Private Equity/Strategic Investments

S�pore co Mapletree in talks to buy Chennai�s SP Infocity for Rs.2,400-Cr

Mint (E-Paper)

Singapore-based Mapletree Investment Pte. Ltd, a realty development, investment and capital management company backed by Temasek Holdings, is close to buying Chennai-based information technology park SP Infocity, jointly owned by Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Investment Advisors, for about INR 2,300-2,400 crore.

Located on the Old Mahabalipuram Road (OMR), the property spans 2.7 million sq.ft of leasable space and over 99% of it is occupied by tenants including the World Bank, HSBC and BNP Paribas. SPREP Pte. Ltd, a joint venture between CPPIB and Shapoorji Pallonji Group, acquired the IT park for USD 220 million in 2015 from Faery Estates Ltd.

JSW Steel looking to raise PE funding for Rs.19,700-Cr Bhushan Power and Steel bid

Business Line

JSW Steel is scouting for private equity to fund its INR 19,700-crore bid to acquire the stressed Bhushan Power and Steel asset. JSW Steel emerged the highest bidder trumping Liberty House and Tata Steel. Bhushan Power and Steel, which had defaulted on INR 47,000-crore loan, was among the first 12 stressed assets referred for insolvency process in July 2017.

Leap Green Energy to raise $250-M

Business Line

Renewable energy developer Leap Green Energy plans to raise around USD 250 million, to help treble its capacity from current 1.1 GW to 3 GW by 2020. The developer has appointed Barclays Bank PLC as its financial advisor. The expansion strategy includes both greenfield projects and brownfield opportunities. The company currently has around 750 MW of operational wind assets and projects under construction with cumulative capacity of 400 MW.

From the Venture Intelligence PE-VC Deal Database: In October 2010 and September 2011, JP Morgan had invested INR 107.5 crore and INR 100 crore in Leap Green Energy.

Baby products retailer FirstCry in talks with Alibaba, SoftBank for $150-M

Mint

FirstCry, a Pune-based online retailer of baby products, is in talks with China�s Alibaba Group Holding Ltd and Japan�s SoftBank Group Corp, to raise at least USD 100-150 million. Earlier, Singapore�s Temasek and China�s Tencent have held talks with FirstCry.

Since its founding in 2010 by Supam Maheshwari and Amitava Saha, FirstCry (Brainbees Solutions Pvt. Ltd) has raised more than USD 100 million from Mahindra, IDG Ventures India (now Chiratae Ventures), New Enterprise Associates, SAIF Partners, Vertex Ventures and others.

Morgan Stanley arm in talks to invest $55-M in KSH�s warehouse assets

Mint

Morgan Stanley is in advanced talks with Pune-based KSH Group to invest around INR 400 crore (approximately USD 55 million) in its warehousing assets. KSH Group operates in domestic logistics, manufacturing, service and distribution sectors, with over 600 employees spread across eight cities.

The group operates through various companies such as KSH Distriparks, KSH Logistics, KSH Infra, KSH International and Waterloo Distributors. KSH has around 1 million sq.ft of industrial warehousing and logistics infrastructure, including assets in use and under development. The group plans to build out 5 million sq. ft of warehousing space in Pune by 2020.

Big data analysis co Crayon to raise $11-M Series B round

Business Standard

Crayon Data, a Chennai-based big data analysis company, in which industrialist Ratan Tata and Infosys co-founder Kris Gopalakrishnan have invested, is planning to raise Series B round of about USD 11 million from existing and new investors. The fund would be used for expansion in western markets, including in the US and for technology development. The firm has raised USD 18 million so far.

From Venture Intelligence PE-VC Deal Database: In Nov 2017, Crayon Data raised funding from Ratan Tata, Kris Gopalakrishnan, Jungle Ventures and Spring Seeds. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details).

Battery tech firm Gegadyne Energy to raise $10-M

The Hindu

Gegadyne Energy, a Mumbai-based startup working in the area of battery technology, is planning to raise up to USD 10 million in Series A funding. Most of the funds will be utilised to set up a laboratory facility in Mumbai. The firm is developing a proprietary battery technology that can charge a battery from 0-100% in under 15 minutes.

