September 2010
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TPG to sell up to $69 mln stake in Parkway Life

Private equity firm TPG [TPG.UL] is selling its 9.3 percent stake in Parkway Life REIT in a deal that could raise as much as S$91.1 million ($69 million), IFR Asia reported on Wednesday. TPG is offering 56.25 million shares at a guidance range of S$1.56-$1.62 each, representing a discount of 6.6 percent to 3 percent to Parkway Life's last traded price. Goldman Sachs is sole bookrunner for the deal. TPG had been expected to sell its stake in Parkway Life after Malaysian state investor Khazanah took control of Parkway, which runs some of the properties owned by Parkway Life. […]

Redington to buy 49% stake in Turkish IT co for $42.45 mn

IT distributor Redington (India) today said its overseas subsidiary will acquire a 49.4 per cent stake in Turkey-based Arena for USD 42.464 million (about Rs 194 crore). Redington International Holdings, a subsidiary of the company, has entered into a share purchase agreement with the promoters of Arena Bilgisayar Sanayi Ve Ticaret Anonim Irketi (Arena) to acquire a 49.4 per cent stake, Redington (India) said in a filing to the Bombay Stock Exchange . “This is a part of the company's strategy to explore opportunities in new markets,” the company added. The transaction would get consummated on satisfaction of all conditions including, but not limited to, all legal permits that are required, it said. […]

Aryaka raises $14 million in funding, launches new platform

Aryaka Networks, provider of cloud-based application accelerations and WAN optimization solutions, has raised $14 million, including Series A funding from Trinity Ventures, Mohr Davidow Ventures, Nexus Venture Partners and Stanford University, said the company in a statement. The company also announced the launch of the Aryaka platform. The platform would enable enterprises to deploy WAN optimization quickly, with no capital expenditures and will deliver a 99.999 per cent network uptime, the company claimed. For an organization spending $6,000 per month on dedicated connectivity for six locations across the globe, Aryaka is likely to deliver over a period of three years, benefits in excess of $1 million, said the company in a statement. […]

CRISIL to acquire Pipal Research for $12.75 mn

CRISIL Ltd. said Wednesday it has signed a pact to buy unlisted U.S.-based knowledge process outsourcing company Pipal Research Corp. for $12.75 million. Pipal Research reported revenue of $8.1 million in the fiscal year through March 2010, the unit of Standard & Poor's Corp. said in a regulatory filing. Currently, Firstsource Solutions Ltd. owns about 51% of Pipal, CRISIL said. […]

Easy exit lures PE firms to scout for project funding

Private equity (PE) firms are returning to real estate investments through projects rather than equity as an easier exit option coupled with the relatively higher returns from the sector helped them overcome their qualms. Since late 2008, PE investors have been shying away from real estate investments as a stock market downturn took a larger toll on real estate prices, which were then priced higher than the broader market, resulting in many funds burning their fingers. “At the enterprise level, private equity in operating companies is a challenge. The exit is through public markets, and the public market is tired of real estate stories. So PE at corporate levels has gone for an expiry now,” V Hari Krishna, director at Kotak Realty Fund told Reuters. “At project levels, exit is easy. Even in the residential sector, the exit is easy once the apartment is sold,” he said. […]

Swiss Re to Sell 26% Stake in Indian Health Care-Related Company

Swiss Re is selling its 26% stake in TTK Healthcare TPA Private Ltd., a third-party administration service for domestic medical and health insurance polices, to Vidal Healthcare Services. “It is our global strategy to focus on our core (re)insurance business. This transaction allows Swiss Re to fully concentrate its resources on capturing rapidly growing opportunities in the (re)insurance space in India,” said Martyn Parker, Swiss Re group management board member and Asian division head, in a statement. The third-party administration system has a crucial role to play in the expanding health care industry in India, noted Parker. This move is only about Swiss Re's exit of the Bangalore-based TTKHTPA, but not about any exit of the Indian medical and health (re)insurance market, said KC Wong, a Hong Kong-based spokesman for Swiss Re. […]

Zuri to offload 20 per cent stake to private equity players

Zuri Group Global, whose businesses span across three continents with interests in hospitality, floriculture, real estate and green energy, is planning to offload at least 20 per cent stake to private equity (PE) players, a top company official said on Tuesday. “We are planning to offload 20 per cent stake. We are in talks with two PE players,” Abhishek Kamani, director, told reporters here. The group is restructuring its hospitality business into three luxury collections- platinum, lifestyle and comfort- to gain more foothold in the Indian hospitality market. A multinational conglomerate promoted by a consortium of investors from the Middle East, the group, however, declined to name the PE players or the timeframe for offloading the stakes. […]

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. […]