July 2009
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Century Ply to raise Rs 150 cr through QIP

Plywood and veneer manufacturing firm Century Plyboards’ fund raising plans of Rs 250 crore through the qualified institutional placements (QIPs) route have undergone a change. The company is in talks with global and domestic private equity players to raise Rs 100-150 crore to part-finance its cement expansion plans. The move follows the management’s decision to put its plans of setting up MDF plants in Punjab and Uttarakhand on hold for the time being till the Indian economy revives completely. “Since our MDF plans have been deferred, we will require funds to expand our cement capacities only. The company hopes to zero in on the prospective PE investors over the next three months or so,” told Century Plyboards (I) joint managing director Sanjay Agarwal to ET. [...]

IDBI plans to enter private equity space

To generate revenue from new businesses, the Industrial Development Bank of India (IDBI) is waiting for approval from Reserve Bank of India (RBI) to set up a private equity venture. Yogesh Agrawal, Chairman and Managing Director, IDBI Bank said, “We are planning to get into private equity venture and have sought permission from the Reserve Bank of India. We have long experience in the business.” The central bank has already approved IDBI to start an asset management company (AMC). [...]

Renuka Ramnath's PE Fund To Raise $500 Mln

A private equity fund launched by Renuka Ramnath, the former chief of India's ICICI Venture, plans to raise $450-500 million through its assets management company, Multiples, media reports said. Multiples has already received financial commitments of $150-$200 million from some limited partners, the release said quoting chief executive officer of an unidentified private equity firm. The commitments are in the process of being formalized and the first tranche of the fund could be in place in less than two months, it said. [...]

Dabur India acquires controlling stake in FEM, USA

Dabur India announced that the consequent to the acquisition of 92.15% shareholding in Fem Care Pharma (FEM), Jaquline, USA, a wholly owned subsidiary company of FEM, has become a step down subsidiary company of Dabur India. Dabur India manufactures and sells ayurvedic medicines, baby care products, natural, herbal, personal health products and processed foods either directly or indirectly through its subsidiaries. [...]

Reliance PE fund to raise Rs 2k cr

The Anil Ambani Group targets to raise Rs 2,000 crore through a private equity fund nearly a year after it announced its plan to enter this space. The fund has a greenshoe option for an additional Rs 1,000 crore. Reliance Equity Advisors (REAL), a wholly-owned subsidiary of the group’s financial services arm Reliance Capital, has begun selling the fund privately to high net worth individuals (HNIs) and financial institutions (FIs). REAL CEO Ramesh Venkat told ET that the target was to raise money equally from HNIs and financial institutions, as opposed to the common practice of domestic PE players raising most of the fund in offshore markets. “Private equity in India has matured as an asset class over the past decade. However, participation of local HNIs is not very big in this sector. Our aim is to provide an opportunity to this investor class to participate,” he added. [...]