Phoenix Mills will buy out Kshitij Venture Capital Fund's 32% stake in two Chennai projects for $21 million. Kingfisher Airlines denied rumors that it plans to shut down. Grocery retailer BigBasket.com raised $10 million from Ascent Capital. Reliance Industries increased its stake in EIH Ltd, which operates Oberoi hotels, to 18.53%. JP Morgan's infrastructure fund raised over $95 million for an India-specific sidecar vehicle. GTL Infrastructure is in talks to roll over $228 million in bonds due in November 2012. Mahindra Satyam acquired vCustomer's international BPO operations for $27 million. Multi-Commodity Exchange debuted on the B

1. Top Headlines
 Phoenix Mills to Buy Out Kshitij's Stake in Chennai
Projects for $21M.
 Kingfisher Airlines denies shutdown rumours
 Grocery E-tailer BigBasket.com Raises $10M From Ascent
Capital
 RIL Buys Analjit Singh’s Stake In EIH; Ups Holding To
18.53%
 JP Morgan’s Infra Fund Raises Over $95M For India
'Sidecar' Vehicle
 GTL Infra To Roll Over $228M FCCB
 Mahindra Satyam Acquires vCustomer's International Ops
For $27M.
 MCX debuts on BSE at 34% premium
Inside The Story
Phoenix Mills to Buy Out Kshitij's Stake In Chennai
Projects For $21M.
Phoenix Mills Ltd (PML), a Mumbai-based property developer, is buying
out Kshitij Venture Capital Fund’s (Kshitij VC) investment in its Chennai
market city project and a separate high-end residential development for
Rs 106 crore ($21 million).PML has approved the proposed acquisition
of Kshitij VC’s holding in Classic Mall Development Co Pvt Ltd and
Classic Housing Projects Pvt Ltd. The mall has a leasable space of 0.9
million sq. ft. and the residential project has a saleable area of
approximately 0.25 million sq. ft. The retail mall is expected to start
operations this year. PML has launched 0.25 million sq. ft. of residential
space in Chennai of which 0.17 million sq. ft. has already been
sold.Kshitij VC holds 32 per cent each in both the companies and PML is
buying out the entire stake from the private equity fund, promoted by
retail major Kishore Biyani’s Future Group.
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2. Kingfisher Airlines denies shutdown rumours
Cash-strapped Kingfisher Airlines on Sunday refuted speculation that it
planned to shut down its operations as a section of pilots have
threatened to boycott work without pay and dues being given to them.
The development comes after Kingfisher's chief executive Sanjay
Aggarwal met pilots on Thursday and sought their cooperation.
However, other reports also said that Aggarwal told pilots that if they do
not cooperate, then the airline would have to shut shop. Seeking to
refute the allegations, an airline spokesperson said: "Aggarwal met a
Group of pilots to appeal to them not to stay away from flying duties
which would potentially affect the operating schedule."
Grocery E-tailer BigBasket.com Raises $10M from Ascent
Capital
Bangalore-based private equity firm Ascent Capital has invested $10
million in the first round of funding in BigBasket.com, an online grocery
store. The transaction is believed to be the first institutional investment
in an online grocery retailer and the largest series A round in an e-
tailing firm in India. For Ascent Capital, which manages $600 million
across three funds, this is the first reported investment in a technology
company after five years.
RIL Buys Analjit Singh’s Stake In EIH; Ups Holding To
18.53%
Mukesh Ambani-led Reliance Industries Ltd has become the largest non-
promoter shareholder in EIH Ltd; ahead of ITC’s 14.98 per cent
stake.RIL has increased its stake by another 3.73 per cent in EIH, the
hospitality firm that operates the luxury hotel chain Oberoi. The stake
was acquired by RIL’s wholly owned subsidiary Reliance Industries
Investment and Holding Pvt Ltd on Friday through open market
transactions for Rs 191.83 crore. The shares were acquired from Max
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3. India promoter Analjit Singh’s entities – Gaylord Impex Ltd and Pivet
Finances Ltd.
JP Morgan’s Infra Fund Raises Over $95M For India
'Sidecar' Vehicle
JP Morgan Asset Management, the global investment and wealth
management firm, has raised over $95 million commitment for an India-
specific ‘sidecar’ fund. The sidecar fund, an over-allocation pool giving
the fund manager an opportunity to invest in larger deal opportunities,
is being raised for JP Morgan’s Asian infrastructure fund.A report in
Pension & Investments states that the State of Michigan Retirement
Systems has committed $70 million to the fund, which is invested in two
toll roads in India. The investment is part of the overall $1.685 billion
commitments made by Michigan Retirement Systems to funds of Apax
Partners, Parthenon Group, Credit Suisse and others.
GTL Infra To Roll Over $228M FCCB
Mumbai-based telecom tower operator GTL Infrastructure Ltd is in talks
with its foreign currency bondholders to roll over the bonds worth
$228.3 million, which are due for redemption in November 2012,
sources with direct knowledge of the development have said.“The
company is in talks with the bondholders to roll over the bonds with
new covenants and reduced conversion price,” one of the sources
detailed. According to the official, the company does not have the
wherewithal to pay the bondholders and redeem the bonds. Therefore,
the bondholders are trying to roll over the bonds to avoid a case of
default.“The coupon will be higher and the premium will be more
reasonable,” the person said but refused to divulge details of the
restructuring. The company has signed non-disclosure agreement with
the bondholders and is in advanced stages of discussions, and an
announcement is likely soon, another person involved in the discussion
has said.
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4. Mahindra Satyam Acquires vCustomer's International Ops
For $27M
Mahindra Satyam, a leading global consulting and IT services provider,
has announced the 100 per cent acquisition of BPO firm vCustomer’s
International operations for $27 million. This is the first 100 per cent
acquisition by Mahindra Satyam since it became part of Mahindra Group
and marks the entry of Mahindra Satyam’s BPO operations into other
verticals such as retail and consumer technology in addition to
significantly enhancing technical support credentials, a statement said
on Wednesday."The combination of vCustomer’s expertise in the retail
and consumer technology verticals with Mahindra Satyam’s domain
expertise and customer base will further strengthen the ability to
address evolving market needs," the statement added.
MCX debuts on BSE at 34% premium
Multi-Commodity Exchange (MCX), which debuted on the BSE on Friday
to become the first Indian bourse to be listed, got a premium of 34% on
its IPO price, listing at Rs 1,387 compared to its IPO price of Rs 1,032.
Nearly 1.40 crore shares of the eight-year old exchange were traded on
its debut day, more than double its offer size of 64.3 lakh shares. At the
close of trading on the first day, MCX shares were at Rs 1,297, up almost
26% on the day, translating to a market capitalization of Rs 6,614 crore
($1.3 billion).
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