Diageo adds 26% stake in USL for Rs.11,449-Cr; hikes stake to over 54%

UK-based Diageo Plc has taken an additional 26% stake at a cost of INR 11,449 crore in publicly listed, Bangalore-based United Spirits Ltd (USL) purchased 3,77,85,214 shares in USL at INR 3,030 per share. Diageo had earlier acquired 28.78% for INR 6,574 crore. With the completion of the latest open offer, Diageo�s total stakeholding in USL has reached 54.78% at a total cost of INR 18,023 crores.

http://bit.ly/1mmwZvE

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Updates from the Venture Intelligence
Company Financial Search (CFS) Database

Cos Added in the Last 7 Days: 19

Quick Sample:
 

Not a subscriber to CFS ?
Just send your contact co-ordinates and preferred time for a 10 minute telephonic demo to [email protected]

Private Equity Fund Investments

ADB, GEF join Goldman Sachs in $140-M for ReNew Power

Sumant Sinha-promoted Wind and solar power producer ReNew Power Ventures has raised $140 million (about INR 835 crore) from existing investor Goldman Sachs ($70 million) and new investors Asian Development Bank ($50 million) and Global Environment Fund ($20 million). The latest investment takes the total equity investment in Re-New Power stands to $390 million.

ReNew Power, which has wind power projects with total 500 Mw capacity, has also ventured into solar power production with a 50-Mw project in Madhya Pradesh.

http://economictimes.indiatimes.com/articleshow/37739918.cms

ICICI Venture picks up 28% in KIMS Hospital for $36-M

India Advantage Fund-S3 I, a fund managed by private equity firm ICICI Venture Funds Management Company Ltd, has acquired 28% stake in Hyderabad-headquartered Krishna Institute of Medical Sciences Limited (KIMS) for $36 million. The transaction comprised of a primary subscription to shares of KIMS, as well as a secondary acquisition of shares of KIMS from certain existing investors. AZB & Partners advised ICICI Venture on the transaction.

Fidelity, Aavishkaar invest Rs. 80-Cr in Odisha-based dairy Milk Mantra

Odisha-based consumer dairy foods company Milk Mantra has raised series C funding of INR 80 crore from Fidelity Growth Partners India and existing investor, Aavishkaar India II Company Ltd. The transaction provided an exit to most of the angel investors and Aavishkaar India Micro Venture Capital Fund. Unitus Capital was the sole financial advisor to Milk Mantra on this transaction and Amarchand & Mangaldas, Wadia Ghandy and Universal Legal acted as legal advisors.

Milk Mantra Dairy was founded in August 2009 by Srikumar Misra to create sustainable impact on among farmers using innovative dairy products and technology. The company produces a range of products like milk, probiotic dahi, paneer, lassi and buttermilk under the �Milky Moo� brand from its processing plant at Gop, Odisha. This round of funding will help Milk Mantra expand its operations across Eastern India as well as launch products such as milkshake.

http://unituscapital.com/updates/milkmantra-raises-series-c-funding/

Online consumer forum Akosha raises $5.2 M from Sequoia

Nextbigwhat

Online consumer feedback platform Akosha has raised $5.2 million from Sequoia Capital India. The funding will be used to invest in technology and to expand the company�s OneDirect Suite of enterprise solutions like customer service benchmarking, online feedback CRM, and reputation management solutions.

From the Venture Intelligence PE Deal database: Sequoia had invested about $1M in Jan-13 and $0.2 M in Sep-11 in Akosha . (Subscribers to the database can login to view the deal structuring and other transaction details.)

http://www.nextbigwhat.com/akosha-funding-297/

Online trip planner TripHobo raises Series A funding from Kalaari Capital

Nextbigwhat.com

Online trip planning start-up TripHobo has raisedSeries A funding from Kalaari Capital. The firm will use the funds to scale content and the platform. The company had raised seed investment from a private investor in 2012.

TripHobo, originally called JoGuru, an interactive travel itinerary planning website, was founded in 2012 by management graduates Praveen Kumar, Karthik Ramachandra and Saket Newaskar. It has over 25,000 user-generated itineraries and curated content for close to 200 top tourist cities worldwide. The site clocks about 1.5 million unique visitors a month. Nearly 70% of the website�s traffic comes from the US and UK.

http://www.nextbigwhat.com/triphobo-funding-297/

MCap Fund invests in Omkar Clean Energy

MCap Fund, founded by former Baring India partner N.Subramaniam, has in invested INR 3 Cr in Omkar Clean Energy Services, a Chennai-based provider of Operation & Maintenance services for Renewable Energy, especially wind. The transaction was closed in March 2014,  

From the Venture Intelligence PE Deal database: MCap unit Summit FVCI has been issued 3770 equity shares and 299623 CCPS. Post conversion of CCPS, the investor will be capable of exercising voting rights in the company to an extent of 80%. MCap's N. Subramaniam and Abhilash Lal have joined the company's board.

