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Mauritius based foreign institutional investor Fidelity (FID Funds Ltd) has taken a 10 per cent stake in B.A.G Films and Media. The investment is to the tune of Rs 620 million. The equity was approved today at the B.A.G's board of directors meeting. The directors also approved the issue of 10 million warrants to M/s. Anu Films and Communications Pvt Ltd, which is the promoter group of the company. It also announced an increase in the authorised capital of the company from the existing Rs 250 million to Rs 300 million. “We are delighted to have an internationally acclaimed company as our partner in our endeavour for expansion in 360 degree of media space. Going forward, we are confident of continuing to achieve all the milestones as planned,” says B.A.G Films and Media Ltd MD Anuradha Prasad. […]
The $2-billion Indiastar (Mauritius) fund, foreign private equity investor, has picked up an 18.5 per cent equity stake in Punjab-based IOL Chemicals and Pharmaceuticals Ltd (formerly known as Industrial Organics Ltd), a leading manufacturer of industrial chemicals and bulk drugs in the country. The board of IOL Chemicals and Pharmaceuticals today approved the issue of up to 1.33 million equity shares with a face value of Rs 10 per share, each at a premium of Rs 65 per share to Indiastar (Mauritius) Ltd, and 1.4 million unsecured fully convertible debentures (FCDs) of Rs100 each aggregating to Rs 14 crore. These FCDs would be converted within a period of 18 months from the date of allotment into equity shares of a face value Rs 10, each at a premium of Rs 65 per share to Indiastar (Mauritius) Ltd. The board also decided to issue up to 2.3 million warrants, of which 1.2 million warrants will be issued to Mayadevi Polycot Ltd (promoter of the company) and 1.1 million warrants would be issued to Indiastar (Mauritius) Ltd. They would carry an option to convert each warrant into one equity share of face value of Rs 10 per share, each at a premium of Rs 65 per share within a period of 18 months from the date of the allotment. […]
Upcoming listings may see returns of some funds rising three-fold. Private equity (PE) funds are looking at a more than three-fold increase in returns in some upcoming initial public offers (IPOs). In the case of the recently concluded IPOs of Koutons Retail and Consolidated Construction Consortium, the funds are looking at returns of nearly three times the issue price — the returns would be much bigger after listing. The issues were subscribed 45 times and 81.18 times, respectively. Some funds are also set to hit the jackpot from the upcoming floats of Jyothi Laboratories (Actis and CLSA) and Edelweiss Capital (Greater Pacific). Both the companies have filed their draft documents with the Securities and Exchange Board of India. Private equity funds UTI Ventures ($12 million), Argonaut Private Equity ($10 million) and Passport India Investment ($5 million) had invested $27 million in Koutons Retail, buying the shares at Rs 140 apiece couple of years back. Now, at the IPO price band of Rs 370-415 alone, the PEs have got handsome returns. […]
The net value of mergers and acquisitions (M&A) involving Indian companies announced till date in 2007 has crossed the $50 billion (Rs1.99 trillion), for the first time in a year, according to deal-data tracker Grant Thornton India. The value of deals announced in the first 15 days of September, has already taken the year’s total deal value well over $50 billion, said Dhanraj Bhagat, a partner who heads the firm’s investment banking practice in Mumbai. Grant Thorton India is a member firm of Grant Thornton International. The firm will publish the M&A deal report for September, only around mid-October. “The value of announced deals in September could be around $4 billion,” said Bhagat. The value of 460 inbound and outbound M&A deals involving Indian companies announced until the end of August stood at $48.5 billion. On the other hand, net value of M&A deals involving Indian companies during 2006, was about $35.6 billion, according to annual data compiled by consulting major PricewaterhouseCoopers. The forecast of net M&A deal value until the end of December this year, according to Bhagat, “will be in the range of $60 billion to $70 billion, excluding any large deals (over $1 billion) that could be announced in the next three months.” […]
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