November 2007
« Oct   Dec »

Contact us

VenturEast unveils $150mn multi-stage technology fund

Venture capital firm VenturEast Funds launched its seventh fund, called VenturEast Proactive Fund, which will invest $150 million (Rs590 crore) into technology across early-stage and growth-stage companies. Out of the $150 million, $96 million has already been raised by the firm, which is headquartered in Chennai and Hyderabad. The fund will focus on businesses that serve small-and medium-enterprises and lower economic segments. This brings the firm’s total funds under management to approximately $300 million. Investors in the fund include US-based Argonaut Private Equity, Saudi Economic and Development Co., Life Insurance Corp. of India (LIC) and International Finance Corp. (IFC). Mint had reported on 12 October that VenturEast would be raising new funds worth $150 million for technology and life sciences. VenturEast gave additional details on its plan on Wednesday, explaining that $150 million will be dedicated to technology alone. The life sciences fund (the firm’s second fund for this sector) will be launched early-2008, but the size has not yet been decided. […]

Orient Global bought 4.99% stake in Yes Bank

YES BANK, India’s new age private sector Bank, today announced that its Capital Raising Committee of the Board of Directors approved the decision to issue 14.7 million equity shares, on a preferential basis, to Orient Global Tamarind Fund Pte Ltd (Orient Global Tamarind). Orient Global Tamarind is part of the Orient Global group, a Singapore-based private investment company founded by Mr Richard Chandler. This preferential issue of Tier I equity capital, constituting 4.99% of the expanded share capital of the Bank, is subject to necessary regulatory and YES BANK shareholder approvals. The shares have a lock-in period of one year from the date of issue. The resulting investment of INR 3.31 billion (approximately USD 84 million) will enable YES BANK to further accelerate its growth initiatives and build on the significant momentum it has generated across its various businesses since it commenced commercial operations in August 2004. […]

Nalanda picks 14.9% in Vaibhav for $35 m

Nalanda Capital Pte Ltd, a Singapore-based private equity firm floated by Pulak Prasad, former managing director of Warburg Pincus, the Europe-based private equity giant, has picked up a 14.9% stake in precious stones and jewellery maker Vaibhav Gems. Of this, 9.9% stake was bought by Nalanda’s India Fund through global depository receipts, while 5% was through subscription of warrants. The total transaction size, if warrants are exercised, will be about $35 million. Warburg itself has 27% stake in the company. Prasad, who made the famous investment in Bharti Airtel for Warburg, which resulted in profits in thousands of crore for the private equity firm, will get a slot on the Vaibhav board. “We are very pleased to have Nalanda Capital on our board,” said Sunil Agrawal, chairman of Vaibhav Gems. “We look forward to their insights and expertise to take Vaibhav to the next level.” The board had taken a decision to this effect at its meeting on October 12. Among other things, it had also approved the issue of warrants to Surawell Pacific Ltd. […]