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Dutch bank, dubbed Rabo bank sold 11% stake out of its 15.9%in private sector lender Yes bank to a group of domestic and foreign institutional investor for around Rs.1, 000crore to set up its own banking operations in India. Rabo, at present got a non-banking finance company in India called Rabo India Finance. Sipko Schat, member of the executive board of Rabobank said that the bank as per the la w is bound to reduce its shareholding in Yes Bank. Rabo is waiting for the approval of a full banking license in India. He said that they are confident on the future prospect of the Yes Bank and for that they were retaining 4.9% of stake in the bank. Schat will step down from the board of Yes Bank as a result of this reduction in shareholding. […]
Punjab National Bank said it signed a memorandum of agreement (MoA) with Mauritius-based Principal Financial Group and Vijaya Bank for restructuring of their existing joint ventures. Both the lenders will continue to support Principal in the asset management company for next three years. PNB and Vijaya Bank will sell their 30% and 5% stake in the distribution joint venture company to Principal. Similarly, PNB will buy Principal’s 26% stake and Berger Paints’ 25% stake in the insurance broking company. PNB will buy out Principal and UK Paints stake of 26% and 32%, respectively in Principal PNB Life Insurance Co Ltd. […]
Khaitan & Co has advised on the setting up of two domestic venture capital (VC) funds iPro Capital Private Equity Trust and Subhkam Growth Fund, with each planning to raise approximately Rs 100 crores in various sectors under their maiden schemes. Subhkam’s current scheme was floated on 4 June 2010 after the company’s initial announcement to launch in 2008, while iPro Capital was launched in March 2010. Both of these Securities and Exchange Board of India (SEBI- registered VC funds plan to invest in varied core areas such as infrastructure, health care, education and financial services. […]
Baring Private Equity Partners India, an India-focused fund, is understood to be close to investing Rs 370 crore in Oriental Tollways, part of the Rs 1,000-crore, New Delhi-based, Oriental Structural Engineers (OSE), a company focused on infrastructure development, specialising in highways and runways. According to investment bankers close to OSE, the fresh infusion of funds will be used for the company’s equity contribution of various special purpose vehicles (SPV). While a senior OSE official, who requested not to be named, confirmed interest from PE funds, Baring said it wouldn’t comment on market speculation. BPEP India is currently investing from its third fund, with a corpus of close to $300 million (Rs 1,390 crore) with focus in the manufacturing, pharmaceutical, information technology and services sectors. […]
Europe's largest entertainment group, Vivendi, that has telecom operations in France, Morocco and Brazil is said to be in talks with Reliance Communications to buy a 26 per cent stake, media reported on Wednesday. It is believed that Vivendi was in talks with RCom for a month and the discussions were in the advanced stage now. Once the deal is finalized, Reliance will issue new shares to Vivendi and the French company would make an open offer to acquire 20 per cent stake in the Indian firm. RCom burdened by debt and the cost of rolling out 3G services, decided to offload stake early this month. […]
Dutch financial services group ING is selling its entire 3.1 percent stake in India's Kotak Mahindra Bank to raise up to $173 million, a source with direct knowledge of the matter said on Wednesday. The shares would be sold at 730 rupees to 750 rupees each, said the source, who refused to be named as he was not authorised to speak to the media. The price represents a 4 percent discount at the upper range of the band to Wednesday's closing price of 783.20 rupees. “The book-building for institutional investors has started,” the source said. An ING spokesman said the company did not comment on market rumours. […]
Hyderabad-based micro finance institution (MFI) Basix is planning to raise Rs 200 crore through private equity route this financial year. This is will be the fifth round of private equity infusion in the MFI since 2001. Existing investors in Basix include SIDBI, IFC and private equity players such as Matrix Partners, Lok Capital, Hivos Triodos Fund and Avishkaar Goodwell. This infusion of Rs 200 crore is likely to happen through a new private equity investor. The funds will help in meeting MFI’s growing lending needs with addition of new states such as Gujarat and UP to its network this year. Basix operates across 16 states at present, catering to about 2 million customers. It would also help the MFI maintain the capital adequacy ratio a measure of financial strength of 12 per cent stipulated by the Reserve Bank of India. From April 2011 the CAR would be increased 15 per cent by RBI. […]
The Bombay Stock Exchange (BSE) has acquired the controlling stake in Central Depository Services Ltd (CDSL) by purchasing 16 per cent more from three banks, people with direct knowledge of the deal said. Asia’s oldest stock exchange has bought a 7.5 per cent stake from HDFBA, 4.5 per cent from Bank of Baroda (BoB) and 4 per cent stake from Bank of India(BoI), taking its holding in the depository to 54.5 per cent, these people said. The deal was struck at Rs 50-55 per share, valuing CDSL at Rs 522-575 crore. […]
SBG Projects Investments, a part of Saudi Arabia-based Saudi Binladin Group (SBG), today made an open offer to acquire an additional 20 per cent stake in Maytas Infra at a price of Rs 195.72 per share. SBG Projects has made an open offer to acquire 1,54,23,236 shares, representing 20 per cent stake in the infrastructure company, at Rs 195.72 per share, Maytas Infra, initially promoted by the kins of disgraced Ramalinga Raju of Satyam, said in a public announcement. The offer price is at a 7.32 per cent discount from Friday's closing price of Rs 211.20 on BSE. On June 19, Mauritius-based SBG Projects Investments had acquired 20 per cent, or 1,54,59,133 equity shares, in Maytas Infra, from the present promoter IL&FS at Rs 195.30 per share leading to an investment of around Rs 300 crore. […]
The Reliance Anil Dhirubhai Ambani Group plans to reduce its stake in its telecom tower business, Reliance Infratel Ltd., to 20%-25% from 95%, through sales of stakes to GTL Infrastructure Ltd. and a private equity investor, livemint.com reported Monday, citing two bankers familiar with the plan. The transactions will combine cash and stock, the website reported the bankers as saying, on condition of anonymity. The sale will take place in three stages: 54,000 telecom towers operated by Reliance Infratel and 32,000 GTL Infrastructure towers will be hived off into a special purpose vehicle; the SPV will then sell a stake to a private equity investor; the SPV will then issue shares to Reliance Communications Ltd. and GTL Infrastructure shareholders, and subsequently seek a stock market listing, the website reported one of the bankers as saying. […]
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