October 2007
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Ortel eyes private equity investors

Ortel Communications Ltd, Orissa's leading multi-system operator (MSO), is eyeing private equity investors and plans to raise Rs 2 billion to fund its expansion programme. Ortel has given the fund raising mandate to Equrius. “We are looking to raise money through private equity investors. Though our fund requirement for expansion is Rs 2 billion, we will also be raising debt. The exact debt:equity mix is being worked out,” Ortel Communications promoter Jagi Mangat Panda has told Indiantelevision.com. The MSO is planning to launch cable TV services in Kolkata, Vizag and Raipur. It currently operates in 10 cities of Orissa and ended with a topline of Rs 370 million for the fiscal ended 2006-07. […]

PE firms in fray to pick 40 pc stake in Valecha Infrastructure

A couple of private equity (PE) firms have evinced interest in picking up around 40 per cent stake in Valecha Infrastructure, a wholly-owned subsidiary of mid-sized road construction player Valecha Engineering. “We have plans to dilute 40 per cent stake in Valecha Infrastructure. Two PE players – one from India and another from overseas – have evinced interest to pick up stake in the company. We hope to close the deal shortly,” said, Valecha Engineering Managing Director Jagdish Valecha. Valecha Infrastructure plans to raise Rs 100 crore by diluting the stake and grab orders worth Rs 1,000 crore in one year in three verticals – transport, power and real estate. […]

Fin Tech keen on 5% stake in three bourses

Financial Technologies (India) (FTIL) has submitted expression of interest (EoI) to invest up to 5% of the paid-up capital in some regional stock exchanges. According to a release issued by FTIL to the BSE today, the company is interested in three exchanges – the Delhi Stock Exchange, the Vadodara Stock Exchange and the Interconnect Stock Exchange. The investment proposal is based on the proposal for de-mutualisation of various regional stock exchanges in India. The company has clarified that it would not pursue any more investments in regional stock exchanges, and any existing investments and/or any allotment of shares with reference to its submitted EOIs in regional stock exchanges will be retained as portfolio investments.(Business Standard) […]

Sical Infra Asset' proposal for PE funding hangs fire

The FIPB has put on hold Chennai-based rail infrastructure company Sical Infra Assets’ proposal to attract Rs 106 crore investment from PE firm Old Lane Mauritius. The railways wanted the decision on hold since Sical has a concessionaire agreement with railways for operation of container trains and the deal is valid for 20 years. The ministry is of the view that proposal of transfer of shares and induction of foreign equity has to be examined in light of existing concession pact. The ministry of shipping has also supported the stand adopted by railways officials at a recent meeting of the FIPB. Therefore, the Board decided to take it up again later. Sical Infra Assets, a Chennai-based public limited company, is engaged in developing, implementing and operating infrastructure projects. The company is a wholly-owned subsidiary of Sical Logistics. Sical Infra had sought FIPB’s permission to induct foreign funds through issue of compulsorily convertible debentures to Old Lane Mauritius. The equity ratio between Sical Infra assets and OldLane Mauritius is proposed to be in the ratio of 74:26. […]

PE cos' fund-raising plans hit 2-yr low on subprime crisis

Fund raising by global private equity (PE) firms in the July-September quarter hit a two-year low on a quarterly basis in the wake of the recent crisis in the US subprime mortgage market. While a delay in their fund-raising plans may result in a temporary drop in the number of private equity deals globally, it could come as a blessing in disguise for Indian and Chinese companies planning to raise capital. Around 136 private equity funds have raised $91 billion globally during the quarter under review against $177 billion in the April-June quarter, according to Private Equity Intelligence, a global private equity research entity. “This suggests that in the short term the credit crunch (due to the subprime crisis) has had an adverse effect on fund raising,” the Private Equity Intelligence report said. But shortage of money supply is the only concern for private equity firms, especially the smaller ones, in meeting their fund raising targets. “With so many managers on the road trying to gather commitments for their funds, it is likely that managers will find it increasingly challenging to reach their original fund-raising targets. Apart from the biggest firms, and those that are able to draw entirely from existing limited partners, it is going to become an increasingly difficult time for fund managers currently on the road,” it said. Currently, there are 1,195 funds seeking a staggering $619 billion in aggregate target commitments, estimates Private Equity Intelligence. […]

