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PE, VC players eye healthcare & lifesciences

Private equity (PE) and venture capital (VC) investors are looking to step up the pace of investments in the healthcare and lifesciences (HLS) sector. PE and VC players have invested over $2 billion into HLS companies in India over the past five years. ICICI Ventures, IFC (the PE arm of the World Bank),Kotak, Venture East and IL&FS are some of the big players who have been active in this space. In the recent past though, speciality PE firms have emerged to invest exclusively in this segment. Evolvence India LS, India Ventures and Sabre Capital’s Spring Healthcare fund are some PE funds in this category. [...]

Nevis’ VC investors file for bankruptcy

Three venture capital (VC) funds, which had pumped in around $75 million into Nevis Networks, a provider of security for the enterprise local area network (LAN), filed for bankruptcy last week. While the VC funds have filed for bankruptcy, one India-based founder, Ajit Shelat, is seeking to revive the company, having arranged $2- million funding. Mr Shelat, a Pune-based serial entrepreneur who was India general manager of Nevis Networks and now CEO of the Indian and US companies, said the name of the US company has been changed and Nevis’ sole secured creditor has transferred the assets to the new company. The new company, Aviram Networks, will continue with the Nevis name and brand in India. [...]

Nomura to buy 35% in LIC Mutual Fund

Japan's Nomura Group is set to acquire 35 per cent in LIC Mutual Fund, India's seventh largest mutual fund, after the board of directors of Life Insurance Corporation (LIC) approved a proposal to induct the Japanese financial services major as a strategic partner in the mutual fund business, sources in the state-owned life insurer said. The insurance company has formed a four-member committee headed by LIC Chairman TS Vijayan to decide the valuation of LIC Mutual Fund. Exim Bank Chairman T C Venkat Subramanian and GIC Chairman Yogesh Lohiya are among the other members. [...]

SAIF Partners To Infuse Rs120 Crore In Network18

Hong Kong-based, Asia-focussed private equity firm SAIF Partners, which has in the past invested in Indian companies such as Homeshop18, Makemytrip.com, Sify and Just Dial, will infuse Rs120 crore into Network18 Media and Investments Ltd, Raghav Bahl-promoted (pictured right) holding company of the Network18 Group, which has subsidiaries such as TV18 India Ltd and IBN18 Broadcast Ltd. In a press release to the Bombay Stock Exchange, Network18 said the company’s board today approved a preferential allotment of 92,02,650 equity shares at Rs130 per share. Shares of Network18 closed at Rs155.20, up 16.56% from its previous close of Rs133.15 on BSE. The Benchmark Sensex closed at 14,870, down 0.03% from its previous close. [...]

LIC Housing Fin to issue 10 mn shares

LIC Housing Finance, India’s second largest housing finance company, plans to raise capital by issuing 10 million shares through the qualified institutional placement (QIP) route. The issue is to be approved by the housing finance company’s (HFC) share holders in the annual general meeting (AGM) scheduled for 21 July. QIP is the private placement of equity shares–which can be converted into equity by a listed company–with qualified institutional buyers approved by the market regulator Securities and Exchange Board of India (Sebi). [...]

US fund Norwest buys 2% in NSE for Rs 252cr

Global multi-stage investment fund Norwest Venture Partners (NVP) has bought 2.11 per cent equity stake in India’s premier bourse National Stock Exchange (NSE) for about Rs 250 crore, valuing the exchange at over Rs 12,000 crore (nearly $2.56 billion). NVP bought the stake from IL&FS Securities Services at Rs 2,650 per share, which is higher compared to Rs 2,450 per share from the previous transaction on NSE shares. The investment by NVP is being treated as foreign portfolio investment following a finance ministry notification in November 2008 that foreign institutional investors (FIIs) could hold up to 23 per of equity in an Indian exchange even if such an exchange is not listed. [...]