Madura Micro Finance Eyes PE – Madura Micro Finance Ltd (MMFL), a Chennai-based non-banking financial company, would require Rs 40 crore capital to achieve its target of around Rs 1,000 crore disbursement by 2010-11. The firm was also looking at private equity for the proposed infusion. So far, the company has managed 50% of its capital requirement from internal accruals. (BS)
Naturals Beauty Salon To Raise PE – Naturals Beauty Salon India Pvt Ltd, a Chennai-based company which runs 51 outlets, plans to raise private equity funding to open 50 more stores in 20 major cities in India by the end of 2010. It is in advanced stages of talks with Aditya Birla Private Equity and Peepul Capital Advisors. The company plans to divest 30% stake in the first phase of fund raising of Rs 30 crore and another 15% in the second phase to raise Rs 40 crore by 2012. (Financial Chronicle)
SpiceJet Eyes Profit Zone This Fiscal – SpiceJet, one of the leading carriers in India, is expecting profit zone this fiscal at a time when local carriers are expected to post a combined loss of $2 billion (Rs9,360 crore) in fiscal 2010. SpiceJet believes the restructuring exercise initiated by buyout specialist Wilbur Ross has began to show results. Ross has injected $80 million in SpiceJet in July 2008 through his New York-based private equity fund WL Ross and Co. Llc (Mint)
Super Religare Lab To Go IPO In 2010 – Super Religare Laboratories Ltd, formerly SRL Ranbaxy Ltd, is looking at its initial public offering (IPO) in 2010. The company has not yet firmed up, but expects something good happenings in the next year. In 2008, the company has acquired a lab in Dubai called Meena, and wants to make sure that it integrates and get the benefits before going public. (Mint)
IL&FS Arm Eyes Airport Market – IL&FS Transportation Networks (ITNL) plans to intensify its public-private partnership model to target the airport development business in global markets. The company has recently signed an MoU with the Airports Authority of India (AAI) for usage of its technical expertise in setting up airports outside India. The initial cost of development for airports outside India may be $200 million (Rs 960 crore). ITNL proposes to enter the primary market in the second week of January to garner around Rs 700 crore through initial public offer. (Financial Chronicle)
Hotel Leelaventure Promoters Hiking Stake To 55% – The promoters of Hotel Leelaventure are increasing their stake from 52.5% to 55% in the company through creeping acquisition. Leela Lace Holdings, the primary promoter group company, holds 49.93% stake in the company. ITC, through its wholly owned subsidiary Russell Credit, increased its stake in Leelaventure to 5.11%. Meanwhile, Leela is also planning to redeem Rs 345 crore foreign currency convertible bonds (FCCBs) soon and will decide on funding options by January 15. (Hindu Business Line)
Vibha Seeds’ IPO In Two Years – Vibha Seeds, a Hyderabad-based private crop genetics and plant breeding research company, plans to float an initial public offering (IPO) in 2011 after it completes its second phase of expansion at domestic and international locations. The company would invest Rs 60 crore to set up manufacturing units in Gujarat, Rajasthan, Uttar Pradesh and Bihar. It is also exploring opportunities in Africa, Indonesia, Philippines, China, Hungary and Spain. (BS)
Lancor Holdings To Raise Rs 75Cr Via PE, QIP – Chennai-based Lancor Holdings Ltd, previously known as DBS Properties Ltd, has received board approval to raise up to Rs 75 crore by way of qualified institutional placement (QIP) or private equity. The company is currently working on raising $12-13 million (around Rs 57-60 crore) by way of QIP, and expected the process to be completed early next year. For the remaining amount, the company may go for private equity round. (BS)
GVK Power May Buy Siemens’ 40% In Bangalore Airport – GVK Power & Infrastructure Ltd. is planning to purchase the 40% stake owned by Siemens AG in Bangalore International Airport Ltd. The company is seeking to increase its stake to expand its airport business after it purchased 17% of the Bangalore operations from a unit of Larsen & Toubro Ltd. this month, taking its holdings to 29 %. ()
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