Sequoia Capital invested Rs 25 cr in Printo

Printo Document Services Pvt. Ltd (Printo), India’s first organized retail venture which has drawn out an ambitious pan India roll out plan for its print & document services chain, with an investment of over Rs 1000 million, today announced that Sequoia Capital Partners, one of the world’s premier venture capital firms, has made a strategic investment to a tune of Rs 250 million in Printo. The Investment by Sequoia Capital would be a big boost for Printo as it validates the need for a professional provider of print solutions and reiterates the potential of the Indian print & document services industry, currently estimated to be around Rs 170,000 million. The investment by the venture capital major, marks coming of age for the Indian print & document services sector which hitherto was predominantly run as mom & pop stores in the unorganized segment. […]

Protego to raise up to $400 million for Indian office development fund

British investment management group Protego Real Estate Investors LLP said on Thursday it hoped to raise up to $400 million of equity to launch a speculative Indian office development fund. The Protego WIRE Indian Office Development Fund has been designed in joint venture with WIRE Commercial Partners, a unit of Singaporean property services company WIRE Group. The closed-ended, seven-year fund will invest primarily in office development projects in tier one and tier two cities in India. It said it hoped to raise $150 million of seed equity by the end of the fund's first closing in February. Protego is targeting net returns in the region of 25 percent. […]

BoR to raise 150 cr preferential equity from Indus Capital and Max India

Bank of Rajasthan on Thursday said it will raise Rs 150 crore through preferential issue of equity shares to US-based Indus Capital Partners and New Delhi's Max India. The board of directors approved the preferential issue at its meeting, the company informed the Bombay Stock Exchange in a communique. The board has approved allotment of 65 lakh shares to Indus Capital and 35 lakh shares to Max India at Rs 150 per share or the price calculated in accordance with SEBI guidelines, whichever is higher, it said. These decisions are subject to approval by the shareholders at the next extra-ordinary general meeting. (Economic Times) […]

Promethean Indian Fund picks 8.57 pc stake in Nitco Tiles

London-based Foreign Institutional Investor (FII) Promethean Investment has picked up a 8.57 per cent stake in leading flooring solution company Nitco Tiles through open market transactions. The investment has been made out of the $115-million Promethean India Fund, listed on the Alternative Investment Market (AIM) in London, the fund's Founder Partner Gaurav Burman told reporters here. With this acquisition, Burman will be taken on the Board of Nitco Tiles, its Managing Director Vivek Talwar said. As per estimates based on the current share price, the stake purchase could have cost around Rs 25-30 crore. Promethean has till date deployed approximately 50 per cent of the Indian fund in total three transactions. Prior to Nitco, it has invested in an auto component company and a mobile payment solution firm, Burman said. In the second quarter ended September 30, Nitco Tiles has clocked a net profit of Rs 13.41 crore, up 49 per cent while the net sales of Rs 140.90 crore, a rise of 45 per cent. […]

Future Group to pick 15% stake in Percept Holdings

Kishore Biyani promoted Future Group is picking up 15% stake in Percept Holdings, the media and communications company, for about Rs 200 crore. Percept Holdings had a capitalised billing of Rs 1,626.9 crore in 2006. Percept Holdings has interests in advertising, sports marketing and motion picture businesses, would use the funds for the group's expansion activities. And also the company is likely to raise additional funds through an IPO, sources close to the development said. “Percept is looking at listing the company after 12-14 months to raise money for further expansion,” the source said. Percept has about 23 companies under the group, which have interests in advertising, branded entertainment, events, movies, media, talent management, sports management and public relations. Its group companies include Percept H, Percept Gulf, Percept Profile India, Percept O-O-H, Media Agency ME, Percept Picture Company (PPC), PDM India, Tiger Sports Marketing, P9 Integrated and PTM. […]