December 2007
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Foreign funds acquire 7.5% in India Cements for Rs 592 cr

Leading foreign funds like Fidelity, ABN Amro, HSBC, Nomura Asset Management Fund and Emerging Market Fund have together bought around 7.5% in India’s third-largest cement firm India Cements (ICL) for Rs 592 crore. These funds have bought the shares in a placement done by the company to qualified institutional buyers (QIBs). ICL issued 20.78 million shares at Rs 285 per share, including premium, to these QIBs. ABN Amro Securities (India) and Deutsche Equities India were the joint global coordinators for ICL QIB issue. After allotment, the paid-up capital of ICL has increased to Rs 281.16 crore from Rs 260.37 crore. The promoter holding in ICL has been reduced by 2% to 28.42%. […]

IDFC IDFC PE invested Rs. 260 Cr in Goodearth Maritime

Chennai-based bulk shipping company Goodearth Maritime (GML) has raised Rs 260 crore from IDFC Private Equity (IDFC PE). o3 Capital was the sole adviser to GML for this transaction. The shipping carrier intends to use the money to fund a greenfield ship-building yard in Tamil Nadu and to make foray into the onshore and off-shore oil drilling sectors. “We are in the process of making Goodearth Maritime a global shipping company with a strong ship-building base in India,” said GML Chairman P B Anandam. […]

Arab funds vie for India investment

A slew of cash-rich private equity funds in the Arab world are looking at various investment options in India. If one goes by numbers, there are about 15 GCC (Gulf Co-operation Council) institutions, with a fund size of $10,464 million (about Rs 42,000 crore), willing to allocate a considerable portion of the funds in Indian equities and other private equity opportunities. Shifting political scenario in America and Europe, post 9/11 and concerns of a probable slowdown in developed economies are encouraging Gulf-based investors to turn their focus to growth economies like India and China. “Robust GDP growth, requirement for huge investment in key spaces like infrastructure and real estate, high returns on equity are some of the reasons why Gulf investors are flocking into India. India’s legal framework which protects foreign investors is one of the best in emerging countries,” said Gulf-based Global Investment House’s senior vice-president and international investment head Shailesh Dash. Arab investors (from GCC countries) are interested in sectors like infrastructure, real estate , financial services, and logistics. […]