September 2010
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Sandstone, Sequoia, Madison buy small stake in Micromax

Private equity (PE) players Sandstone Capital, Sequoia Capital and Madison India Capital have picked up a minority stake in India’s largest domestic handset maker, Micromax, for about Rs 200 crore, ahead of its possible listing on the bourses. Micromax business director Vikas Jain said these two PE players have acquired less than 10% stake in the company. He did not rule out the possibility of this being a pre-IPO placement, but declined to comment on the company’s plans to hit the capital markets in the coming months. The Gurgaon-headquartered company will become the first domestic handset maker to go public. It has hired Citigroup Global Markets, Edelweiss and JPMorgan to be the lead bankers for the public offering to raise `600-800 crore, an industry executive aware of the development said. […]

United Spirits makes open offer for 20 per cent of Pioneer Distilleries

India's largest spirits company United Spirits Ltd (USL), which acquired a 54 per cent stake in Pioneer Distilleries, has made a public offer to acquire another 20 per cent equity in the company. The acquisition will take United Spirits' holding in the Maharashtra-based distillery to nearly 75 per cent. The Vijay Mallya-led USL had on Tuesday entered into an agreement to buy a majority stake in Pioneer Distilleries for about Rs74 crore, which will help it raise its distillation capacity. USL had already acquired 54.7 per cent stake in Pioneer Distilleries, a primary distillation unit. […]

NCDEX to sell 26% stake to Jaypee Capital

Leading agricultural commodity exchange NCDEX has decided to sell a 26 per cent stake to Jaypee Capital through the issue of fresh equity. “The exchange will sell a 26 per cent stake to Jaypee Capital through the issue of fresh shares,” a senior NCDEX official said. National Commodity & Derivatives Exchange Ltd (NCDEX) is issuing fresh shares to raise the equity capital of the exchange to Rs 50 crore, in line with the new norms which national exchanges have to adopt by the end of this month, he said. As of now, the exchange's equity capital stands at Rs 37.5 crore, the official said, adding that following the deal, the equity base of existing shareholders will automatically come down. […]

Jhunjhunwala, Damani pick up 11% of Delta Corp

A clutch of investors including stock brokers Rakesh Jhunjhunwala and Radhakrishna Damani have picked up an 11% stake in Mumbai-based real estate and hospitality firm Delta Corporation Ltd. for Rs200 crore, a banker familiar with the development said. The investors will get equity for Rs120 crore and will further subscribe to Rs80 crore of warrants that can later be converted into stock. Jhunjhunwala will join the Delta Corp. board. India’s leading corporate lawyer Zia Mody of AZB Partners Ltd and her husband Jayadev Mody will invest Rs70 crore as part of the promoters’ contribution. Both together own 48.40% in the real estate developer. […]