July 2007
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IFCI gets Board nod for 26% stake sale

The country’s oldest financial institution, IFCI, will invite bids later this month for the sale of 26% stake to a strategic investor. “We will float global advertisement for inviting bids for strategic sale of stake in the next 10-15 days,” IFCI chief executive officer R M Malla told PTI here. The board has given approval to preliminary information memorandum prepared by Ernst & Young in consultation with IFCI, he said. The memorandum lays down the criteria for selection of bids, he said. E&Y would help IFCI in carrying out modalities related with stake sale. On whether the partner would be domestic or foreign player, Malla said the path has been laid out for the induction of a strategic partner, which could be local or global investor. […]

NEA-IndoUS raises $189.4 mn

NEA-IndoUS Ventures, the India-focused VC fund promoted by Vinod Dham, the father of the Pentium chip, Vani Kola, Silicon Valley entrepreneur & Kumar Shiralagi, the former head of Intel Capital in India, has just closed with $189.4 million in the kitty. “We had a target of $150 million and a cap of $200 million for the fund,” Vinod Dham, founder and executive MD, NEA-IndoUS Ventures, told ET from Silicon Valley. The fund for which co-founder and MD Vani Kola moved to Bangalore from Silicon Valley last year, has been set up in partnership with one of the world’s biggest PE & VC firms — the Menlo Park-based New Enterprise Associates (NEA) that has a committed capital of over $8.5 billion across 13 funds. […]