From Venture Intelligence Angel Database: In Mar 2018, Gegadyne Energy raised angel funding from Mumbai Angels and Nirav Choksi. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details).

Naspers looks to raise stake in Swiggy in fresh funding round

Mint

South Africa-based technology investor Naspers plans to increase its stake in Indian online food delivery business Swiggy, by supporting a financing round that could raise more than USD 600 million. There�s also an opportunity to buy stakes from investors such as Bessemer Venture Partners. Chinese Internet giant Tencent Holdings Ltd, in which Naspers owns 31% stake, is also planning to invest in Swiggy.

From Venture Intelligence PE-VC Deal Database: Till June 2018, Naspers has invested around INR 390 crore in Swiggy for 22.84% stake.

Germany�s AviAlliance, Australian co AMP Capital join race for Mumbai airport stake

Mint

German airport operator AviAlliance, Australia�s AMP Capital and US-based Global Infrastructure Partners (GIP) have submitted non-binding bids to buy a minority stake in Mumbai International Airport Ltd. The GVK Group owns 50.5% in the Mumbai airport. GVK is seeking an enterprise valuation of roughly INR 20,000 crore and is looking to raise around INR 6,000 crore. Citigroup is managing the transaction.

Mumbai airport�s other shareholders are South Africa�s Bidvest Group (13.5%), Airports Co South Africa Ltd (10%) and state-run Airports Authority of India (26%).

Other Strategic Investments

Hero energy arm in talks with Petronas, Masdar, Sembcorp to raise $300-M for 30% stake sale

Economic Times

Malaysia�s Petroliam Nasional Berhad (Petronas), Abu Dhabi-based energy company Masdar Clean Energy and Singaporean alternative energy firm Sembcorp are in talks to acquire 30% of Delhi-based Hero Future Energies, the renewable energy arm of the Hero Group. Hero is looking to raise USD 300 million, valuing the unit at around USD 1 billion. JP Morgan is advising Hero Future on the stake-sale process. International Finance Corp. (IFC) holds a minority stake in Hero Future with an investment of USD 125 million made in 2017.

IPOs

Affle India, Dodla Dairy, Chalet Hotels, Harsha Engineers get Sebi nod for IPO

Economic Times

Affle India and Dodla Dairy have received the capital markets regulator Sebi's go-ahead to launch their initial share-sale offerings. Two others who got Sebi�s nod are Chalet Hotels and Harsha Engineers.

Affle India's IPO comprises fresh issue of shares of INR 90 crore, besides an offer for sale of up to 55 lakh equity shares by Singapore-based Affle Holdings. The company is expected to raise around INR 650 crore through its IPO. ICICI Securities and Nomura Financial Advisory and Securities (India) will manage the company's public issue.

The IPO of Dodla Dairy comprises fresh issuance of shares worth up to INR 150 crore besides an offer for sale of up to 95,43,770 equity shares by TPG Dodla Dairy Holdings Pte Ltd and Dodla Deepa Reddy. Edelweiss Financial Services and ICICI Securities will manage the company's initial share sale.

K Raheja Corp's hospitality company Chalet Hotel's IPO consists of fresh issue of shares of INR 950 crore, besides an offer for sale of up to 24,685,000 equity shares by the existing shareholders. JM Financial, Axis Capital and Morgan Stanley India will manage the company's public issue.

The public issue of Harsha Engineers, manufacturer of precision bearing cage, comprises a fresh issuance aggregating up to INR 370 crore and an offer for sale of up to 13.25 lakh equity shares by the selling shareholders. Axis Capital and Edelweiss Financial Services are the book running lead managers to the issue.

Secondary Issues

SBI to raise Rs.20,000-Cr equity capital in FY19

Business Standard

Publicly listed State Bank of India (SBI) seeks to raise up to INR 25,000 crore during the current financial year, including INR 5000 crore through bonds, to meet capital adequacy norms. The board has given a nod for raising equity capital of INR 20,000 crore during FY 2018-19 from the market by way of FPO / QIP / Preferential allotment / Rights lssue / or a combination of these modes.