Hippocampus raises Rs.14.4 Cr from ADB, Khosla Ventures, Unitus

Economic Times

Bangalore-based rural education services company Hippocampus Learning Centres has raised INR 14.4 crore in a fresh round of equity funding led by new investors.  Asian Development Bank has invested INR  10 crore in the new round, while Khosla Ventures and Unitus Seed Fund have invested the balance Rs 4.4 crore.  Founded in 2010, Hippocampus, operates 128 learning centres in four rural districts of Karnataka, and will use the proceeds to expand to 700 learning centres by 2016. The firm had earlier raised INR 3.5 crore in a bridge round from existing backers, Unitus Seed Fund, social venture capital investor Acumen Fund and impact investment firm Lok Fund. 

http://economictimes.indiatimes.com/articleshow/37594780.cms

Blume invests in online HR software firm Greytip

Cloud-based HR software company Greytip Software has raised funding from Blume Ventures to accelerate growth in the domestic cloud HR and payroll automation space. Founded in 1994, Greytip enables over 2500 clients across India, Malaysia, UAE and Oman to manage more than 5,00,000 employee records on a daily basis. Greytip has presence in Bangalore, Mumbai, Delhi, Pune, Chennai, Hyderabad and Dubai. Its SaaS application, GreytHR, is being used by companies spread across 60 cities in India and across industry segments.

http://goo.gl/DfNQOM

KKR, Bain buy debt of Essar Steel Algoma

Mint

KKR & Co and at least two other investors have purchased debt of Essar Steel Algoma Inc as the company heads for a possible restructuring later this month. Algoma skipped its interest payment due on June 15 on its $384.7 million of 9.875% bonds, a move that will trigger a default in 30 days if left unpaid. KKR, Bain Capital LLC�s debt-investing group Sankaty Advisors LLC and Loomis Sayles & Co. have taken positions in those securities.

http://bit.ly/1xoLkdv

Liquidity Events (Private Equity)

Sequoia, IDG Ventures backed app developer Sourcebits sells services biz to AIM-listed Globo

Nextbigwhat

Globo, an enterprise mobility player listed on London�s junior exchange, has acquired the services division of Sourcebits, an US- and India-based app development firm. Sourcebits had raised $10 million from Sequoia Capital and IDG Ventures in 2011. Founded in 2006 and, Sourcebits has 167 employees and consultants, and in the year to March 2014 generated a (unaudited) turnover of $8.2 million and EBITDA of $1.8 million.

http://www.nextbigwhat.com/globo-acquires-sourcebits-297/

GIC sells Marico Kaya Enterprises shares worth Rs.9.05 Cr, registers 1.49x return

GIC, through its unit Indivest Pte Ltd, has sold 403,310 shares at Rs.224.30 per share on NSE of publicly listed Skin Clinics firm Marico Kaya Enterprises Ltd aggregating INR 9.05 Cr on Jul 03, 2014. This constitutes 3.13% of total outstanding shares of Marico Kaya Enterprises Ltd. Post this exit the investor would hold 0.29% stake of the company.
From the Venture Intelligence PE Deal database: In Apr 2012, GIC invested INR 375 Cr for 3.42% stake in Marico. In Jun 2014, Marico had demerged Kaya into a separate entity and listed it independently on bourses as part of the company's business restructuring process. As a result of which GIC obtained shares in Marico Kaya Enterprises.

http://bit.ly/crbdip

Angel Investments

Tea cafe chain firm Chaayos raises funds from Powai Lake Ventures; scouting for VC round

Business Line

NCR-based tea cafe chain 'Chaayos' has raised angel investment of over Rs 2 crore from Powai Lake Ventures and is looking to raise venture capital to open nearly 50-odd stores across the country. Currently, there are five cafes with the theme 'Experiments with Chai' in Gurgaon and Noida and five more would be opened by the end of this year. The chai chain is also looking to sell merchandise including adrak-tusli chai, desichai, green tea, chai masala and chaimug.

http://bit.ly/1ogVqsW

Social VC Investments

Pearson invests Rs.30 lakh more in H�bad school chain Sudiksha

UK-based publishing group Pearson invested Rs 30 lakh in Hyderabad-based school chain operator Sudiksha Knowledge Solutions. Sudiksha aims to use the funds to expand its schools to more locations in and around the city. The company also plans to pilot a franchisee model with existing and new entrepreneurs.

From the Venture Intelligence Social VC database: In Nov-13, Pearson and Village Capital had made an investment in Suiksha.

http://bit.ly/1lu8red

Other Private Equity/Strategic Investments

Principal Fin buys Vijaya Bank's 4% stake in AMC JV

Business Standard

US-based Principal Financial Group has acquired 4.03 % of Vijaya Bank's stake in Principal PNB Mutual Fund. The Group has also acquired 5% stake in the trustee company. Principal now has 70% holding in the JV. The Group has been in a joint venture (JV) in the Principal PNB AMC with Punjab National Bank and Vijaya Bank since May 2004. Post-deal, Vijaya Bank is left with no stake in the AMC, while PNB's holding in the mutual fund is reduced to 30%. As on March 31, assets under management of Principal PNB AMC stood at Rs 4,134 crore.

http://bit.ly/Vz2UOz
 

JLT buys 26% in Sunidhi Group's insurance broking unit

London-based global insurance and reinsurance provider, Jardine Lloyd Thompson Group plc, has acquired 26% shareholding in Independent Insurance Brokers Private Limited (IIB), a Mumbai and Chennai based insurance and reinsurance broking subsidiary of the Sunidhi Group. Upon completion of the deal, the business will be rebranded as JLT Independent. JLT already has a significant presence in India with its largest office outside London in Mumbai, where it has over a 1000 employees offering a range of services to the broader JLT Group. Established in 1957, Sunidhi provides a range of solutions in finance and insurance domains and is present in more than 100 locations servicing more than 45,000 clients and over 150 institutions.

http://bit.ly/1iYce9a

Mergers & Acquisitions

Rexam pays $54.3 M to hike stake in Indian unit by 1.32% to 99.23%

Rexam Beverage Can (India Holdings) Ltd, a part of global beverage cans maker Rexam plc, has increased stake in Rexam HTW Beverage Can (India) Limited, a joint venture between Rexam and Hindustan Tin Works Limited,  from 97.91% to 99.23%,  for a consideration of $54.28 million. Khaitan & Co. was the legal advisor to the acquirer on the deal.

