October 2007
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3i picks up 6.6% stake in Welspun Gujarat

3i, a leading private equity and venture capital company, will acquire a 6.6% stake in Welspun Gujarat Stahl Rohren Ltd. for US$80mn. ” We believe the company's international footprint, strong customer relationships, cutting edge technology, backed by a strong demand environment, is a winning proposition. We look forward to a close relationship as an actively engaged shareholder, leveraging our expertise in the oil & gas sector to further the company’s prospects,” said Chris Rowlands, 3i Managing Partner, Asia. Welspun Gujarat is the flagship company of the Welspun Group, led by B.K. Goenka, and is listed on the Indian and Luxembourg Stock Exchanges. The company is one of the world’s largest manufacturers of line pipes used by the oil & gas sector and is in the midst of executing an ambitious expansion plan, including adding new capacity, backward integration into manufacture of plates and coils and establishing an overseas presence with a facility in the US. [...]

Cognizant to buy US firm for $135 mn

IT services major Cognizant Technology Solutions Corporation is strengthening its capabilities in the life sciences segment by acquiring New Jersey-based marketRx, provider of analytics and software services to global life sciences companies, for $135 million. The company has signed the agreement to acquire marketRx in an all-cash deal. The transaction may be concluded in the fourth quarter of 2007. The acquisition will be funded through the company’s current cash reserves. “This acquisition expands our capabilities in the analytics segment and broadens our service offerings in the life sciences industry, while providing strong synergies with our existing business intelligence/datawarehousing and CRM services,” said Francisco D’Souza, president and chief executive officer of Cognizant, marketRx is a leading offshore KPO/analytics business with revenues expected to cross $40 million. It has 430 employees, operating on a global delivery model with 260 professionals in Gurgaon, 160 at four locations in the US, and 10 in London. [...]

Tayals to dilute BoR stake to 15% by March ’09

The Tayals who are the promoters of Bank of Rajasthan (BoR) are on course to pare their shareholding in the private sector bank from 44% to close to 15% by end-March 2009, the deadline for implementing new global banking norms popularly known as Basel II. The plan to dilute equity holding is to conform to the banking regulator’s directive to promoters of all private banks to reduce their shareholdings to close to 10%. “We have given a road map on dilution of equity stake to RBI, and are now in advanced stages of negotiations with investors for a preferential issuance,” said BoR managing director and chief executive officer BM Sharma. Most private sector banks have now adhered to the regulator’s rule which aims at lowering of the promoter’s stake in the bank. BoR and IndusInd Bank are among the only ones which are left. [...]

Yatra Capital raises 120 mln eur

India-focused real estate investment company Yatra Capital Ltd said it has raised about 120 mln eur gross via a placing of about 11.43 mln new shares at 10.50 eur each. After the offering, Yatra will have about 21.43 mln shares outstanding. Last month, Yatra said it planned to raise 150 mln eur through an equity offering in the Netherlands and private placements and invest the money in various Indian projects. At the time, Yatra said its advisor, K2 Investment Committee, had identified further financing opportunities of 231 mln eur. Since its initial capital raising in Dec 2006, Yatra has committed to investing 88.4 mln eur through ten investments in India.(Forbes) [...]

Moser Baer to raise Rs400 crore private equity to fund its photovoltaic unit

Moser Baer, India's largest optical storage maker, has received its board's approval to raise about Rs400 crore ($100 million) in its wholly-owned photovoltaic subsidiary to partially finance its plan to increase capacity to 500 MW by 2010. The investment will be made by a consortium of investors led by IDFC Private Equity, together with GIC Special Investments, CDC Group plc (a UK government-owned emerging markets fund of funds) and Infrastructure Development Finance Company (IDFC). The company said its subsidiary would use the proceeds to part-finance its plans to increase capacity to 500 MW by 2010, making it one of the largest players in the global photovoltaic industry. The transaction will result in the photovoltaic subsidiary being listed on an “international exchange of repute”, the company's release said. Executive director Ratul Puri said that the deal has set a minimum threshold valuation for the photovoltaic business at $1 billion. [...]