M&A

UAE-based BRS Ventures to invest $300-M to acquire hospitals in India

Business Line

UAE-based BRS Ventures plans to acquire hospitals in India. BRS Ventures, through BR Life, which is a holding company for Indian healthcare enterprises, plans to invest USD 300 million to acquire hospitals in various cities. BR Life has already acquired five hospitals in India with a total bed strength of 1,500.

JNPT mulls acquisition of 3 ports in Maharashtra

Economic Times

State-run Jawaharlal Nehru Port Trust (JNPT) is planning to acquire three ports in Maharashtra - Vijaydurg, Revas and Dighi - as it targets to more than double its profits. Of the three ports, only Dighi is an operational port while the other two are concessions held by corporations with little or no development on the ground. JNPT is also going ahead with its efforts to develop an offshore port at Wadhwan, north of Mumbai.

Hero Group in talks to buy German e-bike firm

Times of India

The Hero Group is on the verge of acquiring an electric bike firm in Germany to boost its foray into electric bicycles. The acquisition is part of Hero Cycle�s value push as higher-priced leisure/ sport bike sales take off, particularly in southern markets.

Reliance in talks to buy multi-system-operator GTPL Hathway

Economic Times

Reliance Industries (RIL) has begun talks to acquire a controlling stake in GTPL Hathway, a multi-system-operator (MSO) that dominates the Gujarat market. This follows the announcement of plans by RIL to acquire a majority interest in cable TV and broadband services providers Hathway Cable & Datacom and DEN Networks. GTPL Hathway has 7.6 million active digital cable subscribers.

TPG-Manipal combine eyes majority stake in Medanta Hospital

Mint

The TPG Capital and Manipal Health Enterprises combine is in talks to buy a majority stake in hospital operator Medanta from Naresh Trehan and other investors. Manipal-TPG is likely to offer a valuation of INR 6,000 crore for Medanta. TPG-Manipal is the only party that is pursuing Medanta after Malaysia�s IHH Healthcare Bhd withdrew its non-binding bid following its acquisition of the hospital business of crisis-ridden Fortis Healthcare Ltd in July, outbidding TPG-Manipal.

Govt invites EoI from investors to buy out construction firm Bridge & Roof Co

Economic Times

The Union Government has invited bids for buying out 100% stake in PSU construction firm Bridge & Roof Company. The Department of Investment and Public Asset Management (DIPAM) has asked interested bidders to submit their Expression of Interest (EoI) for buying the company by December 25, 2018. The company had posted a Profit after Tax (PAT) of INR 16.37 crore and total revenue of INR 1,751 crore in 2016-17. Established in 1920, Bridge & Roof is under the administrative control of the Ministry of Heavy Industries and Public Enterprises. The DIPAM has appointed Yes Bank to advise the government on the proposed strategic sale.

Other Deals - Listed firms

DHFL arm Aadhar looks to sell loan book to infuse cash

Economic Times

Mumbai-based Aadhar Housing Finance, a unit of Wadhawan Global Capital and a group company linked to Dewan Housing Finance (holds 9.2%), is in talks with State Bank of (SBI), Bank of Baroda and ICICI Bank, to sell loans worth INR 1,200 crore. The company has a loan book of INR 8,700 crore, with disbursement targets of INR 450-500 crore a month. The company merged with DHFL Vysya last year.

Other Deals

Indiabulls to sell residual stake in UK lender OakNorth

Economic Times

Indiabulls Housing Finance plans to sell all or part of its 18.7% stake in UK-based lender OakNorth Holdings to a private equity fund. The deal will help the company rake in over six times gain on investment in less than three years.

In November 2017, Indiabulls had sold around 10% of its stake in OakNorth Bank to GIC, the investment arm of Government of Singapore for INR 770 crore.

Real Estate Transactions

Tata Realty may acquire 22-acre plot in Chennai for Rs.500-Cr

Economic Times

Mumbai based Tata Realty and Infrastructure (TRIL) has emerged as the frontrunner to acquire a 22-acre land parcel in Chennai from Xander Investment Management and Real Value Promoters for about INR 500 crore. Xander had invested about INR 220 crore as debt 4-5 years ago in a residential project by Real Value, but the project failed to take off.

