Wipro chief Azim Premji may hike stake in JM Financial by 5%:As JM Financial awaits RBI view on its bank licence plea, market is abuzz with talks of billionaire Azim Premji buying additional 5% stake in the company that has also roped in former Citibank chief Vikram Pandit as a key investor for its banking pursuit. Premji, chairman and founder of leading IT firm Wipro, currently holds 2.9% stake as part of his individual investment portfolio in Nimesh Kampani-led JM Financial. The market sources said that the company may allot fresh shares amounting to up to 5% additional stake to the IT czar. (The Economic Times)
Private equity majors bid for $1bn SourceHOV: Private equity majors Apax Partners, Carlyle Group and Baring Asia are among the bidders who have placed initial bids to acquire business process outsourcing company SourceHOV, jointly owned by Citigroup Venture Capital International and Mumbai-listed HOV Services, said banking sources aware of the matter. The two shareholders have mandated Morgan Stanley for a sale. The initial bids have valued SourceHOV at around $1 billion. CVCI owns 65% stake, while serial tech entrepreneur Parvinder Chadha-controlled HOV Services has 27.2% interest in the company. SourceHOV was formed when India-based HOV Services acquired US-headquartered SourceCorp in 2010. HOV stake could now be valued at over $250 million depending on the deal contours. (The Times of India)
ICICI Venture infra fund may raise up to Rs 1,685 cr: ICICI Venture has secured commitments of up to $270 million (Rs 1,685 crore) for its debut infrastructure fund from potential investors, including Temasek, Life Insurance Corporation and General Insurance Corp. The private equity fund has received commitments to the tune of $150 million (Rs 936 crore) from domestic investors and another $120 million (Rs 749 crore) from international investors, including sovereign and pension funds, according to two people familiar with the development. Temasek, an investment company owned by the Singapore government, is understood to have committed $100 million to the new fund, which aims to raise $500 million (Rs 3,121 crore) as corpus. (The Economic Times)
Nilon’s looks to sell up to 49%, NRI investor Kirit Pathak may get exit option: Pune-based packaged food and pickle-maker Nilon’s Enterprises is looking to sell up to 49% to a strategic investor, three people with direct knowledge of the plans said. The sale will give its non-resident Indian investor an exit option. The company, valued at Rs 450-500 crore, has appointed investment bank Avendus Capital to scout for investors. Kirit Pathak, a London-based entrepreneur, had invested Rs 75 crore in the company in 2008. He holds 26-50% in various group entities of Nilon’s Enterprises. (The Economic Times)
Tata Power plans to raise up to Rs 5,000 crore in next 3 years: The country’s largest private power producer Tata Power is exploring various options to raise around Rs 5,000 crore ($784.6 million) in the next three years. Tata Power, which has an installed generation capacity of over 8,500 MW, has also embarked on ambitious expansion plans, including setting up projects in Vietnam and Georgia. The fund raising options include possible sale of equity. Without providing specific details. Tata Power told analysts that it would look at all funds, including debt funds but today we are quite stretched as far as date is concerned. (The Economic Times)
Former W&M owner offers to buy back firm: Within a few of days of the UK Office of Fair Trading (OFT) saying it was considering Diageo’s offer to sell of majority of the assets of Whyte & Mackay to salvage its deal with United Spirits Ltd, the company received at least one open expression of interest. Vivian Imerman, former owner of the Whyte & Mackay, has said he was willing to buy back the asset as he is scouting for spirits and beer business to strengthen his portfolio in Asia and Africa. Indian liquor baron Vijay Mallya had acquired the Glasgow-based company, selling the Dalmore, Jura and namesake scotch whisky brands, in 2007 from Imerman and his brother-in-law Robert Tchenguiz for $1.2 billion. The duo had taken full control of the Glasgow-based Whyte & Mackay during 2005. Imerman had been part of a group of investors who paid £208m for the company in 2001. (Business Standard)
FTIL is likely to sell more of its assets: Financial Technologies India Ltd (FTIL), which last week sold its Singapore Mercantile Exchange (SMX) for $150 million, is understood to be looking for buyers for more of its ventures global exchanges, as well as domestic subsidiaries. According to sources, some of these deals could be sealed in the current financial year itself. Sources in the know say, FTIL is also looking to sell its stake in the Dubai Gold and Commodity Exchange (DGCX), in which the Jignesh Shah-promoted group holds 31% equity and the Dubai government the rest. The group had last month merged two of its exchanges based abroad Bourse Africa and Mauritius’ Global Board of Trade (GBOT) as these bourses catered to a few common markets. At present, trading takes place on GBOT, while Bourse Africa has the infrastructure. This merged entity, another of the group’s assets that could be sold, was expected to fetch good valuations, sources said. Besides, FTIL is expected to lower its holding in MCX-SX, its stock exchange arm, from 10% to five per cent within three months to meet regulatory requirements. (Business Standard)
Facebook is in talks for its first acquisition in India: Social networking giant Facebook is in talks to acquire Bangalore-based product start-up Little Eye Labs. Sources close to the development said the deal was expected to be announced in the next few weeks. It will be Facebook’s first acquisition of a product firm in India. ittle Eye Labs is a start-up founded in May 2012 by four Bangalore-based programme analysis geeks – Giridhar Murthy, who has worked at Apple Inc earlier; Kumar Rangarajan, who has worked at IBM and HP; Satyam Kandula, an IIT Kharagpur alumnus; and Lakshman Kakkirala, who has also worked at IBM, besides Yahoo!. Rangarajan is currently the CEO of Little Eye. (Business Standard)
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