UFO Moviez Buys Majority Stake In Scrabble Entertainment – UFO Moviez has picked up 26% equity stake in Scrabble Entertainment, taking its total holding in the Manmohan Shetty-promoted digital cinema systems provider to 52%. UFO, a joint venture between the Valuable Group and Apollo International, which is in the same business as Scrabble, had bought 26% stake in the company a few months ago. Private equity firm 3i and Providence Equity Partners have invested in UFO. Providence recently invested Rs 260 crore in the company. (Economic Times)
Aventis, Universal Deal Under I-T Scrutiny – Less than a month after Aventis Pharma Ltd, a unit of France’s Sanofi Group, said it will acquire the so-called nutraceuticals business of Mumbai-based unlisted firm Universal Medicare Pvt. Ltd, the Rs 500 crore deal has come under the scrutiny of the income tax (I-T) department. On 16 September, the I-T department searched the office of Universal Medicare and seized the shareholders’ agreement of the deal to examine the possible tax liability arising from the acquisition.
Walton, Starwood Swap Stake In Shriram Unit – Walton Street Capital and Starwood Capital Group have exited the Uttarpara (West Bengal) project of Chennai-based Shriram Properties and invested in the group’s holding company, Shriram Properties. The two real estate PE investors have exited Bengal Shriram Hi-Tech City Pvt Ltd, where they collectively infused Rs 210 crore. (Economic Times)
Coimbatore Industrialists Plan Region-Specific PE Fund – A group of Coimbatore industrialists are planning to make their money work for them by setting up a private equity (PE) fund of at least Rs.100 crore. Annush Ramasamy, president of SPM Ltd, which runs some of the textile operations of the diversified nearly-$500 million (around Rs.2,450 crore) KG Group, is spearheading the effort to set up the fund.
SBI To Raise $5Bn – State Bank of India? (SBI), the country’s largest lender, said on Thursday that it is seeking to raise an additional $5 billion from an overseas fund-raising programme through the issue of dollar bonds, twice the earlier limit of $5 billion. The lender has doubled its medium term notes (MTN) programme to meet an increasing demand for high-value loans from Indian companies. (Mint)
GVK In Talks With International Bankers For Debt – GVK Power & Infrastructure today said it was looking at Australian as well as international banks for raising funds to make investment of about $6-7 billion in coal assets that it was acquiring from Hancock. Last week, GVK Power, part of diversified GVK group, said that it would acquire coal assets and related logistics in Australia from Hancock for $1.26 billion. (Business Standard)
IL&FS,IDFC To Exit DMICDC – IL&FS and IDFC will completely exit from the DMIC Development Corporation, transferring their combined 51 per cent stake in favour of the government-owned financial firms, according to Industry Ministry sources. The DMICDC will now be treated as a ‘deemed company’ as the majority shareholding would now be with the government and state-owned financial and infrastructure institutions. (Economic Times)
Tata Chem To Form JV With US Firms – Tata Chemicals (Soda Ash) Partners, the US-based subsidiary of Tata Chemicals, has tied up with Church & Dwight Co, Inc and FMC Corporation to form a joint venture company Natronx Technologies, LLC to manufacture and market sodium-based, dry sorbents for air pollution control in electric utility and industrial boiler operations. (Business Line)
Stemade Biotech Eyes PE Funding – Stemade Biotech, a company that has ushered in the innovative concept of dental stem cell banking in India, is setting up collection centres, labs and R&D centres abroad. It is looking at countries such as Singapore, Australia, West Asia, Malaysia, Thailand. Each such centre may cost anywhere between $8 to $10 million and it may tap private equity funds for these expansion. (Financial Express)