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India-focused real estate investment company Yatra Capital Ltd said it has raised about 120 mln eur gross via a placing of about 11.43 mln new shares at 10.50 eur each. After the offering, Yatra will have about 21.43 mln shares outstanding. Last month, Yatra said it planned to raise 150 mln eur through an equity offering in the Netherlands and private placements and invest the money in various Indian projects. At the time, Yatra said its advisor, K2 Investment Committee, had identified further financing opportunities of 231 mln eur. Since its initial capital raising in Dec 2006, Yatra has committed to investing 88.4 mln eur through ten investments in India.(Forbes) […]
Moser Baer, India's largest optical storage maker, has received its board's approval to raise about Rs400 crore ($100 million) in its wholly-owned photovoltaic subsidiary to partially finance its plan to increase capacity to 500 MW by 2010. The investment will be made by a consortium of investors led by IDFC Private Equity, together with GIC Special Investments, CDC Group plc (a UK government-owned emerging markets fund of funds) and Infrastructure Development Finance Company (IDFC). The company said its subsidiary would use the proceeds to part-finance its plans to increase capacity to 500 MW by 2010, making it one of the largest players in the global photovoltaic industry. The transaction will result in the photovoltaic subsidiary being listed on an “international exchange of repute”, the company's release said. Executive director Ratul Puri said that the deal has set a minimum threshold valuation for the photovoltaic business at $1 billion. […]
Himatsingka Seide Ltd has announced that the Company has completed the acquisition of a 100% stake in DWI Holdings Inc. (“DWI”). This was consequent to signing definitive agreements in New York on October 18, 2007. Himatsingka acquired the stake through its wholly owned subsidiary, Himatsingka America Inc,. This acquisition follows the acquisitions of Giuseppe Bellora SpA, in February 2007 and Divatex Home Fashions Inc., in July 2007. The acquisition of DWI is in line with Himatsingka strategy to forward integrate by acquiring high-end brands and large distribution networks in the home textile space. The enterprise value for the transaction was USD 30 Million. For the fiscal 2007, DWI reported revenues of 47 Million. […]
A clutch of private equity players are picking up equity stake in telecom tower company — GTL Infrastructure Ltd (GIL) for Rs 1,200 crore. Industry sources said that three PE players were picking up stake in GIL, which included two infrastructure funds from India and one from abroad. GIL is India’s largest standalone tower and telecom infrastructure company. When contacted, a company spokesperson said it was “too early to comment on the who the PE players are”, while adding that the GIL board would meet on October 19 to finalise the proposal of preferential issue of shares or warrants of up to Rs 1,200 crore. GIL is slated to make an announcement with regard to the stake sale in Mumbai on Friday. Industry sources said that GIL, which had initially planned to set up 6,700 telecom towers by March 2008, would scale its targets considerably following the fresh infusion of capital. “GIL had earlier earmarked a capex of Rs 2,030 crore for this fiscal of which Rs 680 crore was through equity share and the rest through debt. […]
Sydney-based Macquarie Bank has acquired a 50 per cent stake in Religare Enterprises’ wealth management subsidiary. The bank has bought the stake at par, but hasn’t disclosed the amount received. The wealth management company would be renamed as Religare Macquarie Wealth. The two companies have entered into a JV with the aim of providing advisory-based wealth management solutions to the fast growing high networth investors (HNIs) in India. The number of individuals in the country with net assets of at least $1 million increased by 20.5 per cent to one lakh last year, according to 2007 report on Asia Pacific Wealth by Merrill Lynch Cap Gemini. […]
Measures targeted at managing surging capital inflows. The Reserve Bank of India (RBI) has recommended to the finance ministry a series of measures to curb investment flows from venture funds and into real estate. These measures are expected to help check part of the huge inflows of foreign capital, particularly since the last week of July, and plug loopholes in foreign investment norms. Among the recommendations, RBI has suggested restrictions on investments by venture capital funds in sectors that are already developed and booming. The central bank has also suggested that FDI in real estate be brought under the approval route — such investment is currently under the automatic route. The RBI has suggested that there should be end-use restrictions for investments by foreign venture capital funds. It has said that venture funds by definition should be investing in high-risk ventures in which entrepreneurs are unable to access capital and not in mature sectors like real estate. […]
Quintegra Solutions Ltd, a Chennai-based information technology company, has acquired the US-based PA Corporation for Rs 198 crore to strengthen focus on IT consulting services. The company will pay $20 million (Rs 80 crore) in cash as advance and the balance will be paid based on ‘financial milestones’ in the next three years, Mr Shankarraman Vaidyanathan, Chairman and Managing Director, Quintegra, told reporters. State Bank of India will provide debt funding to the tune of $20 million as foreign currency term loan to Quintegra, he said. The acquisition will help Quintegra report a profit of Rs 50 crore on revenue Rs 400 crore for the fiscal ending March 31, 2008, against a net profit of Rs 7 crore on revenue of Rs 75 crore last fiscal. The combined entity will have around 1,000 employees, including 350 of PAC, he said. […]
Love is in the air for Ferns ‘N’Petals. The world’s oldest floral services company, Chicago-based FTD, is in talks with India’s only lifestyle flower boutique chain to pick up a stake in the company. FTD Inc is the parent company of the group, which operates online, stores and phone floral services connecting retail florists and floral delivery networks in 150 countries. Ferns ‘N’Petals confirmed talks with FTD. “We are offering them about 25% stake,” Ferns ‘N’Petals managing director Vikaas Gutgutia told ET. The Rs 60-crore Ferns ‘N’Petals has 54 stores in 20 cities in India. Riding on the growth in the flower retail market, Mr Gutgutia plans to introduce another 46 outlets in the next six months. […]
U.S.-based Mylan Inc , Mukesh Ambani's Reliance Pharmaceuticals and Ranbaxy Laboratories may bid for Shasun Chemicals and Drugs Ltd's bulk drug business, a news paper report said on Thursday. In the early rounds, both global and India-focussed private equity funds such as ChrysCapital have also shown interest in the bulk drugs business worth about 4 billion rupees, the Economic Times report said, citing unnamed sources. “There is no truth in this,” Shasun's wholetime director Vimal Kumar said. A Ranbaxy spokesman declined to comment. Chennai-based Shasun had also roped in a Mumbai-based investment banker and may be looking to sell the unit for about 160 rupees per share of the de-merged unit, the paper said. Shasun's bulk drug business, which includes nizatidine, gabapentin, ranitidine and ibuprofen, accounted for almost half of the company's revenue last year, the paper said. ( Reuters) […]
Indivision, Future Capital’s private equity arm, has bought 33 per cent stake in Chennai-based wind turbine manufacturer, Regen Powertech, for $25 million. Regen, the exclusive licencee for technology know-how from Germany’s Vensys, will set up a manufacturing facility to produce gearless turbines at Tada, Andhra Pradesh in a couple of months. Initially, the plant will have assembly capacity of 500 MWs and the first shipment is expected by January, sources in the know said. Future Capital Holdings MD & CEO Sameer Sain confirmed the development. “We can not comment further as the company has filed a DRHP with Sebi and we are in the quiet period,” Sain said. […]
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