Private equity firm Samara Capital is closing the first round of fund raising for its second fund at $150 million (about Rs 882 crore). The close, which is expected to take place over the next few weeks, will mark the first phase in Samara's efforts to raise a total of $300 million (Rs 1,765.1 crore). Last December, Samara Capital bought out Network 18's 77.5% stake in financial news services company Newswire 18, later renamed Cogencis Information Services, for Rs 90 crore. (The Economic Times)

Embassy may tie up Rs 1k-cr bridge loan for Vrindavan Tech Village buy: Southern real estate major Embassy Group is in discussions with HDFC Ltd for a bridge loan of Rs 1,000 crore ($216.19 million) to finance the acquisition of Vrindavan Tech Village, a 2.1-million tenanted IT park in Bangalore. Earlier this year, Embassy Group promoter Jitu Virwani had signed an agreement with the promoters of VTV to purchase the 106- acre tech park for Rs 1,951 crore. The acquisition was to be funded through a mix of debt and equity in the ratio of 45:55. The VTV buyout was to be structured around private equity major Blackstone and Embassy jointly taking out the tech park's founder shareholders. Low-profile investors Rakesh and Santosh Garg held a 70% majority stake in VTV along with Mithilesh Kumar Thripathi founder of Vikas Telecom, who held a 20% stake. Assetz Property Group of Singapore, who held the development and asset management rights of VTV and had 10% sweat equity, exited the project when Embassy bought them over for Rs 150 crore in May this year. (The Times Of India)

City Union Bank to raise up to Rs 350 crore from QIP: Private sector City Union Bank is planning to raise up to Rs 350 crore ($75.66 million) from share sale to institutional investors. The board has resolved to seek the approval of the shareholders of the bank to augment capital of Rs 350 crore, inclusive of premium through a process of qualified institutional placement. (The Economic Times)

Courtesy: VCCEdge

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