Partners Group to back mgmt to buy CSS for $275M: European private investor Partners Group will back the incumbent management to acquire the IT services company CSS Corp in a deal valued at around $275 million (Rs 1,500 crore). Partners Group would ally with CEO TG (Tiger) Ramesh and private equity entrepreneur Sanjay Chakravarty to take out three existing financial investors, SAIF Partners, Goldman Sachs and Sierra Ventures, which together own 70% stake in the unlisted IT services provider. Partners, managing assets worth over $30 billion globally, is expected to take 80% stake. CSS has roughly $200 million in revenues and counts Nortel, Motorola and Deutsche Bank among its clients. (The Times Of India)
Qatar fund eyes $200M RMZ deal: An affiliate of Qatar Investment Authority is holding discussions to invest about $200 million (Rs 1,200 crore) in RMZ Corp. The deal could be a combination of equity and debt, split equally, into a special purpose vehicle housing the Bangalore-based developer’s commercial projects under development. The discussions are routed through Qatar Investment Company, a part of the oil-rich Middle East nation’s sovereign wealth fund (SWF). Last month, Qatar invested $1.2 billion for 5% stake in India’s largest mobile telephone company Bharti Airtel. (The Times Of India)
Srei Infra to raise $270M via debentures: Srei Infrastructure Finance Ltd is planning to raise Rs 1,500 crore ($270.5 million) through public issue of debentures in one or more tranches during the current fiscal. The company has received its board’s approval for the proposed fundraising. The board has approved to raise funds by way of a public issue of secured, redeemable and non-convertible debentures. (BSE)
ICICI Securities, IDFC and Kotak Capital to manage EIL stake sale: Government has selected three investment bankers, ICICI Securities, IDFC and Kotak Mahindra Capital, for managing 10% stake sale of Engineers India Ltd (EIL). The Inter-Ministerial Group (IMG) has selected three merchant bankers for the issue and the roadshows will start next month. Five bankers – ICICI Securities, IDFC and Kotak Mahindra Capital, Edelweiss Financial Services and IDBI Capital – had made presentations before the IMG earlier this week. The DoD would be conducting roadshows in Hong Kong, the US and the UK beginning June for EIL stake sale. Currently, the government holds 80.40% in ‘Miniratna’ PSU EIL. In 2010, it had divested 10% of its stake in EIL through an FPO. (The Economic Times)
Esha Media plans to raise funds: Esha Media Research Ltd is planning to invest Rs 450 crore ($81.15 million) in the next 4-5 years to foray into television TRP business, besides media monitoring in the print, the internet and social media segments. The funds will be raised through a mix of equity and debt. (BSE)
IL&FS PE arm mulls sector-specific funds: IL&FS Investment Managers Ltd, private equity arm of the IL&FS group, may set up segment-specific infrastructure funds. The company may also come up with two-three fund categories. Although the plans are not firmed up, the firm will do a demand analysis before taking a decision. There is a large opportunity in roads, power, ports, waste and logistics, according to Archana Hingorani, chief executive and executive director. (Business Standard)
Jai Corp looks to get out of Navi Mumbai SEZ: Jai Corp Ltd, a company owned by Mukesh Ambani’s close associate, Anand Jain, is looking at the option of selling a part of its stake in the Navi Mumbai special economic zone (SEZ). The company is already in talks to sell a part of the stake in the SEZ project. This is part of Jai Corp’s efforts to raise funds as the investors of its real estate funds are increasingly demanding returns. The Navi Mumbai SEZ has failed to take off due to land acquisition problems and lack of overseas clients. Jain and Reliance Industries Ltd (RIL) chairman Ambani, in his personal capacity, own close to 74% stake in the project. City and Industrial Development Corp of Maharashtra, a state government body, owns the rest of the stake. RIL had earlier exited the Haryana SEZ projects by selling part of its stake to IL&FS. (Business Standard)
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