June 2007
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Small buyouts bring big gains for India Inc

'String of pearls' deals account for nearly 80% M&As. Jain Irrigation Systems bought a 50 per cent stake in Israel’s NaanDan Irrigation Systems a fortnight ago. The total acquisition cost, including a future investment of Rs 42 crore, was only Rs 87 crore. But it will help Jain Irrigation emerge as the world’s largest drip irrigation company in two years. The Jalgaon-based company (net sales Rs 1,208 crore) has been buying what investment bankers describe as a “string of pearls” for the past year. Before the Israeli acquisition, it scooped up three US-based firms — Chapin Watermatics Inc, Cascade Specialties Inc and Aquarius Brands Inc. […]

General Atlantic may up stake in Patni

Private equity firm General Atlantic Partners may raise its stake in Patni Computer Systems Ltd. by buying some of the founders' holdings, the Economic Times reported on Friday, citing unnamed sources. Gajendra and Ashok Patni, two of the three brothers who founded the software services firm, are looking to sell their stakes, the newspaper said. Their holding in the company total about 29 percent. General Atlantic currently owns 16.4 percent of the New York-listed Patni. […]

Deccan Chronicle allots shares to Swiss Finance

The share allotment committee of Deccan Chronicle Holdings at its meeting held on Jun. 08, 2007, converted 1,300 FCCB`s and allotted 541,410 equity shares of Rs 2.00 each. The above mentioned shares have been allotted to Swiss Finance Corp (Mauritius), Worli, Mumbai. The company is holding 1,300 number of bonds. […]

Reliance Capital may sell minority stake

Anil Ambani has been on a buying spree all these months picking up stakes in diverse companies through his financial services arm Reliance Capital. But now it seems he is looking for a buyer who will acquire minority stake in his insurance ventures. And foreign players waiting for a foothold in India are queuing up for a piece of the action. NDTV has learned that ADAG group company Reliance Capital is planning to rope in a partner for the insurance business. The group is likely to sell 26 per cent each in its life and non-life insurance businesses. […]

Temasek to pick up 28% stake in First Flight

Temasek is picking 27.74% equity stake in courier and express delivery firm First Flight in a deal worth Rs 107.5 crore. Mumbai-based First Flight, which is a public limited unlisted company promoted by the Saboo family, is the second largest domestic courier company with revenues of around Rs 300 crore. It is the largest domestic private equity deal in the courier and logistics space. As per the deal, Temasek would be picking 41.27 lakh shares through multiple tranches through a preferential issue. The shares would be allotted at Rs 260.47. The funds being raised would be used by First Flight for expansion of its aviation and warehousing businesses. Temasek which is an investment arm of the government of Singapore is routing its investment in the courier company through a Mauritius-based entity Dunearn Investment. […]

PE players eye berth in pharma & healthcare retail

Investors with big cash and a roving eye seem to be getting interested in private equity deals in the retail pharmacy, wellness and healthcare companies. A deal or two have taken place already, while loads of enquiries seem to be pouring in. Since these are early days, the numbers are far and few. Elaborating, a leading retail consultant Technopak Advisors chairman Arvind Singhal said: “Private equity players, who have been looking at investment in malls, are now looking at new gen retail ventures in pharma & healthcare services since they are much more lucrative, the turf is yet to get crowded and promises higher returns.” […]

BT completes i2i acquisition

British Telecommunications (BT) has completed the acquisition of i2i Enterprise Pvt Ltd following governmental and regulatory approvals. BT had planned the acquisition in February through BT Telecom India Pvt Ltd, its joint venture company with Jubilant Enpro Pvt Ltd. i2i is a Mumbai-based enterprise services company that specializes in Internet protocol (IP) communications services. […]

Foreign funds to invest Rs 42cr in Opto Circuits

Foreign funds Lehman Brothers and Alliance Bernstein will invest Rs 41.92 crore for allotment of around 12 lakh shares in Opto Circuits on preferential basis.

An Extra Ordinary General Meeting (EGM) of the shareholders of the company would be held … […]

Venture funds, PEs may get core sector access

Sebi registered venture capital and private equity (PE) funds may be allowed to bid for infrastructure projects if the government accepts the recommendation of the Deepak Parekh committee on infrastructure financing.

As of now, these funds cannot bid for projects, … […]