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Panoramic to raise up to Rs 100 cr via stake sale

Hospitality major Panoramic Universal today said it is in talks with a couple of private equity players and a strategic investor to raise up to Rs 100 crore by offloading stake to part-finance acquisitions of three-star and four-star hotels in India. “A couple of private equity investors and a strategic investor have evinced interests in acquiring stake in the company. We are in discussions with them but, no decision has been taken yet,” Panoramic Universal's Senior Vice President (Finance & Operations) Utpal Parekh told PTI. Declining to reveal the identities of the interested parties in acquiring stake in the company, Parekh said that Panoramic Universal intends to raise Rs 75-100 crore through equity dilution. […]

PE firms shift focus to growth-oriented sectors

Private equity (PE) players are bullish about deal flows following the strong election mandate and expect the focus to be on growth-oriented sectors and improved sentiments in the equity market to provide an exit option. “India is predominantly growth capital market for private equity players. The case for India now becomes even more compelling with political stability. The valuations need to be looked in the context of growth quantum of earnings in future and certainty of achieving that. In a stable economic environment and moderate interest regime, the risk appetite does look up,” Bharat Banka, managing director and chief executive officer, of Aditya Birla Private Equity, said. Gaurav Malik, managing director of Olympus Capital Holdings Asia agreed and said conditions have improved since March, as negative news flow has stopped. […]

USE picks up 10% stake in International Multi Commodities Exchange

The United Stock Exchange of India (USE) has picked up 10% stake in International Multi Commodities Exchange (IMCE), the new commodity futures exchange, promoted by Indiabulls and Minerals and Metals Trading Corporation (MMTC) for an undisclosed amount. With this, IMCE has achieved closure of its entire capital structure of Rs 100 crore as per the latest ownership guidelines of the government. This is the first commodity bourse in India to conform to the revised ownership criteria which mandates participation of public sector units/co-operatives and also a more diversified shareholding pattern. […]

Share Microfin set to raise Rs 250 crore through PE route

Share Microfin, a regulated microfinance institution, is looking to raise close to Rs 250 crore through the private equity route. The Hyderabad-based company started in 1989 and having close to 2 million clients spread over 16 states in India, has made a total disbursement of Rs 5,100 crore with an outstanding portfolio of Rs 1,100 crore. According to recent statements from the company it has plans to reach out to more than 15 million clients in 20 states with a total disbursement of Rs 39,610 crore in the next four years. Share broadly follows the Grameen operating model and lends mainly to women joint liability groups. The company has diversified its product range and is now offering individual loans for micro enterprises as well as personal loans. The company is also offering non-credit based services including money transfer, credit life insurance and health insurance. […]

PTC India plans PE fund for power projects

PTC India is planning to form a private equity fund for power projects through money raised via a qualified institutional placement of shares, its top official said on Thursday. The company recently raised 5 billion rupees through qualified institutional placements (QIP) and part of this money will be an anchor for the PE fund, Chairman and Managing Director T N Thakur told Reuters over the telephone. “We will try to leverage it either through equity syndication or through setting of a fund…most probably we will go with a fund route,” he said. […]

Oman Oil seeks to buy 26-per cent stake in BPCL's Bina refinery for $250 million

Oman Oil Company (OOC), the Gulf nation's national oil company, has sought to increase its 2 per cent stake in Bharat Petroleum Corporation's Bina refinery project to 26 per cent, for about $250 million. OOC has so far invested Rs75 crore in Bharat Oman Refineries Ltd (BORL), a joint venture with Bharat Petroleum, which is building a six million-tonne-a-year refinery at Bina in Madhya Pradesh, at a cost of Rs10,400 crore. “We want to increase our equity (in the project) to 25-26 per cent. We are in discussions with BPCL,” Omani oil minister Mohammed bin Hamad Al-Rumhy said. BORL was originally planned as a joint venture in which BPCL and OOC will hold 26 per cent stake each, with the remaining going to the public and strategic investor. […]

IDFC to close infra fund in 2 weeks

Infrastructure Development Finance Company (IDFC) will complete the process of raising funds for its India Infrastructure Fund (IIF) in a fortnight, said Vikram Pant, managing director, IDFC Project Equity, which manages the fund. IIF, which currently has a corpus of $925 million, is eyeing the $1 billion mark. “But even if we don't reach that figure, we will close the fund in two weeks,” said Pant. He said IIF is neck-deep in investments and doesn't want to focus on fund-raising now. Pant had earlier told DNA Money, “There is so much more value now in investing than in raising funds.” The equity-only fund's original target was $1.2 billion. Pant said IIF has committed nearly $270 million of the corpus. […]

IFC to invest $1 bn in India next fiscal

International Finance Corporation (IFC), the World Bank's lending arm, on Tuesday said it plans to invest close to $1 billion (about Rs 5,000 crore) in India in the next fiscal (July 2009-June 2010). “One billion dollar in India as a whole was done in the last year (July 2007-June 2008). This fiscal also we expect to do about the same amount…I think we would remain at the one billion dollar figure more or less for the next one or two years,” IFC South Asia Manager-Infrastructure Advisory Vipul Bhagat said. He further said that IFC is focused on investing in the country's infrastructural projects and close to 50 per cent investment would be in this sector. […]

KK Modi Group to acquire 10.83% stake in Godfrey Phillips India

The KK Modi Group has decided to acquire 10.83% stake in Godfrey Phillips India (GPI) from joint venture partner Philip Morris. The deal is estimated to be in Rs 100-125 crore range. Post acquisition, the deal will bring down US-based tobacco giant Philip Morris' stake in the joint venture to around 25%, while making the Indian business group the single-largest shareholder in the listed firm with 47% stake. GPI sells cigarette brands such as Four Square, Jaisalmer and Red & White. […]

Morgan Stanley buys 7.68% stake in Indiabulls Real Estate

Foreign fund house Morgan Stanley has acquired 7.68 per cent stake in Indiabulls Real Estate for about Rs 570.18 crore, through qualified institutional placement (QIP) route. Morgan Stanley & Co International through its various investment arms has acquired over three crore shares, representing 7.68 per cent stake in the realty firm, Indiabulls Real Estate said in a disclosure on the Bombay Stock Exchange. Last week, the company had said it would issue shares on institutional placement basis at the rate of Rs 185 a piece. […]