From the Venture Intelligence M&A Deal database: In Oct 11, Rexam had increased its stake in its 51:49 JV with Hindustan Tin Works Ltd from 85% to 97.91%. Target manufactures cans for carbonated soft drinks, beer, fruit juices and any other ready-to-drink beverages. Acquirer listed.

Lulu Group acquires L&T Tech Park in Kochi for Rs.150-Cr

Business Line

The Lulu Group, owned by Middle East based businessman MA Yusuf Ali, has acquired the L&T Tech Park at Kochi Infopark campus, for Rs. 150 crore. Currently, L&T has a four lakh sqft IT building called Tejomaya in its 7.44 acre campus at Infopark. Lulu plans to rename the park as Lulu Tech Park Limited. After the acquisition, the Lulu Group plans to invest Rs. 350 crore to build another nine lakh sq ft of IT space. The construction is expected to start by October 2015 and the project is expected to be completed within three years.

http://goo.gl/l6E5jh

Business Standard

UST Global, an information technology solutions and services company, has acquired Renaissance Solutions,  a Singapore-based recruitment specialist. Renaissance services over 100 multinational companies in private and public sectors, including 15 Fortune 500 customers.

H�bad-based staffing firm Advantage One acquires MakeMyJob 

Nextbigwhat.com

Hyderabad-based Advantage One Group, a staffing and recruitment company with over 250 employees, has acquired hiring firm MakeMyJob.  Post-merger, the entity will have 40 consultants in the domestic market and 70 consultants for the US market. The company is also building technology solutions around skill set mapping, information exchange and database management.

IFCI acquires 49% stake in SME consulting firm Rajcon

State-run, publicly listed development bank IFCI Ltd has acquired a 49% equity stake in unlisted Rajasthan Consultancy Organisation Ltd (Rajcon) from one of its associate companies - Hardicon Ltd.

http://goo.gl/lws9VM

Japan's JFE Engineering buys out waste to energy plant biz from Transparent Energy Systems

Tokyo, Japan based JFE Engineering Corporation, through its wholly owned subsidiary JFE Engineering India Pvt. Ltd, has acquired design and engineering expertise related to waste to energy plant from Transparent Energy Systems Pvt. Ltd, a Pune-based company involved in the design and construction of waste heat recovery facilities for cement plants. Corporate Catalyst India acted as the exclusive advisors to JFE Engineering on the deal.

http://www.jfe-eng.co.jp/en/news/2014/20140626.html

Miles Software acquires risk analytics tech firm Beans & Intellect

Economic Times

Mumbai-based Miles Software Solutions has acquired fellow Mumbai-based Beans & Intellect Financial Technology. Founded by IIT-Bombay graduates, Beans & Intellect provides portfolio risk analytics technology to financial institutions in India, the Middle East and South-East Asia. Miles will integrate Beans & Intellect's technology with its flagship portfolio and wealth management software product MoneyWare.

From the Venture Intelligence PE Deal database: Miles has raised $6 million across two rounds from Zephyr Peacock and Lighthouse Funds (in June 08 and Jul-10) (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

http://economictimes.indiatimes.com/articleshow/37485831.cms

Sweden�s Assa Abloy acquires Pooja Hardware�s �Enox� locks & hardware biz

Swedish security firm Assa Abloy has acquired the locks and hardware business under the Enox brand from Mumbai-based Pooja Hardware. Enox was established in 2007 and has about 220 employees. Enox�s sales for 2014 are expected to reach INR 120 crores.

Assa Abloy, founded in 1994, offers solutions in the areas of has a leading position in areas such as access control, identification technology, door automation and hotel security.

http://bit.ly/1jENcXi

MuSigma acquires social media analytics firm Webfluenz

Economic Times

Bangalore-based Mu Sigma is acquiring Singapore-based social media analytics company Webfluenz. Mu Sigma will integrate Webfluenz's technology to create products to mine real-time intelligence from huge chunks of data. Nine Rivers Capital was the advisor to Webfluenz.

http://economictimes.indiatimes.com/articleshow/37545366.cms

Zomato acquires NZ-based MenuMania for Rs.5-Cr

Economic Times

Online Restaurant guide Zomato has acquired New Zealand's MenuMania in an estimated INR 5 crore all-cash deal, making the acquirer the largest player in its space in the island country which has over 15,000 restaurants. Started in 2006 by Auckland-based techie Cristian Rosescu, MenuMania was the largest rival to Zomato in New Zealand. It had started its operations in Auckland and Wellington in July last year

With this acquisition, Zomato has operations across 12 countries. The company raised $37 million (Rs 227 crore) last year from Sequoia Capital and existing investor Info Edge.

http://economictimes.indiatimes.com/articleshow/37545016.cms

Cipla to acquire 51% in Yemen-based distributor for over $21-M

Listed pharmaceuticals firm Cipla is to acquire a 51% stake in an unnamed pharmaceuticals manufacturing and distribution business in Yemen (which is in turn owned by a UAE-based parent company). Cipla will pay $21 million now for this transaction, with additional considerations to be paid over the next 3 years on achievement of agreed milestones.

