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Infosys makes $80 mn pitch for Aviva's BPO units

IT major Infosys is learnt to be eyeing UK-based Aviva’s offshoring centres in Bangalore and Colombo as well as its two Pune facilities that are currently operated by WNS and EXL under the build-operate-transfer (BOT) model. The deal is expected to be in the range of $75-80 million. The Colombo and Bangalore units are now run by Aviva Global Services (AGS)—Aviva’s global BPO and IT offshoring arm. The two Pune facilities were to be transferred to AGS in January 2008. But Aviva, UK’s largest insurance provider, recently deferred its decision to repossess the centres by a quarter to April 2008. “We can confirm that we have decided to defer the transfer of Pune by three months and we are taking the opportunity to thoroughly review the options available to us around our offshoring capabilities. Aviva continues to remain fully committed to maintaining its offshore operations and is proud of what has been achieved. Aviva Global Services will continue to play a key role in supporting the UK businesses,” said an Aviva spokesperson. [...]

Tayals likely to cut BoR stake to 25%

The Tayals, the promoters of Bank of Rajasthan (BoR), are likely to bring down their stake in the 64-year-old private bank to around 25% from the current 43.9%. The bank is likely to go in for a series of preferential allotments to Indian and overseas investors. Private sector bank promoters have been under pressure to bring down their stakeholding in the bank to 10%. The board of BoR on Friday issued 2.35 lakh shares and warrants to investors, including BNP Paribas and Avenue Capital Group. They include 65 lakh shares at Rs 200 per share to Glasia Mauritius II (Avenue Capital Group), 70 lakh shares to BNP Paribas at Rs 200 per share, 35 lakh warrants to Naman Developers at Rs 202 per warrant and 65 lakh warrants to Darashaw & Company for Rs 202 per warrant. The bank would garner Rs 471 crore through the fresh issue of shares. The bank had earlier issued one crore shares at a price of Rs 166.75 per share on a preferential basis to Indus Capital Partners LLC New York and Max India. In recent months, the RBI has been pressurising private banks to bring down their promoter holding. Promoters of Dhanalakshmi Bank — another old private sector bank — have also bought down their holding from 37% in June-end to less than 10% by September. [...]

3i picks up stake in Hyderabad firm for $101m

3i India Infrastructure Fund, part of the London-based private equity and venture capital company 3i Group Plc, has invested $101 million (Rs 398 crore) in Hyderabad-based infrastructure company Soma Enterprise. Though the companies have not disclosed the exact stake the fund picked up, Avinash Bhosale, joint managing director, Soma Enterprise said, “3i has got minority stake; the stake figure is in mid-teens (between 13% and 17%).” This figure values the company at over Rs 3,400 crore. Soma will use the money for expansion. “We will invest the money to further build capacities to undertake bigger projects. This includes buying infrastructure machineries,” Bhosale. Hyderabad-based Rajendra Prasad Maganti and his family owns majority stake in the infrastructure firm. Pune-based flamboyant real estate developer and hotelier Avinash Bhosale is the other promoter. [...]

Goldman, Macquarie to pick up 20% each in PTC arm

PTC India Financial services, subsidiary of PTC India, will immediately get Goldman Sachs Strategic Investments and Macquarie Securities Asia on board as `strategic financial partners`, reports Business Standard. The companies will pick up 20% each in PTC Financial Services, a non-banking finance company (NBFC). The total investments will be Rs 500-600 million, including a premium of Rs 3-5 on a face value of Rs 10 a share. `FIPB has already given its approval for this investment. We are now finalizing the shareholder's agreement,` said a senior PTC executive. PTC India will continue to hold the remaining 60% stake in the NBFC. [...]