Two former bosses of multinational banks, Vikram Pandit of Citi and John Mack of Morgan Stanley, are among a few high net-worth individuals co-investing with Indian private equity fund GTI Capital, to purchase stake in Indian companies. The private equity fund, which started with $75 million capital in 2011, now will have $375 million committed from 15 overseas investors, including Mitsui Corporation of Japan. These investors will put in money when GTL identifies target. GTI had invested roughly $100 million in Delhi-based Samhi Hotels, $20 million to buy out investors CDC and Actis in auto component maker Sandhar, $25 million in an aircraft maintenance company Airworks and $5 million in Brattle Foods, along with steel baron Laxmi Mittal. (The Economic Times)
Kotak Mahindra group eyeing takeover targets in financial services sector: Looking to further expand operations, Kotak Mahindra group is looking for potential acquisition targets in banking, asset management, broking and other areas of the financial services sector and hopes to strike a deal this year. The company is looking domestically for potential acquisition targets. (Business Line)
Helion Venture Partners in talks to invest in security software company Seclore Technology: Venture capital firm Helion Venture Partners is in talks to invest in security software company Seclore Technology, which was incubated at IIT Bombay. If the talks are successful, Helion will invest about INR 19 crore ($3.5 million) in the Mumbai-based company, with existing investor Ventureast expected to put in an additional INR 13.6 crore ($2.5 million). At the end of this round of funding, the two institutional investors could own about 35% of the company. (The Economic Times)
PI Industries plan to raise INR 100 cr to fund expansion plans: PI Industries Ltd. is looking to raise about INR 100 crore ($18.56 million) by diluting 5% stake in the company. The company has received the approval from the board to raise up to INR 150 crore ($27.85million). Currently, the promoters hold 63.5% stake in the company. The firm is also planning for acquisitions. (The Economic Times)
NHPC proposes to exit from National Power Exchange: NHPC (formerly National Hydro Electric Power Corporation) has proposed to exit from the National Power exchange (NPX) in view of the change in market conditions. NHPC’s move comes on the heels of another promoter, NTPC, deciding to exit from the NPX. Currently, NTPC, NHPC and PFC hold 16.67% stake each, while the remaining 50% is held by TCS, BSE, IFCI, Meenakshi Power and DPSC. The promoters had entered into a joint venture agreement on September 3, 2008 and the NPX was incorporated on December 11, 2008. (Business Standard)
RIL to raise up to $500 mn in perpetual bonds: Reliance Industries Ltd. is looking to raise up to $500 million (INR 2,701 crore) through perpetual bonds from investors abroad to fund its petrochemical expansion and oil and gas exploration activities in India. The company is expected to price the bonds at six per cent, which can be bought back by the company after five years. The firm is sitting on a cash pile of INR 75,000 crore and is using the low interest rates in the markets to cut costs of its debt. (Business Standard)
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