http://bit.ly/1jEMSYC

Reliance MediaWorks to merge with Prime Focus

Financial Express

Reliance MediaWorks has merged its global film and media services business with publicly listed Prime Focus to create an entity with a combined turnover of over INR 1,800 crore. Post merger, Reliance MediaWorks will own a 30.2 % stake in the JV. Prime Focus� promoters as well as Reliance MediaWorks will also launch an open offer for a further 26% jointly at INR 52 per share, the price at which Reliance MediaWorks and Prime Focus promoters are being issued shares through a preferential allotment raising INR 240 crores. Prime Focus would use the allotment proceeds to fund its recent acquisition of UK-based visual effects studio Double Negative.

http://bit.ly/1lSNIFS

http://bit.ly/1iYcjtu

Visa Steel to merge Baosteel JV with itself

Mint

Visa Steel Ltd is to merge with itself Visa Bao Ltd, its ferrochrome producing joint venture with Chinese state-owned Shanghai Baosteel Group Corp., and sell a substantial stake in its speciality steel business, which is being carved out of the firm. Post-merger, Baosteel will get a small stake in Visa Steel. Baosteel owns 35% in the joint venture and Visa Steel, the rest.

The group has also decided to sell up to 49% in its speciality steel business, which had been transferred from Visa Steel to Visa Special Steel Ltd, a firm founded in 2012, to cut down the group�s consolidated debt of INR 2,800 crore.

http://bit.ly/1xk0L6E

Persistent Systems acquires assets from mobile ad firm Hoopz

BSE-listed software product and technology services company Persistent Systems has acquired certain assets of Pune-based mobile advertising firm Hoopz Planet Info. Private Ltd. Founded in 2011, Hoopz provides auto-search and content discovery solutions for web and mobile platforms which can be deployed on mobile phones, tablets, computers, TVs and other Internet connected devices. It also provides digital marketing solutions for device manufacturers and telcos to allow them deliver contextual real-time ads based on keywords from any app or content on the user�s phone.

http://bit.ly/TQorRj

Kolkata consortium buys realty firm Keppel Magus for Rs 150-Cr

Economic Times

A Kolkata-based real estate consortium, comprising Sureka Group, Merlin Group and JB Group, has acquired 100% stake in realty firm Keppel Magus Development Pvt Ltd for Rs 150 crore. Keppel Magus is a special purpose vehicle set up to develop a 25 acre township in Kolkata, named `Elita Garden Vista'. The first phase of the project is completed. The consortium plans to execute the remaining two phases covering 13 lakh sq ft, which will comprise multiple towers of 15-32 storey and 1.6 lakh sq ft of developed commercial space.

http://economictimes.indiatimes.com/articleshow/37721494.cms

HDIL sells multiplex biz to Carnival Films for Rs. 105-Cr

Business Standard

Mumbai-based developer Housing Development and Infrastructure Ltd (HDIL) has sold 100% of its multiplex business, HDIL Entertainment, to Carnival Films for Rs 105 crore. HDIL Entertainment runs 33 multiplexes under the brand name Kulraj Broadway. The move is aimed at exiting non-core businesses as well as reducing debt. HDIL had exited its leisure business which included hotels about seven to eight months ago and sold land parcels and development rights in the past to reduce its debt.

http://bit.ly/1lDYj2s

IPOs

IMImobile raises 30-M pounds on AIM

Business Line

IMImobile, the mobile technology company founded by Vishwanath Alluri and Shyam Bhat, raised 30 million sterling pounds on London�s Alternative Investment Market on the first day of trading. Set up in 1999, IMImobile provides services and software to telecom and media companies in Europe � including the UK, Spain and Germany � and emerging markets, working with around 100 operators globally. For the year ending March last year sales hit 38.5 million pounds.

http://bit.ly/1pDuI1q

Secondary Issues

Ashok Leyland raises over Rs.666-Cr through QIP issue

Business Line

Commercial vehicle maker Ashok Leyland has raised over INR 666 crore through allotment of shares at a price of INR 36 per share to institutional investors. The QIP had opened on June 26.

http://bit.ly/1o3qppv

GMR Infra raises Rs. 1500-Cr through QIP

Business Standard

GMR Infrastructure has finally raised Rs 1,500 crore through Qualified Institutional Placement (QIP). The QIP attracted total investments worth Rs 2,300 crore almost double the required sum. GMR had initiated the process to raise Rs 1,200 crore but finally went ahead and closed the issue at Rs 1,500 crore. The average price was Rs 31.50 per share. The investors, including GIC of Singapore and funds managed by George Soros, will be getting around 9% through this issue.

GMR will be ploughing in the sum to strengthen its networth which is under high leverage at as much as close to 4 times under a debt of Rs 40,000 crore. GMR will also be using a part of the proceeds to part-fund a 1370 Mw thermal power plant in Chhatisgarh.

http://bit.ly/1pN7YvY

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Highlighted Sponsor

Stanchart PE to sells holdings worth $500-M

Mint

Standard Chartered Plc is planning to sell private equity investments valued at about $500 million. The UK bank, which generates more than three-quarters of its earnings in Asia, will sell minority stakes in companies it owns including those in India.

http://bit.ly/1jLJECH

Bertelsmann invests in venture capital firm Nirvana Ventures

Medianama

Bertelsmann India Investments (BII), the Indian investment arm of the German media conglomerate Bertelsmann, is investing in India-focused investment vehicle Digital Nirvana Fund Co. Ltd. Digital Nirvana specifically invests in early stage start-ups in the digital sector and is managed by the Indian venture capital Nirvana Venture Advisors, which currently operates two funds with a total endowment of $40.5 million.

