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Deal values ICICI’s insurance, MF business at $10 bn. ICICI Holdings, which will control the insurance and mutual fund business of ICICI Bank, will go in for private placement of a 5 per cent stake to raise around $500 million. It has appointed JP Morgan as the financial advisor. ICICI Bank was looking at valuing ICICI Holdings at $10 billion, sources said. Vishaka Muley, chief financial officer of the group, refused to comment on the development. […] Standard Chartered Bank is all set to acquire 49% strategic stake in UTI Securities from Securities Trading Corporation of India (STCI) for nearly Rs 140 crore. The deal, that values the UTI Sec at Rs 280 crore, is set to be inked by the end of the week, market sources said. The deal values the company about Rs 15 crore higher than Rs 265 crore that STCI itself had paid when it bought the UTI Sec from its founder-promoter, Specified Undertaking of the Unit Trust of India (SUUTI) in April 2006. Under the terms of the deal, Standard Chartered Bank will have the option to buy another 25% from STCI after a year. […] The Chatterjee Group (TCG) is looking to set up a $450-500 million private equity fund for investments in real estate. The group, headed by Purnendu Chatterjee, which has investments worth $2.5 billion in several sectors, including technology, BPO and infrastructure, also has a stake in the $1.2-billion Haldia Petrochemicals. This will be the company’s first dedicated PE fund for its India investments. “The fund has already seen a first closing of $100 million and we should touch $450 million to $500 million by June end,” said a company source. […] Citigroup Inc.'s private equity arm Citigroup Venture International is one of the parties keen to buy a stake in private Indian retail brokerage firm Sharekhan Ltd., the Business Standard reported, quoting a source close to the development. Others interested in … […]
Sequoia Capital has entered into a deal to sell its stake in back-office firm Firstsource Solutions Ltd. to the Khemkas for $40 million, an Economic Times report said quoting unidentified sources. Sequoia held 9.17 percent stake in Firstsource as on … […] High end telecom products manufacturer, Kavveri Telecom Products Ltd, has acquired Canada's DCI Digital Communications, a Canadian company that specialises in Radio Frequency Interference (RFI) products which reduce interference problems in the 30 MHz to 6 GHz range. The products … […] Leading biotech company Avesthagen and French plant breeding major Groupe Limagrain on Wednesday said they have jointly acquired majority stakes in two Indian seed companies. The two partners said that they will hold majority stake in Hyderabad-based integrated field crop seeds company Swaghat Seeds Pvt Ltd and Bangalore-based vegetable seeds company Cee Kay Seeds and Seedlings Pvt Ltd. […] Two years after ICICI Ventures acquired ACE Refractories (formerly known as ACC Refractories), in what was the largest leveraged buyout by a private equity fund in India during that time, it is understood that the fund has now put the company on the block. A source told TOI that two international funds and two global players in refractories have shown interest in ACE Refractories. It is learnt international biggies Goldman Sachs, Carlyle, RHI and Calderys have offered to buy the company as rapid growth in the domestic market continues to lure foreign firms. […] The government’s decision to restrict the number of sectors for which domestic private equity funds can claim pass through status for tax purposes has begun to impact PE deal flow. In April, the first month in which the new norms … […] The ICICI Group-incubated Financial Information Network Operation (FINO) is about to close its first round of fundraising, worth about $20 million, by the end of month. Besides International Finance Corp (IFC), the private-equity arm of World Bank, a clutch of … […] |