Redclays Capital May Buy Deccan360 - A Cayman Islands-domiciled private equity fund has offered a package deal which could result in it acquiring Deccan 360, the ailing air cargo operator founded by low-cost aviation pioneer G R Gopinath. Redclays Capital has offered to help raise $50 million ( 250 crore) for Gopinath's aviation services company Deccan Charters and buy Deccan 360 for between $2 million and $5 million. (Economic Times)

Small PE Firms Shut Shop - Nearly half-a-dozen private equity (PE) funds constituting the second tier of the industry are winding up their Indian operations. Among those beating a retreat is Canada-based fund SITQ, which entered India in 2007 with a corpus of $1.6 billion for investments in the real estate sector. Others include Jardine Rothschild Exor Partners, Spinnaker Global, Eight Capital. (Economic Times)

Lilliput Auditors Find Going Tough - In a new twist in the tussle between Lilliput Kidswear promoter Sanjeev Narula and investors Bain Capital and TPG, the Delhi High Court-appointed auditor, SS Kothari Mehta & Co, has expressed inability to complete the court-directed audit. The auditor's withdrawal could have a significant bearing on the sale of the business initiated by all shareholders. The auditor has cited the company’s non-cooperation in the audit as the reason. (Business Standard)

Bhushan Steel Rights Issue At Discount -  The rights issue committee of the board of directors of Bhushan Steel Ltd (BSL) has fixed the premium for the company's rights issue at a steep discount to its current market price. The company said that the committee on February 21 approved the rights issue of 1,41,57,220 equity shares of Rs 2 each in the ratio of 1:15 at a price of Rs 335 per equity share. (Business Line)

Reliance Brands Forms Joint Venture - Reliance Brands, a part of Mukesh Ambani-led Reliance Industries, has formed an equal joint venture with US-based Iconix Brand Group to launch the latter's 20 fashion and lifestyle brands in India. The joint venture -- Imaginative Brand Developer India Pvt Ltd -- will have vast portfolio of brands in India, including Waverly, Mossimo, Ed Hardy, Peanuts, Cannon, London Fog and Ocean Pacific. (Economic Times)

Allahabad Bank, PNB To Get Infusion From LIC - Life Insurance Corporation will buy fresh shares in state-run Allahabad Bank and Punjab National Bank (PNB) that will compensate for the Union government's inability to invest funds in the lenders, taking the total commitment to Rs 6,500 crore. Allahabad Bank is likely to get Rs 500 crore for the stake sale, while PNB will get over Rs 1,500 crore. (Economic Times)

Mumbai Angels Starts Bangalore Chapter - The Bangalore chapter of Mumbai Angels, the angel or seed-funding network based in India’s commercial capital, was launched on Tuesday with the closure of two transactions. The deals involved Bangalore-based start-ups—a million dollar (Rs.4.9 crore) funding of a company in the 4G (LTE or Long Term Evolution technology) telecom services segment and a $200,000 (Rs.98.3 lakhs) deal for CarveNiche.

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