Deals Buzz brings you your dose of the top deals news reported from newsrooms across the country

IL&FS makes a 400-cr exit from Runwal Realty Project

Bankrupt Infrastructure Leasing & Financial Services (IL&FS) has received a complete exit worth around 400 crore from realty developer Runwal Group’s residential project Runwal Elegante in Mumbai, The Economic Times reported. IL&FS, through its various overseas funds managed by it, invested .₹ 235 crore in this project in multiple tranches between 2009 and 2013. The premium residential project with over 420 apartments spread over nearly 6 lakh sq ft carpet area was launched in 2009-10, while the developer had acquired the plot in 2008. A series of defaults and delayed payments of debt by the group companies of IL&FS including IL&FS Transportation Networks (ITNL) and IL&FS Financial Services over the last few months has triggered a crisis for the group. The defaults has resulted in a massive sell-off in shares of other non-banking financial companies (NBFCs) too. Read more

IronPillar makes final close of $90 million fund

Iron Pillar, a mid-stage-focused venture capital (VC) firm, has made the final close of its $90 million maiden fund, Mint reported. The company, founded by former Morgan Creek director Anand Prasanna, former Citigroup India investment banking head Sameer Nath and former DFJ India head Mohanjit Jolly, announced the first close at $20 million in May 2017. Unlike most venture capital firms investing in Indian tech start-ups, Iron Pillar invests in mid-stage companies, including in Series B, C and D rounds. The strategy translates into a smaller portfolio compared to peer funds. Read more

Jet Airways raises 2.5 billion from advance sale of loyalty miles

Jet Airways has tapped into its loyalty programme to overcome its tight liquidity situation. The cash-strapped airline has raised over 2.5 billion from the advance sale of redemption miles to its subsidiary, Business Standard reported. The loyalty programme is run by Jet Privilege Private Limited (JPPL), a company Jet Airways co-owns with Etihad Airways. Mint had reported on August 20 that TPG Capital joined Blackstone to compete to buy a stake in JPPL. The fundraising will help Jet make salary payments and settle vendor dues. A report by newswire ANI said that the fundraising plan was proposed by Jet’s strategic partner Etihad Airways. Read more

Omidyar Network to invest $250 million in Indian ventures

Omidyar Network India Advisors, the Indian arm of the Silicon Valley-based impact investor, plans to invest roughly $250 million in Indian ventures and organizations over the next four-to-five years, as it looks to bet big on the country’s booming Internet ecosystem, Mint reported. Omidyar, which has been in India for about 10 years, has already invested roughly $250 million in the country, backing about 73 organizations and start-ups, with 70% of those being equity investments and the rest being grants. Read more

Droom raises $30 million Series E to boost credit, certification services

Online automobile marketplace Droom has raised $30 million in a Series E round led by the family office of Japanese investor Joe Hirao, Mint reported. Another Japan-based family office also participated in the round. Droom declined to name the investor. It plans to utilize the money to boost its credit services, besides its inspection and certification services.It is also looking to invest aggressively in developing its machine learning and artificial-intelligence capabilities. Read more

LIC makes open offer for 26% stake in IDBI

Life Insurance Corporation of India (LIC) on Thursday came out with an open offer for acquiring 26% of equity in IDBI Bank at a price of 61.73 per share, entailing total payout of over 12,602 crore, PTI reported. LIC made a public announcement for the open offer to shareholders, including retailers, as per the Securities and Exchange Board of India (Sebi) regulations with regard to substantial acquisition and takeover of shares in a company. LIC’s open offer is triggered after the government transferred 43% of its stake in IDBI Bank to the insurance company, which resulted in LIC’s holding rising to 51%. This essentially means the government will be left with around 43% stake, while public shareholders will hold 6% stake. Read more

ICICI Venture in talks for minority stake in Micro Plastics

Homegrown private equity fund ICICI Venture is in discussions to acquire a significant minority stake in Micro Plastics Pvt Ltd, a Bengaluru-based leading contract manufacturer and exporter of toys, model hobby kits and sports equipment, The Economic Times reported. Micro has been in talks with a few PE funds to sell 25-30% stake in the company in a deal worth Rs300 crore, Investment bank Veda Corporate Advisors has been hired to find a potential buyer. Micro manufactures and exports 15 million toys and model kits annually to leading international toy companies like Hasbro (NERF, Playskool, Gamming, Star Wars), Hornby Hobbies, Spin Master, Chicco and Casdon. Read more

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