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The Tata group will pick up to 4.6 per cent stake in Development Credit Bank (DCB) through its newly-formed subsidiary Tata Capital. The board of DCB today approved raising up to Rs 310 crore by issuing preferential shares to five investors, including Tata Capital, at Rs 105 per share. This would form 16.6 per cent of the post-issue capital of the bank. The other investors who will pick up up to 4.6 per cent stake in the Aga Khan Fund for Economic Development (Akfed) promoted bank are UAE-based Al Bateen Investment Co, GRA Finance Corp, Mauritius, DCB Investments, Mauritius and India Capital Opportunities 1, Mauritius. […]
The Rs. 213 crore Morarjee Textiles Ltd., an Ashok Piramal Group-owned company has acquired 67 percent controlling stake in an Italian brand of shirts, Men’s Club, Mr Harshvardhan Piramal, Executive Vice-Chairman, Morarjee Textiles Ltd. said. He clarified that the company is scouting for another acquisition for its front-end business in Europe, but has not zeroed in on anything as the company would prefer to acquire a brand that offers high value-added products and fits well within our strategy. Although, the manufacturing has been outsourced to a plant in Southern Italy, the company wants to maintain a relative independence with Men’s Club as they hopes to make a dent in the Japanese and European markets through this acquisition. […]
Private sector lender Development Credit Bank plans to sell 16.6 per cent stake to five investors and raise around Rs 3.10 billion, a senior official said on Tuesday. The shares will be issued at Rs 105 each, Managing Director and Chief Executive Officer Gautam Vir said. The investors are Tata Capital Ltd, Al Bateen Investment Co of the United Arab Emirates, GRA Finance Corp, DCB Investments Ltd, Mauritius and India Capital Opportunities 1 Ltd. […]
Avestha Gengraine Technologies (Avesthagen), a Bangalore-based biotech firm, has outlined plans to raise $100 million (Rs 410 crore) to fund its growth and acquisition plans for the next three years. The amount will be raised through a mix of private equity and an initial public offering (IPO). Avesthagen, which focuses on the convergence of food, pharmaceuticals and clinical genomics, provides solutions to agriculture and health problems such as degenerative conditions, metabolic disorders and infectious diseases. […]
Dishman Pharmaceuticals & Chemicals will soon acquire the vitamin and fine chemicals business of the Netherlands-based pharmaceuticals major, Solvay Pharmaceuticals (Solvay), for an undisclosed amount. According to a memorandum of understanding between the two parties, Dishman will take over Solvay’s facilities, people and activities located in Veenendaal in the Netherlands, besides acquiring the technology, patent and intellectual property rights for fine chemicals. After the completion of due diligence and employee information procedures and gaining the approval of relevant authorities, the transfer of ownership will be completed, during 2007, according to Dishman. […]
JM Financial India Fund, a $225 million private equity fund sponsored by JM Financial and Old Lane Partners LP, will invest Rs 40 crore in Spandana, a leading microfinance institution (MFI). Spandana caters primarily to the lower income borrowers located in rural and urban areas. The company operates through its 300-plus branch network in Andhra Pradesh, Karnataka, Maharashtra, Orissa and Tamil Nadu with a client base in excess of 1 million. […]
Nexus India Capital has closed a $100 million venture capital fund to invest in opportunities across sectors in India. Nexus plans to invest in technology start-ups as well as companies with non-technology business models. The fund's investors include top tier institutions and strategic family offices from North America, Europe and Asia. The fund has also announced investments in five innovative companies to date, including $5 million each in mobile2Win, a mobile value-added services company, and DimDim, a web collaboration start-up. […]
The International Finance Corporation (IFC), the World Bank Group's private sector arm, will invest Rs 300 crore in Delhi-based Max Healthcare Institute to aid expansion programmes over the next four years. IFC’s investment in Max will include Rs 50 crore of common equity and Rs 250 crore of preferred, cumulative, and redeemable equity. The proposed expansion will add 452 beds to the company’s existing 765-bed capacity. This includes 268 beds in Patparganj hospital, a new 100-bed secondary and tertiary hospital in Dehradun, and a new 84-bed tertiary hospital focussed on obstetrics, gynecology, and pediatrics at Saket, Delhi. […]
Madras Stock Exchange (MSE), the oldest stock exchange in South India, has invited bids to sell 51% brokers’ stake in the bourse as part of the scheme to separate brokers’ trading and ownership rights. Interested parties willing to bid up to a maximum of 5% equity of the MSE have been requested to submit their Expression of Interest (EoI) by 27 July. The disinvestment is being carried out under the demutualization scheme for 11 stock exchanges approved by the Securities and Exchange Board of India in August 2005. Each stock exchange would mandatorily have to sell 51% of brokers’ equity to separate their trading and ownership rights of bourses. The process is called demutualization. The disinvestment of at least 51% would be made by the way of offer of sale or private placement or a combination of both. In addition to this there could be induction of strategic or financial partners, the stock exchange said in the invitation of bids. Stock exchanges can sell 26% stake in bourses to foreign direct investors and 23% to foreign institutional investors. The MSE board reserves the right to accept or reject any EoI received without assigning any reasons, it said. […]
A clutch of high-profile investors, led by Lehman Brothers and Holcim Group chairman Thomas Schmidheiny, are together buying a 5% stake in Edelweiss Capital—a leading financial services company in the country—in a pre-IPO placement of equity. Edelweiss Capital is close to signing deals worth $50 million with the global investors, which value the Mumbai-based broking and investment banking group at about $1 billion, according to sources. The valuation is almost on a par with those of top investment bankers such as DSP Merrill Lynch and JM Financial, and is believed to be much higher than that of large domestic brokerage houses such as Motilal Oswal Securities and Sharekhan. […]
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