Air India calls off plan to sell off iconic Mumbai tower to JNPT

Business Line

Air India has abandoned plans to sell its iconic 23-storey tower at Nariman Point in Mumbai to Jawaharlal Nehru Port Trust (JNPT) to raise funds. The move to sell the 2.2 lakh sq ft building to the cash-rich and India�s busiest container port was mooted a few days after a plan to privatise the carrier fell through for lack of bidder interest.

India Ahoy!

Xiaomi's smart lighting solutions arm Yeelight enters India

Economic Times

Xiaomi-owned smart lighting solutions maker Yeelight has announced its foray into the Indian market. The company has introduced four products including a smart lamp, a light strip and two smart bulbs, priced between INR 2,000 to 10,000. In the first phase, its products will be exclusively available on Amazon and later, it would also be available at retail outlets. Yeelight products will be imported and distributed in India by its partner PR Innovations. Incubated by SOSVenture, Yeelight became a part of Xiaomi ecosystem in 2014.

New Incubators

Artha Venture Fund to launch startup accelerator programme

DealStreetAsia

Mumbai-based seed stage investor Artha Venture Fund plans to start an accelerator programme, through which it will mentor and invest in a select bunch of startups. The fund is looking for sponsors to set up a school for entrepreneurship within the next six months. Artha is close to finalizing a deal with a major US university to partner the programme.

Expansion/Diversification

Paytm enters Japan's mobile wallet market with 'PayPay'

Business Standard

One97 Communications-backed Paytm announced that PayPay Corporation, its joint venture with SoftBank Corp and Yahoo Japan Corporation, has launched PayPay, a smartphone-based settlement service in Japan. It is built around the QR-technology from Paytm that has over 300 million customers and over 9.5 million offline merchants. PayPay will expand the number of users by including the customer base of SoftBank and �Yahoo! Wallet�, which comprises approximately 40 million accounts.

Cookware maker Stovekraft in licensing deal with US-based Black + Decker

Economic Times

Sequoia Capital-backed Stovekraft plans to focus on the premium segment in kitchen appliances with its licensed brand Black + Decker by rolling out products like blenders and juicers, breakfast appliances, water heaters and small domestic appliances. The Bengaluru-based company, whose flagship brands include Pigeon and Gilma that together contributes 85% to sales, had entered into a partnership with US-based Black & Decker Corporation last year.

Sequoia Capital currently holds around 25% stake in Stovekraft while the promoter family holds the balance 75% stake.

People

Goldman Sachs names Todd Leland as Asia investment banking head

Mint

Goldman Sachs veteran Todd Leland is to become the firm�s Asia investment banking head. He will replace Andrea Vella and Kate Richdale. Leland was named a co-president of the bank for Asia Pacific excluding Japan in September last year.

AZB hires ex-SBI chairperson Arundhati Bhattacharya as consultant

Legally India

AZB & Partners Mumbai has hired former State Bank of India (SBI) chairwoman Arundhati Bhattacharya as a senior consultant. Bhattacharya headed SBI between 2013 and 2017.

JSA hires ex Wadia partner Farid Karachiwala

Press Release

Farid Karachiwala has joined J. Sagar Associates (JSA) as an equity partner in their Mumbai office. He was an equity partner at Wadia Ghandy & Co., and anchored their general litigation practice.

Ravichandra Hegde, a partner in the Mumbai office of JSA will be leaving the firm at the end of the month to pursue independent practice.

SME lender IntelleGrow names Nikesh Kumar Sinha as CEO

Business Standard

Startup and SME lender IntelleGrow, an Aavishkaar Intellecap Group company, has appointed Nikesh Kumar Sinha as Chief Executive Officer (CEO). Sinha was the Head of the Medium Enterprises Group at Axis Bank.

Satish Kumar Gupta is new MD & CEO of Paytm Payments Bank

Mint

Paytm Payments Bank, a unit of One97 Communications Ltd., had appointed Satish Kumar Gupta as managing director and chief executive officer of the digital bank. Gupta previously had stints as the chief product officer at National Payments Corporation of India and State Bank of India. Renu Satti had stepped down as the CEO of Paytm Payments Bank to head the new retail segment at the company as chief operating officer.