Nirvana Ventures Advisors has made five investments in India so far � talent measurement and talent analytics platform Jombay, online gaming company Games2Win, prepaid payments program manager TransServ, healthcare information exchange and authentication solution provider Remedinet and product review site Reviews42.

http://bit.ly/1lu8IxQ

Avendus PIPE fund head Manoj Thakur moves on

Manoj Thakur, CEO of Avendus PE Investment Advisors Pvt Ltd, has resigned. Thakur, an alumnus of IIT-Bombay, was part of the founding team which set up private equity business for Avendus. Prior to Avendus, where he spent more than 6 years, Thakur worked as Head - M&A ar Hutchison Whampoa (A S Watson), and managing direct investments in the Asia Pacific region for the a Canadian pension fund.

https://www.linkedin.com/pub/manoj-thakur/2/281/552

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Valuation Updates from the Venture Intelligence
Transactions Databases

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Linguanext

Enterprise Software

PE

Revenue, EBITDA,
PAT

IFMR Capital

PE

Revenue,
EBITDA,
PAT

PE

PE

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EBITDA,
PAT

PE

Revenue,
EBITDA,
PAT

PE

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Private Equity/Strategic Investment

SIS Security in talks to raise INR 500-Cr

Business Line

Private security services firm Security and Intelligence Services India (SIS Security) is in talks to raise INR 500 Crore to step up acquisitions. SIS would also use the funds to scale up its existing businesses in areas such as cash management, security and surveillance, and also facility management.

Last year, the Ajay Relan led-CX Partners had invested close to INR 300 crore including acquiring the 20% stake held by DE Shaw.

http://bit.ly/TIzGeC

Capillary Technologies to raise $15-M in Series B funding

Business Standard

Bangalore-based cloud software services provider Capillary Technologies is in the process of raising Series B funding for around $15 million from its existing investors � Norwest Venture Partners, Qualcomm Ventures, Sequoia Capital and American Express Ventures. The funds will be used for global expansion.

In 2012, Capillary Technologies had raised $15.5 million from Norwest Venture Partners, Qualcomm Ventures and Sequoia Capital. In February this year, American Express Ventures made a strategic investment of $4 million in the company.

http://bit.ly/1vm9OkE

Omaxe set to raise Rs 300-Cr

Business Standard

Real estate firm Omaxe plans to raise about Rs 300-400 crore from equity market. The capital will be used to launch six projects across North India. The company is also in the process of launching six to seven projects in Indore, Bhiwadi, Rohtak, Chandigarh, Faridabad, Jaipur and Vrindavan.

http://bit.ly/1iLqzG0

IFCI to offload 26% in Madhya Pradesh road project

Business Standard

Government-owned IFCI plans to put on the block its 26% equity stake in Jaora Nayagaon Toll Road Company Private Ltd (JTCL), a special purpose vehicle for a Rs 900-crore toll road project in Madhya Pradesh. The company is expected to complete the JTCL stake sale by September. Other key stakeholders in the project include Srei Venture Capital Trust (33.98 % stake) and Ashoka Concessions (23%).

To estimate the tollable traffic, IFCI will engage the services of an independent consultant. The consultant will also carry out the valuation of the equity shares of JTCL. For 2013-14, JTCL reported net sales of Rs 126.69 crore while net loss was Rs 25.33 crore.

http://bit.ly/1lqVaTB

Collaboration software firm Gridle in talks to raise Rs.1-Cr

Business Standard

Gridle, a start-up, which provides a communication and collaborative platform to enterprises, is in talks with institutional investors and high net worth individuals (HNIs) for raising $170,000-200,000 (Rs 1-1.2 crore) in a month. The funding will aid the company in its mobile and pad presence and to achieve significant traction and revenue from US, Europe, India and Southeast Asian markets.

http://bit.ly/1q7BfiB

Everstone, ex-Headstrong team bid for Servion Global Solutions

Times of India

Everstone Capital and Solmark, a firm floated by the Headstrong team led by its former CEO Sandeep Sahai, have emerged as frontrunners to acquire a significant stake in Servion Global Solutions, a Chennai-based provider of customer interaction management solutions, in a deal valued at about $70 million. Servion, which takes a consulting-led approach to optimize customer interaction for its clients, has over 600 customers and 1,000 installations in more than 60 countries.

http://timesofindia.indiatimes.com//articleshow/37492376.cms

Book-MyForex looking to raise Rs.24-Cr

Business Line

Book-MyForex (BMF), an online marketplace for forex and remittance services, is in advanced talks with venture capital funds Accel Partners and Kalaari Capital to raise INR 18-24 crore. The funds would be used to step up marketing activities, expand operations into more cities, look at doubling the current team of 30 employees, and launch a slew of innovative products all through 2015.

http://bit.ly/1nYiWbb

Sequoia to buy stake in TN co Milky Mist Dairy

Times of India

Sequoia Capital India is in talks to invest $25 million (Rs 150 crore) for a minority ownership of Erode-based Milky Mist Dairy Foods Private Ltd. The deal values the company at Rs 430 crore ($70 million). Milky Mist is a producer of value-added milk products with a portfolio that includes curd, fresh cream, cheese and paneer. Spark Capital is advising on the deal.

http://timesofindia.indiatimes.com//articleshow/37551102.cms

Ethnic wear firms Seven East, Jashn, Soch and Bawree in funding talks

Business Line

Ethnic apparel brands Jashn, Soch and Bawree are in talks with PE players for investment. Another ethnic wear brand, Seven East, floated by Sanjay Bindra, a former promoter of Biba, is also looking at raising funding from private equity route.

http://bit.ly/TKUtOF

Reliance Capital to buy stake in Prime Focus: report 

Economic Times

Anil Dhirubhai Ambani Group firm Reliance Capital will buy a significant minority stake for anywhere between  Rs. 350 crore and Rs. 400 crore in listed media and entertainment services provider Prime Focus. Going by the company's market value of  INR 1,016 crore, Reliance Capital could end up owning anywhere around one fourth or a little less than one third of the company. Investment bank EY is acting as the advisor to Prime Focus.

