February 2009
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Deutsche Bank buys 20% in cylinder maker

Deutsche Bank is buying 20% stake in Rama Cylinders, a Mumbai-based high-pressure cylinder manufacturer, for Rs 84 crore, a person directly involved in the transaction told ET. The deal values Vashu Ramsinghani-promoted Rama Cylinders at Rs 420 crore. “The transaction involves issue of around 60 lakh equity shares and warrants to Deutsche Bank by the Indian company,” the person said. The proposed investment is set to take place in two tranches through fresh issue of equity by the Indian company. First, Deutsche Bank would buy around 45 lakh shares in Rama Cylinders. Then, the remaining stake would be bought over after conversion of around 15 lakh warrants into equity shares. […]

IL&FS fund buys 15% in Akruti SPV for Rs 200 cr

India-focused IL&FS Realty Fund has picked up a 15% stake in infrastructure Ventures India, a special purpose vehicle (SPV) floated by Mumbai-based developer Akruti City, for Rs 200 crore. Infrastructure Ventures India is primarily a public-private-partnership (PPP) project formed for developing housing infrastructure for the Mumbai police in suburban Ghatkopar. When contacted, Akruti City chairman Hemant Shah declined to comment on the deal. However, a source close to the development said: “Since its a PPP project, the SPV will get additional FSI for development. Apart from Akruti, there are other equity holders in the SPV.” […]

MADC to pick up 25% stake in Duke Aviation's MRO

Maharashtra Airport Development Company is picking up a 25% stake in Duke Aviation's upcoming maintenance, repair and overhaul (MRO) facility in the special economic zone at Nagpur. In return the Maharashtra Airport Development Company will give about 30 acres of land to Duke Aviation which plans to undertake heavy maintenance of aircraft at the MRO facility, according to executives connected with the development. The MADC has already handed over six acres of land for Rs 60 lakhs to Duke Aviation, where a Bhoomi Pujan would be done on February 5. When contacted, Maharashtra Airport Development Company vice chairman RC Sinha told ET: “We are in talks for 25% stake in Duke Aviation in lieu of the land given to them in the SEZ. A report has been placed before the board. The finance secretary and other officials will take a final call soon.” […]

Shilpa and Kundra buy stake in Rajasthan Royals

Bollywood actor Shilpa Shetty and London-based NRI businessman Raj Kundra on Tuesday bought a 12 per cent stake in the Indian Premier League (IPL) team Rajasthan Royals. The couple has invested $15.4 million in the team, which was bought by London-based Emerging Media Group for $67 million. Shilpa called it a strategic business investment and said: “I completely relate to Rajasthan Royals. My story is similar to the team's journey to the top. It is an honour to be a part of Rajasthan Royals.” “Whenever the team needs me I will always pitch in. I will be the moral support of my team. The team needed an Indian owner and so I am here,” she added. […]

Tata Capital to set up PE biz

Tata Capital, financial services arm of Tata Group is mulling to set up its private equity (PE) business by the end of first quarter of the next financial year, reports Economic Times. The funds required for the business would be raised by company along with third-party investments. The company is already in talks with domestic and international players for third-party investments, disclosed company`s managing director and CEO Praveen P Kadle. He also said that the PE firm in its first round would fund around USD 350 million to USD 500 million across all sectors. […]