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CMYK Printech Ltd, publisher of English daily The Pioneer, has engaged consulting firm Deloitte and Touche Consulting India Pvt. Ltd to find strategic investors willing to take up to 49% stake in the media company, a person close to the development said. The firm, with interests in print, Web and media education business, had held equity talks in August 2006 with Jagran Prakashan Ltd, publisher of Dainik Jagran. The talks failed because Jagran Prakashan wanted a majority stake and the Pioneer management was unwilling, according to this same person who did not want to be identified. CMYK Printech is currently majority owned by the promoter group, which holds 74% stake in the firm. The promoter group comprises Chandan Mitra, who is also editor of the newspaper and a member of Rajya Sabha; Durbar Ganguly, who looks after marketing and administration, and Amit Goel, who handles the media education business. “In May this year, the present management will complete 10 years of running the paper. We posted small profits in the past two years, so now we feel it’s time to go in for an aggressive expansion. We will sell some equity to fund these plans,” confirmed Ganguly, joint managing director and vice-chairman, CMYK Printech. […]
Institutional interest in the Thrissur-based South Indian Bank (SIB), which does not have either a domestic or a foreign promoter, is on the rise and the latest to pick up stake in the bank are International Finance Corporation (IFC), Washington and Morgan Stanley through its arm Morgan Stanley Mauritius Ltd. Others including Swiss Financial Corporation had also picked up stake in one of the old generation private sector banks in the country. The total institutional holdings in the bank stood at 57.57% by the end of the third quarter of the current fiscal up from 45.81% during the previous quarter. According to data available with FE, IFC, World Bank's industrial financing body, had picked up 2.99% stake in SIB during the third quarter of the current financial year. Morgan Stanley, similarly had mopped up 2.77% of the SIB's floating stock. Both the institutions had purportedly mopped up the stock of the bank from open market. Similarly, Swiss Finance Corporation had picked up close to 2% stake in SIB. Other institutions which had picked up stake in the bank during the last quarter include FD Funds Mauritius which picked 2.77% in the Thrissur-based bank and UTI which had mopped up 2.71% stake. […]
Deals indicate growing interest of private equity firms in India's pharma, healthcare segments. Private equity firms are discovering value in picking up small stakes in Indian pharma and healthcare companies. At least two dozen such deals, worth about $400 million (or Rs 1,600 crore), have happened in the last year. The cumulative investment, although not significant in size when compared to that in sectors like real estate or infrastructure, is indicative of the active interest by some 20 PE firms in India’s pharma and healthcare sectors. Only last week ICICI Venture announced the acquisition of substantial stake in Sahyadri Hospitals Ltd for $35 million (Rs 140 crore). Experts think it is a trend that’s here to stay. “We are certainly looking at buyout opportunities in the domestic pharmaceutical space this year,” said Sanjiv Kaul, managing director, Chryscapital. “We can bring in smart capital, world class teams and facilitate international collaborations through partnerships.” […]
Billionaire investor George Soros bought a stake worth $100 million in Anil Ambani-controlled Reliance Entertainment Pvt. Soros bought a 3 percent stake of the privately owned company, Sharad Goel, spokesman for Reliance Entertainment, said in New Delhi today. The stake sale values Reliance Entertainment, which runs the Big 92.7FM radio stations and social networking and gaming Web sites in India, at $3.33 billion. Reliance Entertainment may sell shares in an initial public offering, the Hindustan Times reported yesterday, without saying where it got the information. A prospectus detailing the share sale for the stock market regulator is being prepared, the report said. (Bloomberg) […]
Global investment banks American International Group Inc. (AIG) and JPMorgan have taken a 25% stake in the Bangalore-based hospital group Narayana Hrudayalaya Pvt. Ltd (NHPL) for Rs400 crore. The two leading individual promoters of NHPL are Narayana Hrudayalaya founder Dr Devi Shetty and Biocon Ltd chairman and managing director Kiran Mazumdar-Shaw. Announcing the investment on Wednesday, Dr Shetty said the funds, Rs200 crore each from AIG and JPMorgan, would be used by NHPL to build a nationwide chain of so-called health cities in the state capitals. “We will create 5,000-bed hospitals in most state capitals, reaching 20,000 beds within five years,” said Dr Shetty, a cardiac surgeon himself at Narayana Hrudayalaya, the flagship hospital of the group which currently owns three hospitals across Bangalore and Kolkata with a total bed capacity of 2,500. […]
