Ybrant Close To Buying US Firm For $200M – Ybrant Digital, a Hyderabad-based digital marketing and online advertising company, is set to acquire a US-based online services firm for around $200 million (Rs 1,000 crore). The target company is a provider of online comparison shopping, personal finance and educational services, a platform where US universities, banks and financial institutions advertise. (Economic Times)
Morgan Stanley Invests $90M In Mumbai Project – Morgan Stanley Real Estate Investing, or MSREI, has invested about $90 million (around Rs.450 crore) in a project of Sheth Developers Pvt. Ltd primarily to help the real estate firm refinance debt it had taken to buy land in Mumbai. A large residential development is coming up on the 18-acre land in suburban Andheri area. Sheth had bought the land from Borosil Glass Works for about Rs 875 crore in 2010.
DE Shaw-RIL Rework Joint Venture – The joint venture between India’s largest company Reliance Industries (RIL) and private fund DE Shaw is likely to go for a midcourse correction, less than a year after both the companies announced their JV. The JV will now primarily focus on proprietary trading business, with a focus on crude and forex trading. The joint private equity fund might also take a back seat, as both the companies feel the market is over-crowded. (Economic Times)
L&T Eyes Hexaware For Tech Arm – Hexaware’s top brass is believed to have met AM Naik in his office last week. L&T Infotech, the engineering company’s information technology (IT) arm, is exploring options of buying out Hexaware. Hexaware founder and chairman Atul Nishar and his two private equity (PE) shareholders, General Atlantic and ChrysCapital, had recently roped in investment banks Morgan Stanley and Credit Suisse to advise them on selling a majority stake in the company. (Business Standard)
Lenders May Take A Cut In Moser Baer Debt Recast – Lenders to ailing Moser Baer India Ltd have proposed to scarify about Rs 265 crore of debt, including forgoing part of the interest income, as part of restructuring the company’s debt. Commercial banks, including Central Bank of India and State Bank of Hyderabad, have credit exposure of Rs 2,000 crore in the Delhi-based company. (Business Standard)
Piramal, Future Capital Lend To Rustomjee – Ajay Piramal-promoted Piramal Healthcare and Kishore Biyani’s Future Capital have invested Rs 310 crore in Mumbai-based real estate developer Rustomjee Group. Piramal Healthcare and its non-banking finance arm, PHL Finance, have subscribed secured non-convertible debentures worth Rs 110 crore, issued by the operating entities of the group, while Future Capital has subscribed debentures worth Rs 200 crore. (Business Standard)
Hotel Leela Referred To CDR – Hotel Leelaventures, which had reported a loss for the December quarter, has been referred to the corporate debt restructuring (CDR) cell to recast debt of Rs 4,000 crore. The company’s interest cost went up five times to Rs 111.6 crore in the third quarter ended December 2011, from Rs 20 crore during the same period of the previous year. (Business Standard)
Essar Energy May Drop From FTSE100 – Essar Energy, which joined the FTSE100 blue chip share index of the London Stock Exchange (LSE) in June 2010 with much fanfare, is likely to be dropped from the benchmark this week when the quarterly index review is done on Wednesday. The FTSE100 is a share index of the 100 most capitalized companies listed on LSE. (Times of India)