Infrastructure Development Finance Corporation (IDFC) will buy Standard Chartered Mutual Fund. IDFC will pay $205 million (Rs 830 crore), way above $135 million (Rs 542 crore), the amount offered by UBS for the AMC in January last year. Standard Chartered has agreed to sell Standard Chartered Trustee and Standard Chartered Asset Management, including the local minority shareholders. The UK major has a 74.9% stake in the AMC with the remaining being held by Atul Choksey, the former co-founder of Asian Paints. The consideration is before deductions of local taxes and deal expenses. ET had on Thursday reported that IDFC and Shinsei were ahead in the race. StanChart regional CEO (India and South Asia) Neeraj Swaroop said: “We will concentrate on the distribution side of the business.” This means the bank will continue to sell products of other fund houses. IDFC CEO Rajiv Lall said: “This is in line with our wider strategy of broadening our footprint in the asset management business and diversifying our fee-based revenue streams.” […]

Yes Bank has announced that it would be raising up to Rs 1,100 crore in 2008-09, through a combination of debt and equity routes. While the bank would look at raising anywhere between $150-170 million through a qualified institutional or private placement between April and June. The balance amount would be raised through multiple tranches in the debt market later by September. YES Bank has already entered into talks with banks and private equity players to effect this fund-raising. Under the equity issue, the bank will be issuing 20 million fresh shares to the new investors, diluting the promoters’ stake further by 6.3%. Speaking to mediapersons on the sidelines of a press conference, YES Bank managing director and CEO, Rana Kapoor said, “Global Orients, a Singapore-based financial institution led by Richard Chandler picked up a 4.99% stake in the bank in December, for Rs 331 crore. We are now in talks with investment arms of two multinational banks, one which already has presence in India. We are also in discussions with few private equity arms and are looking at a strategic investor, not a strategic partner.” Mr Kapoor added that the funds raised would be used for setting up new branches, as the bank is targeting to have 250 branches in place by 2010. It would also help the bank raise the exposure limits both for single and group borrowers, he added. […]

Jet Airways promoter, Mr Naresh Goyal, would offload five per cent of his equity in the airlines before the end of this month to a private equity player, a top company official said. “Mr Goyal is targeting to dilute five per cent before the end of this month,” Jet Airways senior general manager Mr KG Vishwanath said. “We are talking to five to six private equity players. They include both national and international players,” he said. Mr Naresh Goyal holds 80 per cent in Jet through Tail Winds. According to Sebi guidelines, his stake needs to be bought down to 75 per cent. Once the dilution of five per cent stake takes place, Jet would go ahead with its $400 million rights issue. (The Statesman) […]

Advanta India Ltd has acquired Texas-based Garrison & Townsend, LP, (GT) Hereford, for $10.5 million. Announcing this to the Bombay Stock Exchange (BSE) on Tuesday, an official communiqué from the company stated that GT has strong presence in Sudan vis-à-vis the cultivation and marketing of sorghum species of grasses, used for growing grains and fodder. The release states that in Sudan, about 67 per cent of revenue arising out of the cultivation of sorghum is carried out by GT. […]

The Manipal group is close to acquiring a substantial stake and management control in Kochi-based Lakeshore Hospital, a super-specialty medical centre and a pioneer in medical tourism initiatives. Sources said Manipal is likely to pick up around 40% stake for about Rs 100 crore, thus putting up a tough fight against Thailand’s healthcare tourism major Bumrungrad and at least two private equity players. The deal is yet to be ratified by the board of Lakeshore Hospital, which was originally conceived almost a decade ago by a group of senior medical professionals. It is believed that Manipal Health Systems, a part of Manipal Education and Medical Group (MEMG) which operates a chain of tertiary- and secondary-care hospitals, has emerged as the front-runner to acquire the stake in Lakeshore. Nevertheless, interest from Bangkok-based and public-listed Bumrungrad International shows the growing importance of South India on the medical tourism map. The multi-specialty Lakeshore is one of the few hospitals to have air, water and surface ambulance services. […]