SBI Macquarie's Varun Bajpai Joins Violet Arch - Varun Bajpai, CEO, SBI Macquarie Infrastructure, has resigned to join Violet Arch Capital Advisors, a start-up fullservice financial firm, in which he has sweat equity along with Sanju Verma, former HDFC Securities' executive director. Violet Arch hit the limelight when it acquired Alchemy Shares & Stock Brokers in August. Violet Arch has $20 million of committed capital from the Srei Group, New York-based boutique investment bank Berenson and a leading corporate house. (Economic Times)
Motilal Oswal Looking To Dilute Stake In AMC, I-banking - Motilal Oswal Financial Services was looking to sell a little less than 26 per cent stake in its asset management and investment banking businesses. It is in talks with global players to offload a minority stake. The firm was planning to add people in the wealth management, asset management and investment banking businesses. (Business Standard)
Malabar Builders Eye PE Funding - Malabar Builders, the real estate development arm of jewelery retail chain Malabar Gold, is planning to launch its first township project in Mangalore with an investment of Rs 500 crore. The company, with five projects completed and another four in the pipeline, is looking at private equity to raise funds. The project is expected to be completed in the next two to three years. (Business Standard)
Rakesh Jhunjhunwala May Buy 5% In Symphony - Billionaire investor Rakesh Jhunjhunwala might pick up five per cent stake in cooling equipment maker Symphony.At Monday’s price, a five per cent stake in the company would be worth Rs 45 crore. From its September 12 close of Rs 1,163.20, Symphony shares had gained 23 per cent to touch an intra-day high of Rs 1,440 on September 16, amid a buzz that the company was likely to get a large order from US retail giant Walmart. The company’s shares have cooled since then. (Business Standard)
DB Realty In Talks For JVs - DB Realty, the Mumbai-based property developer, is in talks with major real estate companies for joint developments in two of its prime properties in the city which are valued around Rs 3,000 crore. The first property is located in the tony Bandra Kurla Complex, which has a development potential of a million sq ft. The second one at Kala Nagar in Bandra has a potential of 500,000 sq ft. Residential apartments sell for around Rs 20,000 a sq ft in these two areas. (Business Standard)
Mobile VAS Firm Altruist Eyes US Buys - Chandigarh-based Altruist Technologies Pvt Ltd, a VAS (value-added services) provider to various telecom players like Airtel, Tata Teleservices and Aircel, is looking to acquire a US-based software development company. The acquisition cost is valued at $25 million and is likely to be completed by the next quarter. Earlier, it had acquired a US-based web and mobile technology company, RelayStrategy in a complete buyout for cash transaction. (Business Standard)
Tokio Marine To Raise Edelweiss JV Stake - Tokio Marine Holdings, the foreign partner in Edelweiss Tokio Life, is expected to increase its stake in the company to 49 per cent, as soon as the government allows it to. The transaction would take place on the basis of a pre-determined price agreed between the shareholders. Edelweiss Tokio Life, is a joint venture between non-banking financial company Edelweiss Capital and Japanese insurer Tokio Marine. (Business Standard)
