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Mu Sigma’s Dhiraj Rajaram re-emerges as controlling shareholder

Big data unicorn Mu Sigma’s chairman Dhiraj Rajaram has bought out his former wife Ambiga Subramanian’s 24% stake along with stock options help with employees to emerge as the controlling shareholder of a 13-year-old company, reports The Economic Times. The share buyback, completed two weeks ago, was aided by a $400 million credit line from a consortium of four global banks led by Barclays against Rajaram’s shares and the company’s cash. Read more

News website Globalcapital was the first to report on 13 June about Mu Sigma’s $400 million financing arrangement with banks. The report mentioned that Barclays, Credit Suisse, Deutsche Bank and Standard Chartered are arranging the loan which has an average lifespan of 2.75 years. Read more

Mint earlier reported that Mu Sigma founder Rajaram was in talks with sovereign wealth funds to acquire control of the firm by buying out the 48% owned by Subramanian and private equity (PE) firm General Atlantic Llc. Read more

Mint was the first to report on 8 August 2016 that Mu Sigma’s chief executive officer Ambiga Subramanian and US-based private equity investor General Atlantic plan to sell their combined 48% stake in the data analytics outsourcing firm, citing two people aware of the development. Read more

Fairfax and ICICI Bank to sell at least 20% stake in ICICI Lombard IPO

In the Initial public offering (IPO) of ICICI Lombard General Insurance Co. Ltd, the founders of ICICI Bank Ltd and Prem Watsa’s Fairfax Financial Holdings Ltd will together sell at least 20% stake, reports Mint, citing two people aware of the development. While Fairfax will sell up to 13%, ICICI Bank will sell at least 7% in ICICI Lombard’s IPO, the first public listing by a general insurance firm in India. Read more

CPPIB emerges as top real estate investor in India in first half of the year

Canada Pension Plan Investment Board (CPPIB) emerged as the top real estate investor in the January-June period for this year, as overall private equity and debt investments in the sector touched $1,597 million, reports Mint.

The Canadian pension fund based in Toronto will invest around $750 million in retail and industrial real estate sectors, occupying the top slot among realty investors. Read more

Ashish Kacholia buys 1.09% stake in Bodal Chemicals

Investor Ashish Kacholia of Lucky Securities has bought 12 lakh shares (1.09% stake) in Bodal Chemicals at Rs165 apiece, data showed on BSE on Tuesday. Bengal Finance and Investment also bought 7.25 lakh shares of Bodal Chemicals at Rs166.69 per share. Ahmedabad-based Bodal Chemicals is a manufacturer of dye intermediates and dyestuff products in India. Read more

Innoviti Payment Solutions raises Rs120 crore from SBI-FMO, others

Bengaluru-based payment company Innoviti Payment Solutions has raised Rs120 crore in its second round of funding from SBI-FMO and Bessemer Venture Partners, to boost its businesses across the retail supply chain, reports Mint. The series B round of funding was led by Japan-based SBI Holdings group, an Internet-based financial services conglomerate spun out of SoftBank, and Dutch development finance institution FMO. Read more

Paytm Mall in talks to acquire $200 million stake in BigBasket

Alibaba-backed online marketplace Paytm Mall has initiated discussions to acquire a minority stake in online grocery retailer BigBasket for $200 million, reports Mint, citing one person familiar with the matter. BigBasket (Supermarket Grocery Supplies Pvt. Ltd) has been in talks to raise $150 million in fresh capital since the start of the year.

Mint had earlier reported on 19 April that BigBasket also held talks to merge with smaller rival Grofers India Pvt. Ltd, primarily to bring on board the latter’s largest investor SoftBank Group Corp. Those discussions didn’t go anywhere, the person cited above said. Read more

India Inc’s buyback party: A Rs25,000 crore splurge in first half of 2017

Listed companies have repurchased equity worth over Rs25,000 crore in the first half of 2017. The spurt has come at a time when the benchmark Sensex index rallied nearly 20%, showing a fivefold jump in a record buyback of shares, reports Business Standard. Read more

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