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In a precursor to a possible initial public offering, technology firm Tejas Networks has made a late-stage share placement worth Rs 95 crore with financial investor Goldman Sachs. A top company official said the funds would be used in product development. The firm is a manufacturer of optical transport equipment and operates in the same space as networking giants Alcatel Lucent, Ericsson and Huawei. One of its largest individual shareholders and co-founders is Gururaj Deshpande, a Silicon Valley serial entrepreneur. Founded in 2000 by four technology professionals — Sanjay Nayak, Kumar N Sivarajan, Arnob Roy and Mr Deshpande — Tejas has gone through four rounds of venture funding. Its other investors are Mayfield Ventures, Battery Ventures and Intel Capital. The company had raised $49 million before the investment by Goldman Sachs. Financial investors own over 50% in the company. “Our time to market is shorter and the innovation capital we require for R&D is also much lower. This is our inherent advantage,” Tejas CEO and MD Sanjay Nayak told ET. Currently, the company is ranked as number two in the Indian market, but does not cover the entire spectrum of products in the optical carrier space. In India, it sells under its own brand name and in overseas markets, through OEM tie-ups with global vendors. […]
Deutsche Bank Singapore has picked up 5% stake in Lavasa Corporation, a real estate project promoted by Hindustan Construction Company (HCC) at Lavasa near Pune, for Rs 500 crore. The deal values Lavasa Corporation at Rs 10,000 crore. Sources said Lavasa would issue fresh equity to Deutsche Bank. HCC was holding 65% in Lavasa through its real estate subsidiary — HCC Realty. Other partners in the project — the LM Thapar group and Venkateshwara Hatcheries — along with other minority stake holders, account for the remaining 35%. When contacted by ET, Lavasa Corporation COO Rajgopal Nogja declined to comment on the deal. However, sources close to the development said a term-sheet had been signed between HCC and Deutsche Bank last week. The deal makes it one of the largest investments by Deutsche Bank in India’s real estate space. A few weeks ago, Deutsche Bank invested around Rs 1,700 crore in a special purpose vehicle (SPV) floated by Mumbai-based Lodha group. […]
The New York-based Goldman Sachs will invest $172 million for a majority stake in Indian metal castings maker Sigma Electric and its affiliated companies. Chairman of Sigma Sajjan Agarwal will stay on as a significant shareholder, and existing management will stay in place, according to a company’s communique. Sigma president and chief executive Paul Hirt will also join the company’s board of directors. Harsha Raghavan, vice-president of Goldman Sachs, along with Sanjeev Mehra and Sanjay Patel of Goldman Sachs, will also join the company’s board. On November 27, 2006, ET had first reported about Sigma’s proposal to sell majority stake in the company. The company was then in advance talks with another private equity player Newbridge. The deal however did not materialise, probably due to valuation differences. Sigma, based in Raleigh, North Carolina, makes about 1,500 products, including cable connectors and transformer connectors for firms such as ABB, Delphi and General Electric. In India, its plants are located in Pune and Jaipur. Sigma has over 1,400 engineers and technicians. It has manufacturing facilities in Pune and Jaipur. […]
The Board of Ludhiana-based Ritesh Properties & Industries Ltd (RPIL) today approved a stake of 8 per cent to Bennett, Coleman & Co Ltd (BCCL). According to the agreement, RPIL would be issuing 840,000 shares of Rs 60 each to BCCL amounting to Rs 5 crore. This initiative will take RPIL’s equity capital to 1,050,000 shares against the earlier 920,000 shares. RPIL will infuse these funds for marketing of its proposed retail chain business to further ramp up the operations. Sanjeev Arora, managing director, RPIL, said, “We are launching a retail chain of stores, especially targeting the women’s segment. We have plans to launch a brand called Femella across the country. By this year, we will have our stores opened in New Delhi.” […]
Sintex Industries is planning to take over Nief Plastic Group (France) through its subsidiary Sintex Plastics , according to sources in India. Managing shareholder Gilles Nief told PIE, however, that “the matter hadn’t yet been finalised” and talks were still in progress. It had previously been suggested that negotiations over a partnership between Nief and Plastiques du Val de Loire had been broken off. However, Nief denies that these rumoured talks have ever taken place.(Plast Europe) […]
ICICI Venture Funds Management Ltd, private equity arm of ICICI Bank Ltd, is floating a $2 billion real estate fund next month, reports quoting its chief executive said. The new real estate fund will have a tenure of 10 years and the money will be invested in projects within three years, the report quoted Renuka Ramnath, managing director and chief executive of ICICI Venture, as saying. ICICI Venture manages assets of more than $2 billion and had raised a $550 million real estate fund earlier. It has a strategic long-term joint venture with Tishman Speyer Properties in India.(Domain B) […]
Future Capital, the financial services arm of Kishore Biyani-led Future Group, is making a private placement of shares constituting 5.1% of its equity to Peterborough Holdings for Rs 53.4 crore. Peterborough, a Mauritius-based firm, is promoted by former Goldman Sachs executives Atul Kapur and Alok Oberoi. Future Capital, in which Pantaloon Retail is the majority equity holder, is also coming up with an initial public offer(IPO) constituting 10% of its equity capital. The pre-IPO placement of 3 million shares with a face value Rs 10 each to Peterborough is being made at a price of Rs 178 per share. This is also the price at which hedge fund Oz Management picked 9.8% stake in Future Capital early this year. This puts the valuation of the company at Rs 1,047 crore. […]
IT Solutions company 3i Infotech has penned an agreement to buy J&B Software Inc., USA and it subsidiaries. For the deal, Infotech would be paying USD 25.25 million during the conclusion of the transaction. The acquisition will be EPS accretive. V. Srinivasan, Managing Director and CEO, 3i Infotech said, “The acquisition of J&B Software Inc. is a strategic one and will enable 3i Infotech to strengthen its positioning in BFSI segment globally”. “We believe that through this partnership we will be able to take J&B Software solution offerings globally,” said Bala Balasubramanian, Chairman and CEO, J&B Software. […]
Global financial services player Merrill Lynch has bought a five per cent stake in Religare Enterprises, a Delhi-based financial services-cum-brokerage outfit, for about Rs 60 crore through its subsidiary Indopark Holdings. The deal values Religare Enterprises, which has filed a draft document for an initial public offering (IPO), at about Rs 1,212 crore. The IPO is likely to hit the market by this month-end. Indopark Holdings will get 37,88,050 shares post-IPO and these shares will have a lock-in period of one year, as stipulated by the Securities and Exchange Board of India (Sebi) rules. […]
Knowledge and finance BPO firm Azure Styx Infosoft is close to buying 49 percent stake in Philadelphia's Citizen Financial Mortgage (CFM) for Rs 100 crore. “The deal, signed two weeks ago, is worth Rs 100 crore and it is a combination of cash (to be raised through internal accruals and private equity participation) and support services”, Azure Styx Infosoft's Chief Executive Officer Dushyant Joshi told PTI here today. CFM, set up five years ago, has licence to function in 16 states of the US. In its 45 branches, it employs 290 workers and has a turnover of USD 200 million. The US subprime crisis created an opportunity, he said. […]
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