Regulatory News

SEBI partially modifies order in Satyam scam, gives relief to three officials

Bar and Bench

The Securities Exchange Board of India (SEBI) has partially modified its order in the Satyam Scam, on the limited points of disgorgement of illegal gains and period of debarment from securities market against three officials. In 2014, SEBI had passed an order against the three officials and promoters/directors Vadlamani Srinivas (ex CFO), G Ramakrishna (ex Vice President - Finance) and V S Prabhakara Gupta (ex internal auditor) who were restrained from the market for a period of 14 years. An appeal against the said order was preferred before the SAT, and the SAT in May 2017, while upholding the order of SEBI on merits, remanded the case back to SEBI for reconsidering the amount to be disgorged by these three persons and the period of debarment from securities market.

In the case of Vadlamani Srinivas and G Ramakrishna, the period of debarment has been reduced by SEBI to 7 years from the earlier period of 14 years. For Gupta, the period is reduced to 4 years. The debarment period would include the years of ban already undergone by these individuals. No change was made to the amount to be disgorged by Ramakrishna, but the amount to be disgorged by Srinivas was reduced from INR 29.50 crore to INR 15.65 crore and for Gupta, to INR 48 lakh from INR 51.26 lakh.

IBC not a substitute to a recovery forum: Supreme Court

Economic Times

The Supreme Court (SC) has held that the Insolvency and Bankruptcy Code (IBC) is not intended to be a substitute to a recovery forum. �It is also laid down that whenever there is existence of real dispute, the IBC provisions cannot be invoked. It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)(2)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility,� the Supreme Court said.

Bankruptcy

Essar Steel seeks withdrawal from IBC process; offers Rs.54,389-Cr to all creditors

Economic Times

The shareholders of Essar Steel have submitted a proposal to the Committee of Creditors (CoC) for full settlement of the entire admitted claims of the financial creditors, operational creditors, and workmen and employees of Essar Steel India Ltd (ESIL), aggregating INR 54,389 crore, under Section 12A of the Code. The plan includes an upfront cash payment of INR 47,507 crore to all creditors, including INR 45,559 crore to the senior secured financial creditors.

KKR files bankruptcy plea against dairy firm Kwality

Economic Times

Global private equity player KKR has filed insolvency plea against dairy firm Kwality Ltd before the National Company Law Tribunal (NCLT) under Section 7 of the Insolvency and Bankruptcy Code 2016.

In 2016, Kwality Ltd had raised INR 300 crore from KKR India Financial Services and got additional commitment of INR 220 crore to fund its expansion plans and for entering into consumer segment. Kwality has six milk processing units in Uttar Pradesh, Haryana, Uttarakhand and Rajasthan with a capacity of 3.2 million litre per day. It sells milk and milk products under different brands including Kwality and Dairy Best.

SBI looks for adviser to streamline resolution of 15 Videocon entities

Mint

The State Bank of India (SBI) wants to appoint an adviser to liaison among the separate resolution professionals (RPs) and prospective bidders for the 15 Videocon group entities that it referred to the National Company Law Tribunal (NCLT). The bank has mandated SBI Capital Markets to look for this common process adviser. The adviser will need to coordinate among the committees of creditors and resolution professionals of the 15 companies and be the single point of contact for the prospective bidders on behalf of the lenders.

Tata Steel moves NCLAT against finalization of JSW�s bid for BPSL

Mint

Tata Steel Ltd has objected to lenders of debt-laden Bhushan Power and Steel Ltd (BPSL) finalizing a bid of its rival JSW Steel Ltd. The lenders allowed JSW Steel to change the basic parameters of its bid after having previously declared Tata Steel as the highest bidder, according to a plea filed by Tata Steel at the National Company Law Appellate Tribunal (NCLAT). NCLAT has heard the arguments made by the counsel appearing for Tata Steel and adjourned the hearing to 1 November.

