October 2009
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PE funds eye stake in Strides' injectables biz

Private equity funds Carlyle Group and 3i, are among those holding preliminary discussions to take a substantial minority stake in pharmaceutical company Strides Arcolab’s injectables business, banking sources familiar with the development told ET. Strides had recently inducted New York-based financial advisory firm Lazard to bring investors on board for its injectables business, with an asking valuation of around $170-$200 million. The Bangalore-based firm manufactures sterile injectables and oral dosage formulations including tablets and soft gel capsules. […]

Second time Unlucky

Bharti blamed the South African government and “its inability to accept” the structure of the proposed deal. MTN concurred, saying they had “not been able to conclude a transaction within the economic, legal and regulatory framework within which both companies operate”. South African officials had asked India’s government to allow MTN a dual listing, so the operations could be merged while keeping their shareholding structures intact. Indian law does not permit dual listings, so that plan was also not an option. MTN wanted to buy Celtel itself, but its bid was trumped by Zain. Since Bharti is now unattainable, Zain Africa may look alluring again — and how delicious it would be for MTN to finally acquire those networks for itself. […]

Parsvnath sells additional 4% stake to Red Fort Capital

Parsvnath Developers (PDL), one of India`s leading real estate and infrastructure providers has inked an agreement with leading international real estate private equity fund Red Fort Capital to sell 4% additional stake for Rs 250 million in its premium luxury residential project at Civil Lines, Delhi. With this additional stake the total investment of Red Fort Capital Parsvnath La Tropicana will increase to Rs 1, 150 million from Rs 900 million. […]

LT Foods mulls 14.73% stake sale to raise Rs 254 mn

LT Foods today announced that it is planning to sell its about 14.73% stake to two investors on a preferential basis for raising funds to up to Rs 254 million. In principal, the board has reached an understanding with Indian Agri Business Fund and Real Trust for making investment to the tune of Rs 254 million for acquiring about 14.73% equity shares of the company. Besides, the investors have also in principle consented to invest Rs 233 million into an unlisted subsidiary company Daawat Foods to acquire its 26.28% equity shares. […]

L&T gets shareholders nod to raise Rs 2,400 cr via securities

Engineering major, Larsen & Toubro (L&T) today said it has got approval of its shareholders to raise up to Rs 2,400 crore (USD 600 million) through issue of securities on a private placement basis. Shareholders of the company have given their consent for raising funds by way of qualified institutional placement of securities, including shares and debentures, L&T said in a statement to the Bombay Stock Exchange (BSE). “This QIP (qualified institutional placement) issue shall be completed within 12 months from the date of this annual general meeting,” the company said. […]

T Rowe Price to buy 26% in UTI AMC for $135 mn

US-BASED global investment management firm T Rowe Price is set to pick up a 26% stake in UTI Asset Management Company (UTI AMC) for $135 million (around Rs 650 crore). This sum works out to 3.6% of assets managed by UTI AMC as on August 31, 2009. “An in-principle approval from all shareholders has already come in and legal documents have been drafted. The agreement will be signed shortly,” said a senior official at one of the four promoter institutions. UTI MF’s four stake holders are SBI, LIC, Bank of Baroda and Punjab National Bank. The stake sale was initiated in March this year, and the bidding process completed in July, with UTI AMC selecting T Rowe Price over other bidders. According to an official involved with the deal, T Rowe Price will also be investing in UTI’s venture capital company and also in its private equity fund. […]

CCEA clears Forum Synergies proposal for $135 mn FDI

The government today allowed Bangalore-based private equity firm, Forum Synergies (India) PE Fund Managers, to receive up to $135 million (about Rs 650 crore) foreign direct investment (FDI) from Mauritius-based Knowledge-Manufacturing Company. “The Cabinet Committee on Economic Affairs gave its approval to the proposal of Forum Synergies (India) PE Fund Managers to accept contribution up to a limit of $135 million from India Knowlege-Manufacturing Company under FDI route,” an official statement said here. This would result in FDI of around Rs 650 crore into the country, the statement added. The Mauritius-based Knowledge-Manufacturing Company will in turn get units in the private equity firm. […]