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Amas Bank buys 40 pc stake in Chennai broking firm

Hinduja Group owned, Amas Bank has acquired 40 per cent stake in Chennai-based broking firm, Patco Investments and Consultancy Services for an undisclosed sum. The acquisition has come as part of the bank's strategy to expand its presence in the Indian capital markets and would help the lender to build access to onshore wealth management and corporate advisory services, the bank said in a press statement issued here today. Patco has operations in stock broking, derivatives trading, portfolio and wealth management, NRI services, government securities, advisory and investment banking services. […]

CRISIL to sell 90 pct stake in UK unit

Credit rating agency CRISIL Ltd said on Wednesday it would sell 90 percent stake in its UK subsidiary, Gas Strategies Group Ltd, to the management of the firm for an undisclosed sum. The UK firm provides consulting, training and information services for the international energy business. CRISIL would retain 10 percent stake in the company, which contributed 10 percent of the CRISIL Group's consolidated revenues for the nine months to September, it said in a statement. […]

US venture capital firm Mayfield raises debut fund for India

Silicon Valley venture capital firm Mayfield Fund has established a new vehicle, Mayfield India I, its first fund dedicated to investments across India. Commitments of $110m have been received.The fund will focus on mid-market companies in the technology, infrastructure and consumer sectors. The India team has so far invested in six India-domiciled companies: technology providers Tejas Networks and Paymate, consumer service providers Consim Info and Genesis Colors and infrastructure providers Geodesic Systems and Servomax. […]

FTIL acquires 60% equity in Bourse Africa

The Financial Technologies India (FTIL) group has inked a deal to acquire 60 per cent stake in Botswana-based Bourse Africa. The latter has been licensed by the Botswana government to set-up a spot and/or derivative multi-asset exchange for trading in commodities, currencies, bonds and diamonds. The remaining equity in Bourse Africa will be held by other African financial institutions, banks, global multi-lateral developmental ventures, exchanges and other strategic investors. The exchange will offer participants an efficient, cost-effective and secure trading platform, supported by a world-class regulatory framework of the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) to ensure market integrity, systemic stability and investor protection, a statement issued by FTIL said. […]

IL&FS raises $895 mln realty fund

Indian private equity firm IL&FS Investment Managers Ltd has raised $895 million for a new realty fund, tapping global investors despite the global financial turmoil and falling property markets. The firm, one of India's oldest private equity players, is also pulling money together for the first tranche of an Asia infrastructure fund, which it hopes to close in about a month, Archana Hingorani, chief executive told Reuters in an interview. The realty fund, the second IL&FS fund focussed on the real estate sector, exceeded its initial target of $750 million. It has commitments from two sovereign wealth funds, U.S pension funds and university endowments, she said on Tuesday. […]