The money will be used to fund Prime Focus' acquisition of Britain's second-largest film editing studio Double Negative. With this transaction, some of the assets of Reliance Mediaworks will be transferred to Prime Focus. This will be Reliance Capital's second alliance with Prime Focus after it exited the company following its public offer in 2006.

http://goo.gl/ELnqtz

Times of India

US-based auto auction firm Manheim, is eyeing a minority stake in Shriram Automall, a leading used truck seller. Shriram Automall, a wholly owned subsidiary of Shriram Transport Finance, operates 32 automalls across India. The company plans to extend the network to 60 by 2014.

http://timesofindia.indiatimes.com/articleshow/37609202.cms

Olacabs in talks to raise $50-M

Bangalore-based cab service provider Olacabs� holding company, ANI Technologies Pvt. Ltd, is close to raising $40-50 million in its third round of funding. While existing investors Tiger Global Management Llc and Matrix Partners India are expected to participate in this round, there are at least two new investors on board. Olacabs raised its second round of funding in late 2013 from Matrix Partners and Tiger Global.

The company, founded in January 2011 by two IIT Bombay alumni, Bhavish Aggarwal and Ankit Bhati, currently operates in nine cities, including Mumbai, Bangalore, Delhi-NCR, Chennai and Pune, plans to expand to Ahmedabad this month. The firm claims to have more than 11,000 cabs on its platform.

http://goo.gl/IYGLiR

Shri Kailash Logistics in talks to raise funds

Business Line

Shri Kailash Logistics Ltd, a part of INR 500-crore Chennai-based group Shri Kailash group, is in talks to raise funds. The group has interests in logistics and real estate other than the paper industry. It has developed a logistics park at Oragadam near Chennai.

http://bit.ly/1sZGTqV

Local language smartphones firm MoFirst to raise Rs.60-Cr

Economic Times

Mumbai-based technology start-up MoFirst Solutions is in talks with PE/VC funds to raise $10 million as it seeks to expand reach into the smartphone market. The company had earlier raised seed funded from serial entrepreneur Hari Padmanabhan.

http://economictimes.indiatimes.com/articleshow/37670485.cms

NSR puts its 25% stake in Sri Chaitanya school on the block

Economic Times

PE firm New Silk Route (NSR) has put its 25% stake in Hyderabad-based education institute Sri Chaitanya on the block and has appointed Morgan Stanley to scout for buyers. The deal is pegged at $300 million which includes NSR's stake sale as well as fresh issue of shares by the company to expand its network. The bankers have begun talks with TPG Capital, Barings Asia, General Atlantic, KKR and Apax Partners.

NSR had bought 25% stake in the company for $25 million in 2011.

http://economictimes.indiatimes.com/articleshow/37668263.cms

Ansal to raise Rs. 400-Cr from Peninsula Brookfield

Mint

Ansal Properties and Infrastructure Ltd is set to raise Rs.400 crore from Peninsula Brookfield Investment Managers, a joint venture between Peninsula Land Ltd and Brookfield Asset Management with Rs.1,000 crore worth of assets under management. The money will be deployed from its maiden fund, Peninsula Brookfield India Real Estate Fund. The transaction is in the last stage of closure and the money will be raised through the non-convertible debenture (NCD) route in the form of structured debt.

The funds will be deployed for development as well as refinancing earlier loans on a 2,500 acre project called Metropolis in Greater Noida.

http://bit.ly/1j2mltE

M&A

Suguna Foods promoters to buy back IFC's 5% stake

Business Standard

Promoters of poultry company Suguna Foods are in the process of buying back International Finance Corporation (IFC)�s stake of about 5% in the company. IFC, which had invested $11.25 million as equity, in 2006, would now exit with threefold returns, or Rs 150 crore. The buy-back process will be completed by November. Suguna employs 22,000 farmers across 14 states. Last year, it clocked a turnover of Rs 5,300 crore. The company�s operations include broiler and layer-farming, hatcheries, feed mills, processing plants, vaccines manufacturing and exports.

http://bit.ly/1mcnlvD

Essar in talks with French firm Teleperformance to part-sell BPO biz for Rs. 3.6 k cr

Times of India

Essar Group is set to sell its BPO Aegis� US and Philippines operations for $600 million (Rs 3,600 crore) to Paris-based Teleperformance, a leading provider of outsourced customer experience management services. Credit Suisse is the advising on the transaction.

http://timesofindia.indiatimes.com//articleshow/37492132.cms

Inox in talks to buy Satyam Cineplexes for Rs. 220-Cr

Mint

Multiplex chain Inox Leisure is in talks to buy New Delhi-based Satyam Cineplexes Ltd in a transaction that may be valued at Rs. 220 crore. Inox Leisure will sell treasury stock to raise funds for the acquisition. Yes Bank Ltd has the mandate to sell the treasury stock and look for acquisitions. Satyam Cineplexes has a total of 38 screens, including three four-screen multiplexes in New Delhi.

