October 2007
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Yes Bank to raise $1.5 bn corpus for four new PE funds

Yes Bank Ltd has drawn up plans to launch four private equity (PE) funds, aggregating a corpus of $1.5 billion (Rs5,955 crore), in the next three years. The Rana Kapoor-backed private sector bank will raise a $500-750 million infrastructure fund, a real estate fund and distressed asset (special situations) fund of $350 million each, and a $150 million fund focused on socially responsible investments. The PE practice for these sectors comes under Somak Ghosh, president of corporate finance and development banking. Ghosh said that fundraising has not begun, but he is hiring and has brought in Vivek Mehra, former managing director of VC Tech Finance, the Indian finance arm of Austrian-owned VA Technologie AG Group which is now part of Siemens AG, as PE practice head. The bank is also working on three other funds, outside the $1.5 billion corpus, for life sciences, food and agriculture businesses, and SME growth/buyout deals. These funds will potentially have a $600 million aggregate corpus and are sponsored by other parts of the bank, although they may be rolled up into a single entity. […]

October 1st, 2007

Realty to attract $20 bn in 3 years

Optimistic of country’s real estate sector, leading private equity (PE) players feel $10-20 billion would pour into the sector in the next three years. As much as 27% of the 50 PE firms responded to a recently-released Ernst & Young (E&Y) survey, however, expect $20 billion would be deployed into the sector, while 68% believe that it would hover around $5-10 billion in the same period. The remaining five per cent believe that total investment would be less than $5 billion. All 50 PE players rate the Indian real estate sector as an ‘attractive’ destination and 79% of them feel that India is a ‘very good’ or an ‘excellent’ investment destination compared to other Asian countries, justifying the current euphoria about Indian real estate amongst global investors. An established and preferred mode of investment for foreign investors to enter into the Indian real estate market, PE funds played an aggressive role in the last fiscal and the same trend is likely to continue to dominate the real estate transaction activity in 2007-08. […]

October 1st, 2007

Wachovia, Vatika in talks for Rs 500 cr investment

Private equity player Wachovia Corporation is learnt to be in discussions with Gurgaon-based the Vatika Group, real estate company, for an investment of Rs 500 crore. The investment will be made in a project floated by Vatika Group and not in the holding company. Vatika is also learnt to be in talks with another global PE major Goldman Sachs for raising funds for a separate project. A source said the group is divesting 50% equity in one of its projects for Rs 100 crore. Vatika Group executive director Gaurav Bhalla and the Goldman Sachs spokesperson declined to comment on the investment. Even the Wachovia Corporation spokesperson declined to comment. Sources say, both deals are at an advanced stage and likely to see closure soon . […]

October 1st, 2007

Shipra Gr to raise $ 200 mn

Real estate developer Shipra Group today said it is in talks with private equity players to raise upto USD 200 million. “We are talking to lots of overseas private equity players to raise USD 200 million,” Shipra Group Managing Director Mohit Singh told reporters. Shipra Group is a Ghaziabad-headquartered company. “In the next three months, we would have raised USD 125 million,” he said. The funds raised would be used for the development of its four projects. The funds are being raised from overseas investors because domestic players are “conservative”, he said. The company would not be going for initial public offering in the short-term and mid-term, he said. (ET) […]

October 1st, 2007