Indiabulls Real Estate, the realty arm of Indiabulls group, has said that Indiabulls Infrastructure (IIL), a subsidiary of the company, has acquired 100% shareholding of Catherine Builders and Developers (Catherine) from DLF Home Developers. Catherine owns 50% shareholding of Kenneth Builders & Developers (Kenneth) which had earlier won the auction by DDA to develop a residential project on 35.8 acres of land located at Tehkhand in South Delhi. […]
Mindteck India, a Bangalore-based publicly listed IT outsourcing firm, has acquired US-based Infotech Consulting for $21 million. Mindteck is paying cash of $1.5 million while the rest is in stock. Mindteck has issued stock for this acquisition at Rs 98.50 per share, a premium of Rs 88.50 per share on a stock swap basis on a base price of Rs 58 per share. Infotech Consulting founder Pankaj Agarwal is the current CEO of Mindteck. Infotech Consulting topline is $31 million and brings in 250 people to Mindteck along with presence in Business Application Consulting, infrastructure and managed services. According to Mindteck, it will acquire three more companies within the end of the current fiscal for a total of $30.6 million including the $21 million it paid out for Infotech. […]
State Bank of India, the country’s largest commercial bank, is entering the private equity sector by picking up close to 20% equity stake in Sage Capital Funds Management, an asset management company (AMC) floated by Sage Capital. The company has started a $200-million (about Rs 790 crore) fund, Sage Capital Value Fund, that will invest in Indian companies, as a volatile capital market pushes down valuations of firms prompting this class of investors to value-pick stocks in the world’s second-fastest growing economy. This is the first time that SBI has entered the private equity domain, though bank chairman OP Bhatt had hinted at it last year by saying that the bank is talking to strategic partners on a selective basis. SBI had been aiming to deploy about Rs 5,000 crore for private equity, Mr Bhatt had then said. Although SBI officials weren’t available for comment, Sage Capital founder and managing director Manish Kanchan confirmed the bank’s involvement in Sage Capital Funds. “The fund has received positive response from various institutional investors we’ve spoken with across the world. We are happy with SBI’s decision to acquire a stake and expect to leverage multiple synergies with the bank and our portfolio companies,” he added. […]
Matrix Partners India has acquired a stake in Kijiji India and will be jointly owning it with shopping site eBay. The financial details of the transaction, however, were not disclosed. Kijiji India (www.kijiji.in) is an online classifieds-style website that allows local communities to meet, help one another and interact over shared interests. It is a platform that meets the personal needs of the local community in a city. Kijiji can help users to buy or sell a used car, look for an apartment on rent, buy or sell a house, look for a job or hire people, and much more. In India, Kijiji launched in November 2005 and is now present in 12 cities including Mumbai, Delhi,Bangalore and Chennai. […]
Hyderabad-based Maytas Properties Limited on Tuesday announced that Infinite India Investment Management, a real estate investment fund, has invested Rs 600 crore ($150 million) in some of the company’s upcoming projects. A part of these funds will be used for developing the next phase of Maytas Hill County, the company’s flagship project in Hyderabad which include 9 million sft of IT SEZ and 28 million sft of residential development. In addition, Maytas Properties will use these funds for land acquisition as well as development of some of the major residential and commercial projects, which the company is launching in Chennai, Bangalore, Nagpur, Vijayawada, Visakhapatnam and Kochi, besides Hyderabad over the next six months, the company said. “The investment by Infinite India translates into just a minority equity in the company and this investment is meant for only a few projects,” a company official said in response to a question on how much equity the company has offered to Infinite India against the investment. […]
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