July 2010
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Intex to raise Rs 300 crore from PE investment

IT hardware and electronics company Intex Technologies (India) is targeting 100 per cent growth in revenues for 2010-11 to Rs 1,200 crore from Rs 593 crore. The company also plans to raise Rs 250-300 crore from private equity (PE) investors in the next three-five years. The company has grown at a compounded annual growth rate of 38 per cent over the last five years. “We are looking at a five-year plan for PE funding and are in talks with six PE players as of now before we go for an initial public offering (IPO). We will also be ploughing back some resources. Also, we are looking for strategic PE investors and not only a financial investor,” said Ramesh A Vaswani, executive vice chairman, Intex. As for the IPO, Intex plans to get listed on Indian stock exchanges in the first phase before it looks at other bourses. Moreover, the company is eyeing huge revenue growth from its small format retail stores, called Intex Square, which are 18 in number but will rise to 100 by March next year. […]

Global PE funds raise just $41.3 bn in Q2 2010

Though private equity fund raising across the globe touched a seven-year low of $41.3 billion during the April-June quarter, hope is just around the corner, a report by research firm Preqin has said. Providing the proverbial silver lining to the dark cloud, the report stated that the situation is likely to improve in the coming days with fund managers making fresh portfolio allocations. “The $41.3 billion collected by the global private equity industry from 82 final fund closes in Q2 2010 is the lowest since 2003, and is a reflection of the continuing harsh fund-raising conditions for managers seeking capital,” Preqin said. There were a total of 82 funds, which achieved a final close worldwide in the second quarter of this year, raising an aggregate $41.3 billion in capital. During the same quarter in 2009, as much as $76 billion was raised. […]

Invariably big news came out from ADAG on Sundays

Forget weekends. It is business and days of big announcements on Sundays for industrialist Anil Ambani, contrary to golf and get-togethers for the rest of the corporate world. While June 18, 2005 — the day of separation for Anil from Mukesh Ambani with the division of the Reliance empire — was a Saturday, it was a Sunday five years later on May 23, 2010, when he announced a patch-up with his elder brother, burying their contentious non-compete agreements. Since then, there has hardly been a Sunday when he did not pull out his top lieutenants and officials from the comfort of their homes to do business and engage the media for a big exposure in Monday newspapers before the stock markets commence trading for the new week — a trend that group officials feel is a legacy from the days of his father, Dhirubhai. […]

Anil Ambani's RNRL, R-Power to merge in $11 billion deal

Anil Ambani promoted Reliance Natural Resources Ltd. (RNRL) and Reliance Power Ltd. will be merged. This was decided in a meeting of the boards of the two companies today. The all stock deal is pegged at over Rs. 50,000 cr. or $ 11 billion. Shareholders of Reliance Power will get 4 shares of RNRL for every share of Reliance Power. The exchange ratio is based on independent valuation by KPMG. RNRL was born out of the demerger of Dhriubhai Ambani's Reliance empire five year ago. The purpose of creation of RNRL was for sourcing, supply and transportation of fuels, primarily natural gas. As per the demerger scheme, RNRL was to source natural gas from Reliance Industries and trade it to ADAG power plants including the proposed mega 7,800-MW Dadri unit near here being set up by R-Power. […]