Spain-based Bhavnani says not decided on next deal

MADRID, Feb 29 (Reuters) - Spain-based investor Ram Bhavnani, who has just sold his 15 percent stake in Bankinter (BKT.MC) to Credit Agricole (CAGR.PA), quashed market talk on Friday that he could be about to swoop on his next target.

Market speculation has linked the Indian-born investor with several companies from bank BBVA (BBVA.MC) to property company Renta Corporacion (REN.MC).

On Friday, a gossip column in free newspaper Negocio said Banco Popular (POP.MC) shares were gaining because Bhavnani was buying stock with some of the proceeds from his Bankinter sale.

Popular was one of only three gainers on the Ibex-35 index of blue-chips .IBEX, up 0.7 percent at 10.45 euros by 1300 GMT. The DJ Stoxx index of European bank stocks .SX7P was down 2.1 percent.

"It's silly chatter, nothing more ... they're unfounded suspicions," Bhavnani told Reuters.

"I've only just got the money (from Credit Agricole), am paying back my banks to cancel debts and now any new adventure has to be presented to me to make a decision," he said.

Asked to deny he was buying Popular stock, Bhavnani said he could not answer for what the bankers managing his funds were buying or selling.

He refused to be drawn on which sectors or individual stocks he intended to buy. He also said he needed to talk to banks about backing any future venture as he tends to invest in leveraged deals with creditors. (Reporting by Jesus Aguado; Writing by Jane Barrett; Editing by Erica Billingham)