Tata Sponge to carry out Usha Martin's steel biz acquisition

Economic Times

Tata Sponge Iron Ltd, a subsidiary of Tata Steel, will carry out the acquisition of Usha Martin's steel business. Tata Steel announced on September 22 that it had executed definitive agreements for acquisition of the steel business of Usha Martin Ltd (UML) by itself or any of its subsidiaries or affiliates. The acquisition will be through a slump sale process.

The steel business undertaking of UML comprises of a specialised one million tonne per annum alloy based manufacturing capacity in long products segment based in Jamshedpur, an iron-ore mine, a coal mine under development and captive power plants.

SBI moves SC; seeks amendment in pacts between power cos, discoms

Economic Times

SBI has moved the Supreme Court seeking implementation of a high power panel's recommendation to amend the PPAs between various discoms and three Gujarat-based electricity producers who were running losses as they could not hike tariffs to compensate for the rise in cost of coal imported from Indonesia. SBI is part of a consortium of banks that funded the three power producers - Tata Mundra, Adani and Essar, who were not allowed by the apex court to charge compensatory tariff in lieu of the increase in cost of coal they were importing from Indonesia.

Blackstone, Sattva lead race to buy Trident Hotel in Hyderabad

Economic Times

Global private equity major Blackstone and Bengaluru-based realtor Sattva Group have emerged as the front-runners for the Hyderabad Trident Hotel property. The sale, being supervised by the National Company Law Tribunal (NCLT), is expected to fetch around INR 450 crore. The Oberoi chain, owned by EIH Ltd, operates the property through a management contract.

Located in the Hi-Tech city area of Hyderabad, the Trident property is operated by a special purpose vehicle called Golden Jubilee Hotel. Earlier this year, NCLT initiated insolvency process against Golden Jubilee Hotels that owes around INR 728 crore to various lenders.

Others

Daiichi Sankyo accuses Fortis� Singh brothers of siphoning off Rs.2,900-Cr

Business Line

Japanese drug-maker Daiichi Sankyo told the Delhi High Court that erstwhile Fortis Healthcare promoters Malvinder and Shivinder Singh, through a web of downstream companies, had diverted close to INR 2,900 crore. Daiichi has filed three new applications in the high court, stating the monies were parked in 25 companies and this was not declared by the brothers in their affidavits. The brothers owe Daiichi INR 3,500 crore to settle an arbitration award announced in a Singapore tribunal.

C Sivasankaran offers to pay $33-M, settles dispute with Bahraini telco Batelco

Economic Times

Maverick NRI businessman C Sivasankaran and his bellicose partner Batelco, a Bahraini telecom firm, have settled their dispute with mutual consent, resulting in a worldwide settlement scheme, approved by the Supreme Court of Seychelles. Under the terms, Sivasankaran will offer assets (mostly real estate properties) worth USD 33 million, held in the name of Jayalakshmi, his ex-wife to Batelco�s subsidiary BMIC. He will also transfer the 24 million shares that he owns in Tata Tele in favour of Batelco, (the value of which today is zero as Tata Sons have written off the entire investment). In return, BMIC will withdraw all asset freeze and litigations it had enforced on Sivasankaran in Seychelles, India, Bermuda and London. BMIC had claimed USD 225 million for settlement of this dispute.

The background to the saga stems from the contract between Batelco and S Tel, which was awarded 2G mobile license in January 2008. During 2009, BMIC subscribed to acquire 42.7% of S Tel for USD 174 million. Following this, S Tel became a joint venture between BMIC (as minority partner) and Sivasankaran (as majority partner). As part of the joint venture, Sivasankaran stood personal guarantee for the proposed investment by BMIC.

Once the Supreme Court cancelled the 2G licenses on the February 2, 2012, Batelco enforced the personal guarantee given by Sivasankaran in a London court and obtained a court decree which ordered Sivasankaran to pay nearly USD 212 million.

After shutting down ops in India, crypto exchange Zebpay moves to Malta

Entrackr

Zebpay, which shut its operation last month, now has moved to Malta. Before the RBI ban, the company used to process more than half of cryptocurrency transactions in India. The new Zebpay exchange will provide services to residents of about 20 European countries including Belgium, Bulgaria, the Czech Republic, Denmark, Finland, France and Germany. Indian citizens have been banned from transacting on its platform.

