May 2008
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Ybrant to buy US firm for Rs 400cr

Hyderabad-based Ybrant Digital is looking at acquiring an online marketing company in the US for $100 million (approximately Rs 400 crore) this year, its fourth buyout so far. “We are close to signing an LoI (letter of intent) and expect to seal the deal this year. Some of the areas that the target company operates in include content-based mobile advertising,” chairman and managing director Suresh Reddy said. The zero-debt company would fund the buyout through a combination of debt and equity for which it is currently working out modalities. In 2006, Ybrant had acquired two companies – Serbia-based Seenietix and US-based MediosOne – for undisclosed amounts. [...]

Reliance Infra dilutes 5% stake in pre-IPO placement

Anil Ambani group company Reliance Infratel is diluting 5 per cent stake to a clutch of American and European investors in a pre-IPO placement, a deal that values the company at about Rs 50,000 crore. When contacted, Reliance Infratel officials declined to comment. Sources, however, said that the company has entered into a deal with some American and European investors for the pre-IPO placement. The latest deal values the company at around Rs 50,000 crore while the earlier 5 per cent stake dilution that Reliance Infratel had made, valued the company at about Rs 28,000 crore. The company had earlier privately placed 5 per cent stake to a group of institutional investors. Reliance Telecom Infrastructure sold the stake for Rs 1,400 crore to a host of investors including George Soros, HSBC, Fortress Capital, New Silk, Galleon, DA Capital and GLG Capital. [...]

Tata May Sell Towers Unit for $1.9 Billion

Tata group may sell 49 percent of its phone transmission-towers business to a unit of SREI Group for about $1.9 billion, the Times of India reported, citing an official it didn't identify. Quippo Infrastructure Equipment Ltd., a SREI Group company, is among the leading bidders for the stake in Wireless Tata Telecom Infrastructure that owns about 13,500 transmission towers, the newspaper said. Citigroup Inc. and Lehman Brothers Holdings Inc. are advising Tata, while JM Financial Ltd. is advising Quippo, the newspaper said. The Tata group owns Tata Teleservices Ltd., the closely held mobile phone operator, and Tata Teleservices Maharashtra Ltd., the publicly listed company that operates phone networks in Maharashtra and Goa states. (Bloomberg) [...]

Axis PE invests Rs 126 cr in Harish Chandra

The private equity arm of Axis Bank has invested $30 million (Rs 126 crore) in Delhi-based railway line manufacturer Harish Chandra India Limited (HCIL), through its recently-launched Axis Infrastructure Fund-I. Axis PE has picked up over 25 per cent stake in the company and also two board memberships. Axis has done the first closure of $150 million (Rs 630 crore) of its $500 million (Rs 2100 crore) infrastructure fund. The HCIL investment is the first such deal from the fund raising. Axis is planning to raise the remaining $350 million soon under the name Axis Infrastructure Fund-II. [...]

McNally to buy 68% in Sayaji Iron

Kolkata-based McNally Bharat Engineering is set to acquire a 68.28 per cent stake in Sayaji Iron & Engineering Co, representing the entire holding of the existing promoters, for Rs 59 crore. The Williamson Magor group and GP Birla company has signed a memorandum of understanding to acquire the shares at Rs 221.60 a share. According to the provisions of the Securities and Exchange Board of India (Sebi) takeover code, McNally would make an open offer for another 20 per cent. [...]

Landmark to partner with PEs to invest in 12 projects

Real estate developer Landmark Group on Thursday said it will invest over Rs 4,200 crore in developing 12 properties across the northern region in the next three-four years. “Currently our 12 projects are undergoing in North India, which will be completed in the next three-four years. We will be investing about $1 billion (about Rs 4,200 crore) in developing these projects,” Landmark Group Director Amit Kumar said. The company would fund the projects through internal accruals and raisings from private equities, he said. “We will try to fund our projects through our own resources, but also, we do not mind private equity players' participation. Starting from 25 per cent, we are ready to sell up to 40 per cent to PE players in different projects,” he added. [...]

HSBC acquires majority stake in IL&FS Investsmart

Global financial giant HSBC said on Saturday that it plans to acquire 73.21 per cent stake in domestic brokerage firm IL&FS Investsmart for a consideration of $241.6 million (around Rs 1,002.5 crore). The acquisition, which would enable HSBC to grow its presence in the domestic brokerage space, will be performed through the group's Indian subsidiaries, including its security arm, HSBC Securities and Capital Markets (India), HSBC said in a statement to day. “The investment is of strategic importance to HSBC as it gives us foothold in one of the largest retail broking markets in the world. The acquisition is consistent with our strategy of investing primarily in faster growing emerging markets,” the HSBC Gro up Managing Director and Chief Executive Officer, Asia Pacific, Mr Sandy Flockhart, said. HSBC would acquire the 43.85 per cent stake from E*Trade, Mauritius, one of the promoters of IL&FS, while an additional 29.36 per cent from IL&FS, the group said. [...]