Gini & Jony To Raise Rs 150 Cr PE Funding – Kidswear firm Gini & Jony plans to raise up to Rs 150 crore through a private equity investor to expand the number of stores in the country. The Delhi-based company’s proposed public issue of shares could happen over the next 18-24 months. There are 235 Gini & Jony exclusive outlets in the country at present and the firm plans to add another 100 stores by March’11. The company clocked revenues of Rs 280 crore for the year ended March’10. (Economic Times)
Reliance Infratel May Sell Stake First – The Anil Ambani group may sell a stake in the debt-laden telecom towers business of Reliance Communications Ltd (RCom), seeking to improve the valuation of its flagship firm. The sale of a stake in Reliance Infratel Ltd would precede the proposed divestment of as much as 26% of RCom to strategic or private equity investors. The stake sale in the towers business would help RCom reduce some of the Rs33,000 crore of debt on its books, almost half of which can be traced back to Reliance Infratel. ()
IBM Eyes India Acquisitions – International Business Machines Corp. (IBM) is scouting for potential acquisitions in India and across the globe as it seeks to almost double earnings in five years by expanding in emerging economies and focusing on software and services. IBM has a war chest of $20 billion (Rs93,660 crore). ()
Reliance Venture To Invest $30M – Reliance Venture Asset Management plans to invest between $25 and $30 million in the next six months, after making an equal investment in the past three months. The company just made its third investment since April in a microfinance technology solutions company Gradatim IT Ventures. A person familiar with the deal said Reliance Venture has invested $7-9 million, but did not disclose the stake ADAG company now holds. (ET)
Rana Kapoor Prefers Multiple Investors Buying Rabobank Stake – Yes bank managing director and CEO Rana Kapoor would prefer if the 15.9% stake of Rabobank gets spread over two to five investors. The stake sale, at the present market value, would result in a net capital gain of $300 million for Rabobank. Speculations are rife that Dutch lender Rabobank is planning to sell its stake in YES Bank, as it plans to enter India through the branch banking route. (Business Standard)
No Plan For 2G Player Buy: RIL – Mukesh Ambani-led Reliance Industries Ltd has come out saying that there is no plan to buy any 2G player as part of its proposed foray in the telecom sector, at a time when there was speculation in the market that the firm is eyeing Venugopal Dhoot’s telecom venture Videocon Telecom. However, the company said, it was open to sharing infrastructure with Anil Ambani’s Reliance Communication Ltd. The company is also planning to invest $1 billion over the next one year, for rolling out telecommunication networks required for its newly acquired broadband venture. (BS)
IL&FS Milestone To Raise $400M Offshore Fund– IL&FS Milestone Realty Advisors Pvt Ltd, a joint venture between Milestone Capital Advisors and IL&FS Investment Managers, is raising $400 million via an offshore fund. This will be the third fund raised by the joint venture between IL&FS and Milestone Capital. The two earlier funds of the JV were domestic funds. The company has already begun roadshows in some overseas markets. It is targeting to raise $400 million, including a green shoe option of $200 million. The money will be raised from potential investors in Gulf Cooperation Council (GCC), Europe, Hong Kong and Singapore. (DNA)
Dhanalaxmi Bank To Raise Rs 350Cr QIP – Dhanalaxmi Bank, a private sector lender, is planning to raise Rs 350 crore through a qualified institutional placement (QIP), which is likely to happen by the third week of July. The bank will dilute around 23% stake in the process, and plans to utilise the fund to fuel its growth to strongly focus on the retail segment. It aims to lend at least 30% (of its total advances) to this segment by end-this fiscal. (DNA)
Oman Takes On India Over Fund Delay– India-Oman joint investment fund, which was announced way back in 2008, is getting delayed from its proposed launch, and India was made responsible for the delay. Both the countries concluded negotiations on the $100-million joint investment fund, which is expected to encourage projects between the two countries. But the Omani side feels that the fund, which was conceptualised in 2008, could have been launched much earlier. However, it is now expected to be inked soon during Oman’s minister for economy visits India next month. The visit is likely to take place from July 13 to 15. (ET)
Godrej To Focus On Consolidation – FMCG major Godrej Consumer Products Ltd is now on a consolidation drive. After four global acquisitions in a row, the company is not planning any major buys in the next two years. In the last two years, the group has doubled its FMCG turnover to over Rs 4,000 crore, and has achieved this by adopting a serious approach of pursuing growth through inorganic and organic means. The four acquisitions of Godrej include Tura in Nigeria, Megasari in Indonesia and Issue group and Argencos in Argentina. (ToI)
ADB Exits SBI Caps, Sells 13.84% Stake – Asian Development Bank (ADB), the global banking major, has exited SBI Capital Markets Limited, the investment wing of the India’s largest bank State Bank of India. ADB, which had picked up 13.84% in SBI Caps in 1997, has sold its entire stake to SBI. SBI Caps consequently has become a wholly subsidiary of the SBI. (FE)
UCO Bank To Raise Rs 500Cr In FPO – State-owned lender UCO Bank is planning to come out with a follow-on public offer (FPO) in July to raise around Rs 500 crore. The fund raise is part of bank’s plan to increase its business. The development follows the government of India’s approval to infuse Rs 375 crore into UCO Bank, along with four other public sector banks, a couple of days back. Earlier on January 30, the bank decided to issue six crore equity shares with a face value of Rs 10 each at a suitable premium for raising funds through a public offer. (BS)
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