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State-run Bank of India is close to buying a 51 percent stake in Bharti AXA Investment Managers, a joint venture between India's Bharti Enterprises and AXA Asia Pacific Holdings Ltd , the Business Standard newspaper reported on Saturday. “We are in an advanced stage of negotiations with Bharti AXA for picking up a majority stake in their asset management company,” the report quoted an unnamed bank official as saying. “Things have more or less fallen in place. We are just awaiting the final contours of the deal. The deal is likely to be closed by the end of this month,” the official said. Bharti Enterprises is a group company of India's top telecoms firm Bharti Airtel . […]
The Nairs-promoted Hotel Leelaventure plans to sell 14.5% stake to a clutch of private equity funds to raise Rs 600 crore in order to bring down its debt of Rs 3,900 crore. An additional Rs 250 crore would be raised from the sale of the hospitality chain's land in Chennai. The hospitality chain, which has seven properties in its portfolio, would sell 14.5% stake, just a shade less than the mandatory open offer limit of 15%. Rules mandate that if an acquirer purchases 15% stake in a company, it triggers an open offer for an additional 20% stake. “Our shareholders have already approved the fund raising proposal. We are looking to raise Rs 600 crore through a preferential allotment in the next four months,” said Hotel Leelaventure's vice chairman and managing director, Vivek Nair. He declined to reveal the names of the private equity players that have shown an interest in the company. […]
Fortis Global Healthcare, an unlisted firm promoted by Malvinder Singh and Shivinder Singh, has acquired 28.6% stake in a leading Colombo listed Sri Lankan hospital, Lanka Hospitals Corporation, formerly owned by its rival at home and the largest hospital chain of India, Apollo Hospitals. Singhs have shelled out $36.3 million (R 162 crore) for the stake. The acquisition is part of a larger strategy of promoters of India’s second largest hospital chain — Fortis Healthcare, to create a pan Asian integrated healthcare network through its overseas invesment arm Fortis Global Healthcare. To pursue its dream, Fortis has already invested over R 1,600 crore in last five months, inclusive of its latest buy in Sri Lanka. This Sri Lankan entry marks Fortis Global's foray into one of Asia's fastest growing economies.Malvinder Mohan Singh, executive chairman of Fortis Global Healthcare said, “Lanka Hospitals is the first step for Fortis Global to build its healthcare business interest in one of the fastest growing economies in Asia. It is one of the most advanced and comprehensive healthcare facility in Sri Lanka. […]
IDBI Capital Market Services has put up to 5% stake of National Stock Exchange (NSE) on the block on behalf of an undisclosed client. The stake could be worth about Rs 900 crore. The merchant banker has invited bids from interested parties who are qualified to buy stakes in stock exchanges. Interestingly, the stake sale offer from one of the existing shareholders of NSE has come at a time when the market regulator Sebi is mulling the recommendations of the Bimal Jalan panel that recommended that stock exchanges should not be allowed to list. In effect, as various commentators have said, if this recommendation is accepted by Sebi, that will put a large number of investors in various stocks exchanges in a spot, limiting their options to exit such investments. […]
Tiles maker Kajaria Ceramics today said it has acquired a 51 per cent stake in Gujarat-based Soriso Ceramic in an all-cash deal for Rs 5.6 crore. The same translates into acquiring 1.53 million equity shares of Rs 10 each at Rs 36.63 per share, Kajaria Ceramics said in a statement. “This acquisition shall help both the companies to increase the capacity further to cater to the southern and western part of the country to take advantage in transportation charges,” Kajaria Ceramics Limited Chairman Ashok Kajaria said. With this acquisition, Kajaria Ceramics' total capacity would touch 30.60 million square metre by March 2011. Soriso has an annual capacity to produce of 2.30 million square metres of ceramic floor tiles. […]
Realty firm Ansal Properties & Infrastructure plans to raise up to Rs 350 crore within this year from private equity players by diluting its stake in various projects to fund its ongoing construction activities. According to sources, Ansal API is in talks with 4-5 private equity firms to raise $50-75 million by diluting stakes in 3-4 townships, being developed in North India. “The company is aggressively pursuing its development works and is in talks with various PE firms… It is almost in the final stages of negotiations with Red Fort Capital (RFC) for its Gurgaon township — Esencia,” a source said. RFC is likely to pump in over Rs 150 crore in the project for “some” stake, he said. When contacted, Ansal API CEO and Joint Managing Director Anil Kumar declined to comment on the development. The Gurgaon township is being developed in 112 acres of land with about 3 million sq ft of saleable area. […]
The Great India Nautanki Company (GINC), which runs the mega entertainment project 'Kingdom of Dreams' in Gurgaon, is looking to offload 20% stake to raise up to Rs 200 crore to fund future expansion. Besides, the company is also considering an initial public offer by 2013 to raise more funds. It is currently holding talks with high networth individuals (HNIs) and private equity investors for the stake sale. GINC, a joint venture of Wizcraft International Entertainment and Apra Group of Companies, was set up to promote Indian culture and performing arts with a focus on Bollywood. “We are looking at equity dilution of 20% to create funds for which we are talking to a few people and expect to raise anywhere between Rs 150 crore to Rs 200 crore,” GINC, Chairman and Managing Director Anumod Sharma told PTI. […]
The world's largest luxury conglomerate, LVMH, through its private equity arm L Capital, is set to acquire a significant minority stake in Gitanjali Gems' proposed subsidiary that will control its branded jewellery and retail businesses, said two persons directly involved in the transaction. The deal worth $100-125 million is aimed at bringing the world's best know-how, expand aggressively in the domestic market and take Gitanjali Gems to global scale. With India and China accounting for 60 percent of the wealth of the region, the French multinational would be happy to get a larger footprint here. L Capital will pick up stake using money from its $500-million L Capital Asia Fund, which was raised in 2010. L Capital India's senior official, Anuradha Raja, declined comment on the transaction. NM Rothschild and Keynote Corporate Services are the advisors to Gitanjali Gems, and officials from both the investment banking firms refused comment. […]
Mukta Arts Limited has completed its presence in all verticals of the Motion Picture Production pipeline by acquiring a substantial minority stake in Maya Digital Studios. When Mukta Arts went public in 2000, the only film production house at the time to go public, it laid out strategies for the next decade. Since 2000, Mukta Arts has built business models in Exhibition Programming, Distribution, Film Education and Film Exhibition. After taking this stake, the Mukta Arts group is now present in all verticals of the film industry starting from Film education (Whistling Woods International), Programming & Distribution (Mukta Movie Distributors), Exhibition (‘Mukta Cinemas’ chain of multiplexes open in April 2011) and now in the Animation & VFX industry in Maya Digital Studios. The new studio will be based out of the Mukta Arts Head Office Building ‘Mukta House’, in Filmcity Mumbai & will have 4 primary business lines – Original IP creation, outsourced Animation & VFX work for international projects, international co-productions & 2D to 3D conversion. […]
India-based online travel services provider MakeMyTrip on Thursday said it will acquire 79% stake in Singapore-based travel agency Luxury Tours and Travel (LTT) for $3 million to expand its presence in markets outside India. The company, which also announced an over two-fold increase in its net profit for the quarter ended December, 2010 at $1.62 million from the same quarter of 2009, said it has the option of increasing the stake in LTT in future. “MakeMyTrip will also invest approximately $0.75 million in addition, in one or more tranches until June 2012, for the subscription of new equity shares to be issued by LTT,” it said. Further, the travel portal will acquire from the existing shareholders, their remaining shares in LTT, in three tranches over a three-year period ending June 2014, it said. […]
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