http://bit.ly/1qIEX1N

Carnival Cinemas to acquire HDIL's cinema exhibition business

Mint

Kerala-based Carnival Cinemas, run by Global Business Conexxtions, is in talks with Housing Development and Infrastructure Ltd (HDIL) to buy out its cinema exhibition business. HDIL Entertainment, a fully owned subsidiary of HDIL, launched a chain of multiplexes under the brand name Broadway. HDIL Entertainment has 13 screens and has plans to set up around 150 screens in major cities. Carnival Cinemas has a presence in four cities in Kerala, Tamil Nadu and Karnataka.

http://bit.ly/1qIEX1N

Kesoram looking to sell majority stake in tyre business

Kesoram Industries, the flagship of the Basant Kumar Birla group, may exit its tyre business or offload a majority stake to pare debt. Birla Tyre, as the tyre division is called, has plants at Balasore in Odisha and at Laksar near Haridwar in Uttaranchal. It makes tyres for passenger cars, trucks and buses, two-wheelers, farm and off-the-road tyres.

http://www.telegraphindia.com/1140627/jsp/business/story_18556116.jsp

Business Line

Bourbon SA, a France-based offshore services provider, is set to sign a deal on July 14 to acquire 50.1% stake in Global Offshore Services. Consultancies KPMG and EY have set the enterprise valuation of Global Offshore, which is providing offshore support vessels to oil and gas exploration, at $700 million (around Rs. 4,200 crore). Global Offshore and its two subsidiaries have 11 offshore services vessels with an average age of three years.

Bourbon will come up with an open offer for another 25% after the deal is through. Among the promoters of Global Offshore are the Garware family (23%) and India Star, a Mauritius-based private equity fund (29.36 %). The Garware family will offload around 20% of its stake and retain 3% for some time.  Two foreign promoters of Global Offshore � Rondor Overseas Ltd and Clearwell Enterprises Ltd � are not divesting their holdings. These two hold a total of 10.37 % in the company.

Manoj Mittal, an investor, who along with his associates holds 6.9 % in Global Offshore, will offload his stake only in the open offer.

http://goo.gl/pY5QMp

Real estate firm Anant Raj eyes exit from hospitality business

Delhi-based realty firm Anant Raj Group plans to exit its hospitality business to pare debt. Of the group�s 12 land parcels meant to build hotels in the national capital region (NCR), only five hotels are operational and are run by different operators. Construction hasn�t started on the rest of the land parcels.

http://bit.ly/TQoMDO

RCom to raise Rs 5,000-Cr by selling real estate assets

Business Standard

Reliance Communications (RCom) has initiated the process to monetise its real estate assets across the country, aiming to raise Rs 5,000 crore through this. The company will use the proceeds to part-repay its debt, which stands at Rs 34,000 crore. The 10 properties on outright sale include the company's 3.7-acre Delhi office in prime central district near Connaught Place, which is expected to fetch Rs 700 crore. Also on the list are a property in Kolkata's Chowringhee Road (valued at over Rs 150 crore); Navi Mumbai's 7 Towers, where it has over 388,000 square feet of space (valued at Rs 200 crore); 19 acres in Bangalore; properties in Ambattur near Chennai; 226,000 square feet of space in Hyderabad's Hi Tech City; properties in Tirupati and Gujarat's Anjar; and 150 flats in Navi Mumbai's posh Seawoods residential property (valued at Rs 300 crore). The total valuation of these properties - over 70 acres of land and 1.3 million square feet of space - based on presentations made to real estate companies, comes to Rs 2,000 crore.

http://bit.ly/1rlUc31

IPOs

Realty firm Century plans Rs. 1000-Cr IPO

Bangalore-based Century Real Estate Holdings Pvt. Ltd on would appoint bankers for a planned Rs.1,000 crore IPO in the next month. The company will retire debt of around Rs.500 crore and the rest will be used as growth capital. Century, which has one of India�s largest land banks at around 3,000 acres, had planned an IPO in 2007.

Lavasa re-files for IPO; to raise Rs.750-Cr

Property developer Lavasa Corporation is planning to raise Rs 750 crore through an initial public offering (IPO).This is the second time that Lavasa, which is setting up the country�s first planned hill city, is considering an IPO. Its earlier plan to raise Rs 2,000 crore by diluting a 10% promoter stake was dropped in 2010 due to adverse market conditions and controversies around the township. Axis Capital, Kotak Investment Banking and ICICI Securities are the bankers to the issue.

http://goo.gl/WODTAs

Indigo organizing I-Banker beauty parade for Rs.2,500-Cr IPO: report

Economic Times

Aviation firm IndiGo is organizing a beauty parade for nine investment banks in Paris to bid for its proposed $400 million (Rs 2,500 crore) IPO. The participating banks include Bank of America Merrill Lynch, JP Morgan, Goldman Sachs, Morgan Stanley, Citigroup, Barclays, UBS, Credit Suisse and BNP Paribas.