Direct seller Amway drags Flipkart to court for �illegally� selling its products

Inc42

The US-based direct selling company Amway has reportedly sent a notice to e-commerce platform Flipkart for allowing Amway�s direct sale representatives to sell its products �illegally� on its platform. The company had earlier sent notices to Flipkart asking it to bar such sellers from the platform but the marketplace had apparently failed to do so, thus prompting Amway to seek legal action.

Paytm staffers held for trying to blackmail CEO with data leakage

Economic Times

Three people, including a female employee of Paytm, were arrested for allegedly trying to extort INR 20 crore from the e-wallet giant�s founder Vijay Shekhar Sharma after threatening to leak stolen personal data and confidential information.

IL&FS board appoints financial, restructuring advisors for turnaround plan

Business Standard

The new board of Infrastructure Leasing & Financial Services (IL&FS) has appointed two financial and transaction advisors and a restructuring advisor. Arpwood Capital and JM Financial Consultants, as financial advisors, will help the board with transaction and monetisation decisions. Alvarez & Marsal will assist in maintaining controls on and managing liquidity on a day-to-day basis at all levels in the group, evolving a resolution plan, and management of stakeholders as regards the resolution at the time of the implementation.

RBI lifts ban; Fino Payments Bank to restart opening new accounts

Business Standard

The Reserve Bank of India (RBI) lifted its ban on adding new customers for Fino Payments Bank. The ban had been placed by the RBI in May because of non-compliance of operational guidelines, particularly certain accounts having deposits in excess of the allowed amount. RBI's operating guidelines for payments banks stipulate that aggregate limit for customer in his/her bank account shall not exceed INR 100,000.

Cyril Amarchand Mangaldas withdraws clean chit given to Chanda Kochhar: report

Economic Times

Law firm Cyril Amarchand Mangaldas has withdrawn its 2016 report that had given a clean chit to former ICICI Bank chief executive Chanda Kochhar with regard to nepotism allegations against her.

Bitonic, Aayuv, Infeedo in Nasscom�s list of top 10 innovative tech startups

Mint

Noida-based software lobby Nasscom has named top 10 startups, as part of its �Emerge 50� 2018 awards, which use innovative technology across sectors such as healthcare, architecture, human resources and real estate in India. Nasscom received more than 420 applications this year, with more than 70% in the B2B segment.

The 10 selected startups are: chatbot platform Bitonic Technology Labs Pvt. Ltd; healthcare start-up Aayuv Technologies Pvt. Ltd; GIEOM - a banking software provider; people analytics startup Infeedo; pharma supply chain Medicea Technology Solutions Pvt Ltd; virtual reality product company SmartVizX; homeland security application Staqu Technologies; SaaS platform Synup; supply chain management firm Tagbox Solutions Pvt. Ltd and mixed reality hardware startup Tesseract.

Economic Laws Practice ("ELP") is a leading full-service Indian law firm established in the year 2001 by eminent lawyers from diverse fields. The firm�s Private Equity & Venture Capital practice brings onboard a unique understanding of commercial matters and legalese to be able to provide effective solutions to all stakeholders in a transaction. The team looks at providing a bespoke legal service experience, which is sector agnostic in nature and driven towards successful consummation of the relevant transactions.

ELP advises clients on all aspects of private equity and venture capital transactions, whether from a fund formation perspective or a potential portfolio investment or a relevant exit transaction. Our services include right from conceptualising a structure, to conducting the legal due diligence exercise, to the preparation of the relevant documentation, to providing assistance to the final closure including negotiations and corporate secretarial assistance.

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Basiz is a high end and specialized fund accounting service provider with international footprints, with offices in Mumbai, Chennai and Coimbatore in India, besides Singapore, London and New York. Basiz primarily focuses on servicing Fund administrators, Hedge Funds, Mutual Funds, Private Equity / Venture Capital Funds, Family Offices, REIT Funds, Insurance Portfolios and Managed Accounts.

Contact Information

Sesh A.V ACA, Managing Director
Basiz Fund Services Pvt. Ltd
M: +918286008554, E: sesha@basizfa.com
http://www.basizfa.com

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