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News Roundup: TPG Capital, Banyan Tree In Talks With Koutons

23 December, 2010

TPG Capital, Banyan Tree In Talks With Koutons – Debt-laden retailer Koutons is considering selling up to 15% stake to raise cash to pay down excessive debt. Private equity funds like  TPG Capital and Banyan Tree Finance, and a Mumbai-based apparel company are in talks with the promoters for the deal. Koutons is also in talks with lenders to recast its debt in line with the current business environment. The proposed stake sale, which will happen through the issue of fresh shares, will reduce the promoters’ stake to 27%, on the expanded capital base, from 32%. (Economic Times)

LifeCell To Raise Rs 46Cr PE Funding – LifeCell International, a Chennai-based cord blood banking and stem cell research company, plans to raise around Rs 46 crore through private equity firms. The proposed fund-raising is to support the company’s proposed entry into biosimilars business and for its brand-building exercise. (Business Standard)

GoAir Plans Rs 500Cr IPO – GoAir, the Wadia group-promoted budget airline, plans to raise Rs 400-500 crore through an initial public offer to repay debts and buy more aircraft in a booming aviation market. Mumbai-based airline is in talks with investment banks such as Enam Financials to manage the public offer, said two people close to the development. JM Financial is advisor to the airline. (ET)

IDFC Projects To Exit Dheeru Powergen – IDFC Projects, the infrastructure development subsidiary of IDFC, is looking to exit from Dheeru Powergen, a power project it took over around eight months earlier. The project is currently on the drawing boards, for a 1,050 Mw generation unit in Korba, Chhattisgarh. IDFC Projects bought 74% stake in the company for Rs 147 crore, earlier this year. Malaysian construction company Ranhill Berhad owns the rest of the stake. GMR Infra, Lanco Infratech, Adani Power, and US-based AES are among those known to have shown initial interest.  (BS)

Shriram Properties To Rope In PEs For Buys – Shriram Properties, part of the Chennai-based Shriram Group, has planned to invest around Rs 1,500 crore over the next three years in developing various residential projects. Around 60% of this investment, or around Rs 900 crore, would be funded through equity, from existing or new investors. They include ICICI Prudential, Sun Apollo, Walton Street Capital and Starwood Capital. TPG Capital is another PE firm which would invest in the coming projects. Shriram’s first two acquisitions will be in Chennai and Bangalore for Rs 160 crore. (BS)

Chennai’s Price Foundation Acquires Hotel Dasaprakash  – The Chennai-based Prince Foundations has acquired the two-acre Hotel Dasaprakash property in the heart of the city for Rs 165 crore. Following an order by the Madras High Court passed on December 14, the property can be sold to Prince Foundations, which will make an initial payment of Rs 20 crore before December 20. (HinduBusinessLine)

ICVL To Decide On Riversdale Bid Today – International Coal Ventures , the five-company, state-run consortium that bids for resource assets overseas, will decide on Thursday whether to launch a counter bid to buy a controlling share in Australia’s Riversdale Mining . The consortium, which had earlier mentioned its interest to bid for the Australian miner, will also likely appoint a merchant banker soon. Other members of the consortium are NTPC , SAIL, Rashtriya Ispat Nigam and Coal India. (Economic Times)


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