Indiabulls Wholesale Services, the retail arm of Indiabulls Real Estate, has acquired Piramyd Retail, a company owned by the Ashok Piramal Group which runs 35 neighbourhood retail stores and seven lifestyle stores. Indiabulls Wholesale has acquired 63.92 per cent stake in Piramyd Retail at an enterprise value of around Rs 208 crore, said sources close to the deal. It will be making an open offer over the weekend to acquire an additional 20 per cent of the fully diluted paid-up capital of Piramyd Retail, at Rs 74.73 per share. Thus, it would shell out Rs 174.55 crore for 84 per cent stake in the company. Piramyd runs a lifestyle retail (Piramyd Megastore) and convenience store chain (Trumart) with 42 stores spread over 10 lakh square foot of retail space in states like Maharashtra, Gujarat, Rajasthan, Delhi, Punjab and Madhya Pradesh. […]

The Tayals, the promoters of Bank of Rajasthan (BoR), are likely to bring down their stake in the 64-year-old private bank to around 25% from the current 43.9%. The bank is likely to go in for a series of preferential allotments to Indian and overseas investors. Private sector bank promoters have been under pressure to bring down their stakeholding in the bank to 10%. The board of BoR on Friday issued 2.35 lakh shares and warrants to investors, including BNP Paribas and Avenue Capital Group. They include 65 lakh shares at Rs 200 per share to Glasia Mauritius II (Avenue Capital Group), 70 lakh shares to BNP Paribas at Rs 200 per share, 35 lakh warrants to Naman Developers at Rs 202 per warrant and 65 lakh warrants to Darashaw & Company for Rs 202 per warrant. The bank would garner Rs 471 crore through the fresh issue of shares. The bank had earlier issued one crore shares at a price of Rs 166.75 per share on a preferential basis to Indus Capital Partners LLC New York and Max India. In recent months, the RBI has been pressurising private banks to bring down their promoter holding. Promoters of Dhanalakshmi Bank — another old private sector bank — have also bought down their holding from 37% in June-end to less than 10% by September. […]

The Ruia-controlled Essar Power (EPL) is offloading 10% stake to private equity (PE) investors to raise up to $700 million. The equity of the company is valued at $7 billion, sources said. Essar Power currently operates power plants with a capacity of 1,200 MW and has drawn up an investment plan of over $4 billion to set up three more projects with cumulative capacity of 3,600 MW. The projects are coming up in Gujarat, Madhya Pradesh and Jharkhand and are expected to be funded on the basis of debt-equity of 3:1. The company has drawn up plans to set up projects of about 6,000 MW capacity. Though company officials declined to comment, sources in the company confirmed that Mumbai-based SSKI has been appointed as the merchant banker. […]

Kamat Hotels has bought a 60% stake in Concept Hospitality for Rs 127/share, reports CNBC-TV 18’S Rahul Arora. According to Rahul Arora, Kamat Hotels has acquired 60% at Rs 120 per share. Concept Hospitality is not a listed company; it is a sister concern of the promoter Vithal Kamat who holds 60% in his personal capacity which is now been transferred to the listed entity Kamat Hotels (India) Ltd. This essentially gives Mr. Kamat an indirect holding into Concept Hospitality via his 73% holding that he currently has in the listed Kamat Hotels. The other 40% in Concept Hospitality is currently been held by Mr. Kannampilly who still retains 40% as things stand right now. Concept Hospitality is a management and consultancy company for hotels. They do not own and construct them but they manage and operate hotels. Some of the key hotels they manage are Seasons in Pune; they have a hotel called Wall Street in Jaipur and Manor Floatel in Delhi. All of these now goes under the management of Kamat Hotels. So that’s about 650 rooms that will come under the fold of the listed Kamat Hotels entity. […]

Hyderabad-based e-marketing solutions company, Ybrant Technologies, is acquiring Israeli online media solutions company, Oridian, for $13 million (approximately Rs 52 crore). A definitive agreement has been signed in this regard, which is yet to get the final approval from Oridian’s shareholders. While $1 million has been paid to a trust account of Oridian for the definitive agreement, $2.5 million has to be paid at the time of closing the deal in a week. Around $6 million would be released in 90 days from the date of closure and the remaining in nine months from then, M Suresh Reddy, chairman and managing director of Ybrant, said here on Tuesday. […]