The UK-based private equity fund Actis, which owns an 80% stake in Sterling, expects bids by August 14. Kotak Mahindra Investment Banking is managing the sale process. These two could be joined by Care Hospitals, which received a $100-million investment from another global private equity house Advent International. Apax Partners, which recently exited Apollo Hospitals with handsome gains, could also be in the fray, as it explores fresh investment deals in the sector. ()

Vodafone may have to sell $1bn Bharti stake under new licence rules: Vodafone Group may be forced to sell its 4.4% stake in India's top telecom services provider Bharti Airtel worth about $1 billion after rules published on Friday barred crossholdings in rival telecom companies. Under the Unified Licence norms , no carrier can own a direct or indirect equity stake in another operating in the same of any of India's 22 telecom service areas. The telecoms ministry's new licensing rules also say that no stakeholder other than the government, banks and financial institutions, which owns 10% or more in a carrier would be allowed to own a stake in any other carrier. ()

Union Bank plans to raise Rs 3,000 cr equity to meet Basel-III norms: Mid-sized lender Union Bank of India plans to raise Rs 3,000 crore ($543 million) towards equity to meet Basel-III norms after 2015. hough it may not need any fresh equity until 2015, the bank has given a proposal to the Ministry of Finance for the additional capital and it is currently being studied. The government roughly holds 58% in the bank as on June 30, 2013. Last year, the firm received Rs 1,140 crore ($206.36 million) capital infusion from the government. The company also planning to raise Rs 1,216 crore ($220 million) though qualified institutional placement route. (The Economic Times)

Quick Heal plans initial public offer: Security software maker Quick Heal Technologies, in which venture capital fund Sequoia Capital is an investor, is preparing for an initial public offering in India to aid its expansion into new markets and product lines. The firm which expects to file DRHP and begin the listing process next year, would be the first Indian anti-virus software company to go public. The company expects to list within the next 18 months. (The Economic Times)

Global PEs, sovereign, pension funds in race for Unitech SEZ: Real estate investment company Unitech Corporate Parks has shortlisted two global private equity funds, a sovereign wealth fund of Singapore and a Canadian pension fund to make second round of bids for its 3.6 million sq ft IT special economic zone in Gurgaon near Delhi. The company has invited London-based Xander, New York-headquartered Blackstone, Singapore's GIC and the Canadian Pension Fund for the second round of bidding. Bidders in the first round, which included funds like Mapletree and Tishman Speyer, had put in offers between Rs 2,300 crore and Rs 2,700 crore for the SEZ. Listed on London's Alternative Investment Market, the SEZ is 45% owned by real estate developer Unitech. The deal is likely to be finalised by the end of August. Unitech is expected to get around Rs 1,100 crore from the transaction, considering there is no debt on the property. The company will use the proceeds to reduce its debt that stood at Rs 5,642 crore on March 31. (The Economic Times)

NTPC plans to raise over Rs 1 trillion debt during 12th Plan: The country’s largest power producer, NTPC Ltd, plans to raise over Rs 1 trillion ($18 billio) of debt to fund expansion in the current Five-Year Plan period ending March 2017. The state-run utility, which has more than 41,100 megawatts (MW) of installed generation capacity, plans to add more than 14,078MW during the 12th Plan period. Of this, 4,170MW of capacity was commissioned in the first year (2012-13). (Live Mint)

Courtesy: VCCEdge

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