News Roundup: Shapoorji Pallonji To Raise $500M PE Fund


  • 27 Apr 2011

Shapoorji Pallonji To Raise $500M PE Fund - Shapoorji Pallonji Group has floated a $500 million private equity fund, mainly focused on real estate, marking its return to the financial services industry. Shapoorji Pallonji Investment Managers Ltd will be managing this fund, which will shortly announce the first close of $250 million. The fund manager has narrowed down on a few initial investments, which could include buying minority interest in a pharmaceutical and healthcare special economic zone down South. Last year, the group inducted Rajesh Agarwal, the former head of AIG real estate fund, to spearhead the private equity foray. (Times of India)

Two Merrill Lynch MDs To Quit - Bank of America Merrill Lynch may see a shakeup at the top with two veteran investment banking managing directors, Promit Ghosh and Raj Kataria, believed to be in exit mode to possibly join a new start-up.  Both Ghosh and Kataria are likely to join hands with former colleague Rajeev Gupta, who exited from the leadership of global private equity giant Carlyle Group in March this year.Gupta will return to the advisory space through a new venture. (Times of India)

GTL Gets Shareholder Approval For CNIL Merger - Telecom equipments manufacturer GTL Infrastructure today said its shareholders have approved the amalgamation of Chennai Network Infrastructure Ltd with itself. The scheme envisages an exchange ratio of one equity share of GTL Infra for every four equity shares of CNIL. CNIL was formed as a special purpose vehicle to acquire Aircel’s tower assets. (Economic Times)


Ram Kaashyap To Buy Oil Firm For $150M - Chennai-based Ram Kaashyap Investment has decided to acquire Gemmia Worldwide SA, an oil sludge treatment and recycling company based in Tortola (British Virgin Islands), for $150 million. The company board today approved the MoU to be signed with with Tanian Conslidated Ltd. The target company offers open reservoir cleaning services and technologies and miscellaneous clean technology development and has assets and operations in Russia, USA, India, China and in southeast Asia. (Business Standard)

Yes Bank To Raise $100M From DFIs - Private lender YES Bank plans to raise debt of $75-100 million from overseas development finance institutions in the current financial year. The proposed funding would supplement the lender’s plans of raising Rs 750-1,000 crore from the domestic market through the issue of upper and lower Tier II bonds with maturity periods of 10-15 years. The bank also announced its plan to raise up to $500 million in one or more tranches in the latter half of this financial year. This would be raised through either qualified institutional placement (QIP), American depository receipts (ADRs) or global depository receipts (GDRs). (Business Standard)

Crompton Greaves Eyes Acquistions - Crompton Greaves is looking at a $1.5-billion acquisition in the current fiscal year and expects to emerge as a stronger global player with rapid growth in all its business segments. The company posted a profit of Rs 860 crore last year. The company is looking at the industrial and the power space for drives and automation to fill the product gap. (Economic Times)


StanChart's TMB Stake Buy Under RBI Scanner - The Reserve Bank of India (RBI) is looking at the way in which Standard Chartered Plc acquired a 4.64% stake in Tamilnad Mercantile Bank Ltd (TMB) even as an investigating agency is independently looking at whether the UK bank owns more than the permitted 5% stake in the Indian lender. The UK bank may have done this through a series of transactions involving an escrow account managed by its Mauritius arm, of which Standard Chartered India is a sub-agent. (Mint)

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