After getting a mandate to manage the recently floated Dalit Venture Fund, the Varhad Capital Group plans to float two more, one for funding women entrepreneurs and another for affordable housing. Each of these is to have a corpus of $100 million. The focus of the Varhad Group is on the impact investment segment. The firm has three entities Varhad Investment Managers, Varhad Capital and Varhad Financial Consultancy Services. The affordable housing fund would invest in developers and companies that build houses valued up to Rs 25 lakh each. It might also invest in non-banking finance companies giving loans to people to buy such homes. (Business Standard)
Shriram Life may bid for HSBC’s 26% in Canara JV: Shriram Life Insurance is eyeing HSBC’s 26% stake in Canara HSBC Life Insurance. The Hyderabad-based life insurer sees the company promoted by banks as a complementary fit to its business, which is concentrated in the south at present with focus on small-ticket policies. HSBC has decided to exit its life insurance business in India as part of its global strategy. The company is the foreign investor in a three-way joint venture with Canara Bank and Oriental Bank of Commerce. (The Times Of India)
RMZ forks out Rs 130 crore to buy GMR’s 2 acres: Infrastructure major GMR would sell the two acre land meant for its corporate headquarters for nearly Rs 130 crore ($23 million). GMR has entered into preliminary agreements with developer RMZ Corp to divest the land in Hebbal. GMR had acquired the plot, on the way to the Bengaluru International Airport, five years ago to build 15-storey headquarters. The company, which wants to pare its $5-billion debt this fiscal, has discussed deals to divest non-core real estate and infrastructure assets. The strategy would also involve sale of road projects. The infra conglomerate is close to finalizing a deal to sell its 305-key airport hotel in Hyderabad for Rs 250 crore ($44.2 million). (The Times Of India)
Social network plans 10% stake dilution to venture capitalists: Social network worldfloat.com’s promoters are in talks with venture capitalists in the US to dilute a 10% stake for around $3 million (Rs 17 crore). The company was launched in June 2012. The firm has reached a user base of 10 million from 62 different countries. The total value of portal is estimated at $300 million. (Business Line)
OIL plans to pick 49% in Assam co for Rs 230 crore: In a strategic move, Oil India Ltd (OIL) is set to acquire 49% equity in Assam Petrochemicals Ltd (APL), credited to be the first company in India to manufacture petrochemicals using natural gas as feedstock. A deal with the Assam government, which holds majority stake in the company through Assam Industrial Development Corporation Ltd (AIDC), is likely by October. The Assam government currently holds 88.2% stake in the AIDC, while domestic institutions and others hold the remaining stake. The company is in the process of de-listing from BSE to take forward the procedure for stake sale. (Business Standard)
Heidelberg Cement gets shareholders nod to raise up to Rs 2K crore: HeidelbergCement India Ltd. is looking to raise up to Rs 2,000 crore ($353.7 million) through borrowings. The shareholders had approved the proposal at its annual general meeting that took place on May 16. The company, which recently decided to sell its 0.6 million tonnes per annum (mtpa) cement grinding facility in Raigad to JSW Group, has a capacity to produce five mtpa cement in India. (The Economic Times)
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