Ambit Pragma Raises $77M For Fund II – Ambit Pragma on Monday raised $77 million through its new fund Ambit Pragma Fund II. The fund anticipates a final close by March 2013. The total size of the fund is around $150 million. CDC and IFC, existing investors from Fund I anchored the new fund, and new institutional investors Unilever and DEG have also committed to Ambit Pragma Fund II. Ambit Pragma Fund II is a small cap buyout and growth capital fund. (Economic Times)
Munjal Makes Three Sons’ Stake Equal In Hero Promoter Co – The Brij Mohan Lall Munjal-led Hero Group has initiated a process to restructure family shareholding in two promoter firms of the country’s largest two-wheeler maker, Hero MotoCorp Ltd. After the restructuring, B M Munjals’ three sons will have equal holding in the promoter firms, Hero Investment Pvt Ltd (HIPL) and Bahadur Chand Investments Pvt Ltd (BCIPL). Bain Capital and GIC Singapore will have 19.81 and 8.56 per cent stake, respectively. (Business Standard)
Wipro Eyes Over $1B In Acquisitions – Wipro Ltd is seeking to make more than $1 billion in acquisitions over the next 18 months, adding intellectual property and software to help boost profit. India’s third largest computer-services provider is targeting deals between $50 million and $300 million, though it’s not a hard cap.
Warburg Pincus Close To Buying Future Capital – US-based private equity (PE) firm Warburg Pincus is close to buying out Kishore Biyani-controlled Pantaloon Retail India’s (PRIL) stake in non-banking financial company Future Capital Holdings (FCH). Warburg Pincus is now a front-runner after PE firms Bain Capital, Kohlberg Kravis Roberts and Blackstone stepped aside, citing high valuations. Media firm Deccan Chronicle Holdings is also understood to be in the reckoning. (Financial Express)
Everstone Buys Stake In R&R Salons – Private equity firm Everstone Capital has acquired a significant stake in R&R Salons, a Bangalore-based company that operates the YLG salon chain. The fund will initially invest Rs 60 crore and will subsequently increase it up to Rs 109 crore ($20 million). The investment will come from Everstone Capital Partners II, a $580-million fund that the PE firm is currently investing from. (Economic Times)
BHEL Scouts Consultant For Merger – State-owned utility BHEL is scouting for a legal consultant for its proposed merger with Bharat Heavy Plate and Vessels. The terms and conditions and scope of work to be performed by the advisor include instructions to bidders, scope of work and so on. (Economic Times)
CIL, NTPC To Exit ICVL – International Coal Ventures is set for a restructuring following NTPC and Coal India’s intent to exit from the consortium, but existing members would prefer sharing stakes among themselves than inducting a new partner. (Business Standard)
Alok Sells Office Space For Rs 425Cr – Alok Industries Ltd, one of India’s largest textile firms, has sold eight out of the 20 floors in an office building in Mumbai’s Lower Parel area to various firms. It sold around 252,000 sq. ft of prime office space in tower B of the Peninsula Business Park for about Rs 425 crore, at an average of Rs.17,000 a sq. ft. Alok in early 2011 said it wanted to exit its real estate portfolio largely to reduce its Rs 11,000 crore debt.