For the year ended March 2013, IndiGo posted a six-fold increase in net profit to Rs 787 crore while revenue rose 65% to Rs 9,458 crore. The airline has been a market leader since August 2012, when it toppled Jet Airways. It controls 31.7% of the market now. It has a fleet of 79 Airbus A320 planes with an orderbook of 186. It flies close to 500 daily flights connecting 36 destinations. Rahul Bhatia promoted InterGlobe Enterprises held slightly over 51% stake in IndiGo while US-based Rakesh Gangwal's Caelum Investment LLC owned 48%.

http://economictimes.indiatimes.com/articleshow/37685383.cms

Secondary Issues

Apollo Tyres to raise Rs. 1200-Cr to fund upgradation of Chennai, Kochi plants

Listed-manufacturing company Apollo Tyres is looking to raise USD 200 million. The company plans to invest $340 million to expand its truck and bus radial tyre capacity at the Chennai plant from the present 6000 tyres per day to 8900 tyres per day and conversion of the company's leased operations at Kalamassery plant near Kochi from bias truck tyres to speciality/industrial tyres.

http://bit.ly/1qtvSdO

Hindalco to raise Rs. 3000-Cr via QIP

Economic Times

Kumar Mangalam Birla-led Hindalco plans to raise $500 million through the qualified institutional placement (QIP) of shares to primarily to repay part of its debt. The floor price of the QIP that may hit the market next week could be Rs 168 a share. Hindalco has mandated CLSA to manage the issue.

http://economictimes.indiatimes.com/articleshow/37744643.cms

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New Ventures

Japan�s JX Nippon Oil in 50:50 lubricants JV with Tide Water

Japan-based JX Nippon Oil & Energy Corporation has entered into a 50:50 JV with Tide Water Oil Co. (India) Ltd., a lubricant manufacturer and member of the Andrew Yule group. The JV entity will focus on selling, marketing, distributing and manufacturing the �ENEOS� brand of lubricants in India, Nepal, Bangladesh and Bhutan and catering to the factory and service fill requirements of the Japanese original equipment manufacturers. Corporate Catalyst India acted as exclusive advisor to JX Nippon Oil on this transaction. The JV partners will also collaborate further to develop and expand the market for lubricating oils utilizing the technology and know-how of JX Nippon Oil.

Tech Mahindra forms JV with Saudi Arabia's Midad Holding

Financial Chronicle

Tech Mahindra has formed a 49:51 joint venture with Midad Holding to provide IT and ITeS solutions in Saudi Arabia. The JV, Tech Mahindra Arabia, will be headquartered in Al Khobar.

http://bit.ly/1iZe7Cq

Expansion/Diversification

Meru Cabs promoter Neeraj Gupta enters fruit, vegetable retail biz

Business Standard

Meru Cabs promoter Neeraj Gupta and retailing veteran K Radhakrishnan have come together to launch Freshkins, a neighbourhood shopping chain for perishable items, sourcing the produce from local farmers and sorting and packing them at a warehouse in Mumbai. The company has begun operations in Mumbai and plan to go to Pune, Chandigarh, Delhi, Kolkata and Chennai via the franchisee route. In 18 months, it proposes to have 300 stores, a combination of exclusive outlets, mobile stores and shop-in-shops. The total investment will be Rs 20 crore.

http://bit.ly/V5Cpjm

People

Apurva Mazumder joins boutique bank Moelis from JP Morgan

Economic Times

Global boutique bank Moelis, headed by Manisha Girotra, has appointed Apurva Mazumder, a senior banker, from JP Morgan, as its executive director.

Ashish Adukia and Anshuman Thakur, two executive directors at Morgan Stanley, have quit the firm.

http://bit.ly/1s0F9cx

Rajnish Baweja joins Flipkart as finance controller

Economic Times

Flipkart has appointed Rajnish Baweja as its finance controller. Baweja, a chartered accountant with 20 years of experience, was regional CFO at Bharti Airtel International (Netherland), Nairobi, Africa.

http://bit.ly/VfQ2MS

Abeezar Faizullabhoy joins HSA Advocates as partner

HSA Advocates has hired Abeezar Faizullabhoy as the firm's 14th partner. Faizullabhoy was an equity partner at J Sagar Associates (JSA) until 2013, when he left to join Aditya Resources as CEO.

in.linkedin.com/pub/abeezar-faizullabhoy/35/652/73b

Upendra Kamath to head Tamilnad Mercantile Bank

Business Line

HS Upendra Kamath, who had served as the Chairman and Managing Director of Vijaya Bank, will take over as the CMD of Tamilnad Mercantile Bank on July 9, 2014.

http://bit.ly/1maq5Io

M&M ropes in GE Capital India chief Anish Shah

Economic Times

Auto-maker Mahindra & Mahindra has appointed Anish Shah as President - Group Special Projects with effect from August 1, 2014. Shah was the President and CEO of GE Capital India.

http://economictimes.indiatimes.com/articleshow/37714138.cms

L&T General Insurance CEO Joydeep Roy quits

Economic Times

L&T General Insurance chief executive Joydeep Roy has quit the company. He was with the company since its inception more than five years ago.

http://economictimes.indiatimes.com/articleshow/37720227.cms

Others

Midal Cables gets 12 acres for unit in Odhisha aluminium park

Business Standard

Odisha government�s land acquisition agency, Odisha Industrial Infrastructure Development Corporation (Idco) has allotted 12 acres land to Bahrain-based investor Midal Cables at the aluminium downstream park coming up at Angul. The aluminium park is being developed jointly by National Aluminium Company (Nalco) and Idco. Midal Cables has announced an investment of Rs 300 crore to set up an aluminium conductor and rod manufacturing unit. The company intends to use molten aluminium to manufacture its products.

http://bit.ly/1o3r3mU

Regulatory News

RBI relaxes overseas investment norms

Hindu

The Reserve Bank of India (RBI) has relaxed norms for overseas investment by Indian corporates by raising their borrowing limit. Any financial commitment exceeding $1 billion in a financial year would require prior approval of the Reserve Bank even when the total financial commitment of the Indian Party is within the eligible limit under the automatic route. The financial commitment should be limited within 400% compared to earlier level of 100% of the net worth as per the last audited balance sheet of the company.

http://bit.ly/1pN8PNi

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Knowledge Partner

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