Private equity firm Warburg Pincus is in talks with peers such as Carlyle, KKR and Barings India to sell its 29% stake in software outsourcing firm WNS Global. “The private equity funds have recently started the formal due-diligence to put in bids by the first week of February,” said one of two persons with direct knowledge of the development. “Warburg Pincus, the largest shareholder in WNS, is seeking a 50% premium to the current market value,” said the other.
IndiaHomes to invest $20 million,to foray into loan servicing business: Real estate brokerage firm IndiaHomes will be investing $20 million through private equity infusion over next two years to fund its foray in home loan servicing as well as to expand geographical reach, a top company executive has said. “$20 million will be raised through private equity infusion. We are likely to close a deal in this regard soon. This will also be with an international firm,” IndiaHomes Managing Director Samarjit Singh said, without disclosing the name of the firm. (The Economic Times)
Ratnakar Bank to strengthen capital base: Ratnakar Bank aims to strengthen its capital base in the next couple of months as it prepares for the next phase of growth. The bank plans to raise up to Rs 300 crore from a group of domestic and international private equity investors to finance its entry into new geographies, expansion of branch network and product portfolio. The bank has already received an approval from the Foreign Investment Promotion Board to raise funds through preferential equity allotment to foreign institutional investors, foreign residents and non-resident Indians. It has also taken permission to increase the foreign holding in the bank to 55 per cent of the paid-up capital from 43 per cent now. The RBI has also cleared the proposal. (Business Standard)
Canbank VC to deploy big part of Rs 500 cr corpus in 2013: Canbank Venture Capital Fund Ltd, the wholly-owned subsidiary of Canara Bank, is set to deploy a major portion of the present fund — Emerging India Growth Fund (EIGF) during 2013. S Thiruvadi, MD, Canbank Venture Capital Fund, that with certain changes in the investment guidelines, the fund now focuses on investments in the range of Rs 10-25 crore in the mid-corporate and SME segments. The fund has so far invested around Rs 100 crore and should be touching the Rs 180-crore mark by March 2013 and expects to invest the balance fund during the year, Thiruvadi added. (Business Standard)
eBay Inc snaps up a deal with Snapdeal: eBay Inc. is negotiating to pick up a significant stake in online retailer snapdeal.com. “Ebay is looking to make a strategic investment in Snapdeal, a move that is expected to help both sides,” a source told HT. Details of the transaction are still being worked out, but sources said it will likely be carried out through eBay’s Indian arm and structured in a manner that it does not violate the current norms prohibiting foreign investment in online retailers.
Punj Lloyd makes counter bid for Australia’s Macmohan Holdings assets: Engineering and construction company Punj Lloyd, through its Singapore-based subsidiary Sembawang Engineers and Constructors, made a counter offer to purchase construction assets of Macmohan Holdings, an Australian mining and construction company for A$25 m, A$5 m more than rival Singapore-based Leighton offered. The Sembawang spokeswoman said the purchase will be funded from the cash on Sembawang’s balance sheet. (The Economic Times)
Lodha Group to Sell Lower Parel Project Through IPO Model: The Mumbai-based Lodha Group is using an innovative IPO allotment-like automated algorithm system to sell apartments at its latest 17.5 acre premium project at Lower Parel in central Mumbai. This type of draws to sell residential apartments is nothing new and government agencies like MHADA and DDA have done it for years in the past. But this is for the first time that a private builder has adopted this strategy, and in this case, for high-end premium apartments. (The Times Of India)
Government shortlists Goldman Sachs, 5 others for NTPC share sale: Sources: The government has shortlisted six banks Deutsche Bank, SBI Capital Markets, Kotak Mahindra Capital, Goldman Sachs, Citigroup and Morgan Stanley, for a selldown of 9.5% state shares in power producer NTPC Ltd. India’s cabinet approved a 9.5 percent stake sale in NTPC in November to help rein in its ballooning fiscal deficit. At current market price, the sale could raise as much as $2.3 billion for the government.
LIC Housing plans to raise up to Rs 1,000 cr via ECBs: LIC Housing Finance Limited, promoted by state-run insurance giant LIC, is mulling raising Rs 700-1,000 crore through External Commercial Borrowings (ECB), said Chief Executive V K Sharma. Sharma said a committee comprising senior officials of the company has been formed, which is in touch with the apex bank on the ECB issue. Last month, the Reserve Bank of India allowed real estate developers and housing finance companies to raise up to $1 billion through external commercial borrowings in the current fiscal to promote low-cost housing projects. (mydigitalfc.com)