March 2012
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Fabindia sells 7% stake to Premji Invest

Ethnic retailer Fabindia is understood to have sold 7% stake in the company to Azim Premji’s Premji Invest for about Rs. 125 crore to fund expansion. About a month ago, L Capital, the private equity arm of luxury conglomerate LVMH Group had also bought 8% stake in Fabindia from Wolfensohn Capital Partners. When contacted, neither Fabindia nor Premji Invest spokesperson offer any comments. Fabindia currently operates 141 retail stores across India and one store each in Dubai, Nepal and Italy. […]

Vedanta offers Rs 16K-cr to buy out govt’s stake in HZL, Balco

Sterlite Industries has offered to pay Rs 16,000 crore to buy government stakes in Hindustan Zinc (HZL) and Bharat Aluminium Company (Balco), in which the majority holding was acquired by the Vedanta group about a decade back.

“Government had asked us, if we will be interested to take its stakes in HZL and Balco. We answered in the affirmative. As per the prevailing market price, we have offered Rs 16,000 crore for buying stakes. That was in January,” Chairman of […]

Gaja Capital invests Rs 85 crore in Carnation Auto

Multi-brand car service chain Carnation Auto, promoted by former Maruti Suzuki India chief Jagdish Khattar has secured a fresh equity investment of 85 crore from Gaja Capital Partners, a Mumbai-based PE fund.

This new round of financing will enable the privately held Carnation Auto to further consolidate its independent multi-brand auto solution network as well as also scale up its newly launched certified pre-owned car program across the country.

“We are looking at rapid expansion both in the […]

Bajaj Holdings takes 3% in MCX

Rahul Bajaj-promoted Bajaj Holdings and Investment Ltd has picked a 3.06 per cent stake in the listing-bound Multi Commodity Exchange (MCX). In a notice to investors, MCX indicated Bajaj purchased 1.56 million MCX shares from Passport Capital LLC. The deal would lead to a change in the list of top 10 shareholders in the prospectus, the company added. Passport Capital, which operates as a hedge fund, was the fourth largest shareholder in the company with 2.5 million shares or 4.9 […]

Rapid Nutrition to pick up 74% stake in Cheminnova

Australia-based Rapid Nutrition, a natural healthcare company, has entered into a joint venture agreement with in city-based Cheminnova Remedies. According to the JV understanding, Rapid Nutrition will pick up 74% of Cheminnova stakes in the next 24 months, through a special purpose vehicle of the Australian company in India, said Vasudeva Rao, managing director, Cheminnova. “The current holding of promoters is 100% and Rapid Nutrition will hold 74% equity in 18 to 24 months time and we will end up […]

Gitanjali Gems close to 2nd China buy

Gitanjali Gems, India’s largest jewellery retailer, is close to acquiring a jewellery retail company in China and hopes to announce a deal in the next 2-3 months, a top official said. In December 2011, it acquired Hong-Kong based jewellery manufacturing company Crown Aim, but has so far not disclosed the financial details of the deal. We are looking at another company in China as that market is very attractive for us, Abhishek Gupta, head of corporate strategy, said in an […]

Norway Sovereign-Wealth Fund Cuts Stake in India Infra Firms

Norwegian sovereign-wealth fund Norges Bank Investment Management has cut its stake in three Indian infrastructure companies including IVRCL Ltd. and Lanco Infratech Ltd. in the past two weeks, stock exchange filings showed Tuesday. Norges Bank Investment has reduced its holding in IVRCL to 6.39% from 7.61% by selling shares on the open market and in Lanco Infratech to 4.93% from 5.97%, the fillings showed. It has also marginally cut its stake in NCC Ltd. to 5.51% from 5.57%. IVRCL and […]

Nalanda Capital increases stake in MindTree to 11.19 per cent

Singapore-based private equity firm, Nalanda Capital increased its stake to 11.19 per cent in Mindtree.

The PE firm, Nalanda already had a stake of 8.84 per cent in Mindtree. Nalanda India Fund and Nalanda India Equity Fund purchased the stake of 2.85 per cent through open market. Although the price of acquisition was undisclosed, the market price on Wednesday was Rs 464 per share.

The announcement coincided with the elevation of vice-chairman Subroto Bagchi as chairman of Mindtree, replacing the […]