October 2011
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CLSA Capital Partners invests in Indian education

The private equity arm of brokerage CLSA said on Tuesday it has invested $22 million for a minority stake in Indian education specialist Resonance Eduventures, the latest in a string of recent investments from the fund. Indians' obsession with schooling combined with woeful public education and rising incomes means private equity firms like CLSA Capital Partners (CLSACP) are hunting for opportunities in the country's booming but fragmented for-profit education sector. Resonance, founded in 2001, is one of India's largest test preparation coaching institutes, focusing on entrance exams for engineering and medical sciences. […]

Bank of India rethinks 51% stake in Bharti AXA Investment

Bank of India (BoI) is “revisiting” its plan to buy 51% stake in Bharti AXA Investment Managers, a source with the public sector bank said. “Considering the current market conditions, we will revisit this plan and the board will take a final call on the deal,” the source said on condition of anonymity. An email query sent to Bharti AXA Investment Managers on Tuesday remained unanswered at the time of going to press. Bank of India, which had exited the mutual fund business in 2004, has confirmed that it is committed to re-entering the asset management business now. […]

Carlyle picks up 9% in India Infoline

The Carlyle group, which manages Rs7.55 lakh crore worth assets globally, has picked up a 9% stake valued at Rs192 crore in brokerage and financial services firm India Infoline (IIFL). The stake was picked up over the last few weeks from the open market, according to a Carlyle spokesperson. The private equity firm would get a seat on the board of the company, said a joint-note on the development. “Carlyle becomes a key institutional shareholder in IIFL and will be invited to join IIFL’s board of directors to support its future development, subject to necessary approvals,” it said. […]

PE deals touch $1.9 b in July-Sept quarter

Private equity investment in India touched $1.91 billion in July-September this year, which was 18 per cent higher than that in the same period last year. For the third quarter of 2011, PE deal values amounted to $1.91 billion against $1.71 billion in the same period last year, according to Grant Thornton’s ‘Dealtracker’ report. In terms of number, the July-September quarter saw 94 deals compared with 58 deals in the same period last year. “Private equity investments during Q3 2011 have shown a marginal growth in value and a high growth in volume over the same period for the previous year,” Grant Thornton India Partner and Practice Leader, Valuations, Ms Srividya C.G., said. […]

GAIL offers to buy ADB's 5.2% stake in Petronet

GAIL has once again set the cat among the pigeons by offering to buy the Asian Development Bank's entire 5.2% stake in Petronet LNG Ltd, a private company promoted by state-run oil companies for importing gas in ships. It has written to petroleum secretary G C Chaturvedi, who is the company's ex-officio chairman, that the stake can be equally split among the three other state-run promoters of Petronet if they too wanted a share of the pie. GAIL, ONGC, BPCL and IOC have 12.5% stake each in Petronet . French major Gaz de France holds 10%. The shareholders agreement gives all five of them the first right of refusal in case the ADB sells its stake. […]

Pantaloon Retail to dilute 15% equity to raise Rs. 1,500 crore

Future Group firm Pantaloon Retail India Ltd (PRIL) today said it plans to raise up to Rs. 1,500 crore by issuing equity-linked securities amounting to stake dilution of not more than 15 per cent. In a filing to the BSE, PRIL said its Board of Directors which met today approved the raising of additional long-term funds. The securities could be either convertible instruments, convertible into shares, debt instruments with attached warrants giving right to the holder of such warrants to subscribe for Equity/Class B Shares, issue of Equity/Class B shares, it added. […]