ICICI’s Stake Sale In Firstsource Hits Roadblock – ICICI Bank’s plan to sell its 19.49% stake in business process outsourcing company Firstsource is facing a road block as recent talks with private equity firm KKR have also failed. The outstanding convertibles are a big bone of contention. Firstsource raised $275 million through foreign currency convertible bonds (FCCBs) in 2007 to fund the acquisition of MedAssist. (Business Standard)
Tata Capital To Raise $1Bn For PE Push
– Tata Capital, the financial services company of the Tata Group, will raise about $1 billion in private equity funds from local and international investors by next year end to invest across four themes. Tata Capital has already raised Rs 900 crore from local investors and will now tap international players, mainly in Europe, for healthcare and growth capital funds. The other two funds are special situations and innovation.
Deal With Etisalat May Impact GTL Infra Deal Valuations – The tower lease agreement between Etisalat has put negotiations between Anil Ambani-controlled Reliance Communications with GTL Infrastructure and Dubai-based telco on a collision course. The upshot is Reliance Communications may have to lower the value of its tower assets being sold to GTL Infrastructure in view of a likely stake sale in the Indian telecom service operator to Etisalat. The cut in valuation could range between Rs 2,500 crore to Rs 4,000 crore. In July 2009, Reliance Infratel announced that it had signed a 10-year contract worth up to Rs 10,000 crore with Swan Telecom. (ET)
Mafatlal Puts Land On the Block – Mafatlal Industries, part of the Arvind Mafatlal group, has put its closed textiles mill in central Mumbai up for sale. The proposed sale of seven acres, or roughly 28,000 square meters, of mill land might earn the ailing company at least Rs 1,000 crore. (ET)
Adani In Talks For Coal Mines Worth $1.3B – Adani Enterprises is in talks with Linc Energy of Queensland, Australia, to buy its coal mines worth $1.3 billion. Linc Energy remains in detailed negotiations with a number of parties in relation to the sale of its non-core Queensland coal tenements, the company said in a statement. The coal block is said to have reserves of around 8 billion tonne. (DNA)
Piramal Eyes Deals In Contract Manufacturing – Ajay Piramal-led Piramal Healthcare Ltd (PHL) is gearing up for major acquisitions in the contract manufacturing segment. Piramal is set to receive $2.12 billion within the next 45 days from Abbott for sale of its domestic formulations biz. The company is chalking out aggressive strategies to scale up the Rs 1,470-crore remaining businesses of PHL in critical care, contract manufacturing and over the counter (OTC) segments. (BS)
Aqua Logistics Eyes Acquisitions – Aqua Logistics, a full scope third-party logistics service provider, is looking at acquiring 4 to 5 companies in Indonesia, Thailand, Singapore, Vietnam and Russia. The company is planning to raise $70 million either through qualified institutional placement, global depository receipts or foreign currency convertible bonds to fund the acquisitions. The promoters hold around 50% stake in Aqua Logistics and the company is looking at an equity dilution of about 15%. (DNA)