Private equity fund SAIF Partners is set to acquire 10% stake in Atul, a Lalbhai Group company. The PE firm has started buying stake from the open market and will end up with 10% by June-end, said two people with knowledge of the development. "SAIF Partners will pick up around 10% in the company, and will then become the largest non-promoter entity in the company," an investment banker familiar with the matter said. SAIF will invest Rs 250-300 crore ($43 million - $51 million) in the company," the investment banker added. () 

Catholic Syrian Bank, Ratnakar Bank to hit capital market this year: The two old generation unlisted private sector bank, Catholic Syrian Bank and RBL Bank (earlier known as Ratnakar Bank) are all set to go in for an Initial Public Offering (IPO) in this year. While Catholic Syrian Bank is planning to raise about Rs 300 crore ($51 million) from the fresh share issue, RBL Bank may raised Rs 800 crore ($137 million) from the IPO. The two banks have been advised by Reserve Bank of India over the past few years to gear up for an IPO and now the P J Nayak committee report on governance issue of banks also states that the two banks have to list by December 2014. CSB had already got bank’s shareholders approval last year and has set the ball rolling since then. (Business Standard) 

Maxx Mobile looking at PE players to raise up to Rs 100 crore: Home-grown handset vendor Maxx Mobile is looking to raise between Rs 50 crore and Rs 100 crore ($8.5 million - $17 million) from private equity players by September this year. According to Ajjay Agarwal, CMD, Maxx Mobile, the funds would be used as working capital, for day-to-day usage. The Mumbai-headquartered company has already decided to raise around Rs 60 crore ($10 million) from Star Asia Holdings Pte Ltd, Singapore. Around Rs 30 crore has already been received earlier this year. The second tranche of Rs 30 crore is expected soon. (Business Line)

Courtesy: VCCEdge

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