April 2008
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Mayfair group to raise Rs 40cr via PE

Mayfair group is planning to raise Rs 250 crore through IPO, private equity and internal accruals. “We may go for the private equity within a month and by mid-2009 will enter the market with the IPO”, he said. While it is expected that the IPO will help raising Rs 117 crore, private equity will bring in another Rs 40 crore. The group, which has a total of 1.52 crore shares of face value Rs 10 each, will dilute upto 40-45 % of its stake. Equity fund Companies from India, the US and a few other countries were in touch for the private equity offer, Ray said. […]

Blackstone buys stake in Banglore realty firm

Blackstone Real Estate Partners, an affiliate of the New York based Blackstone group announced to invest approximately $18 million for a minority stake with the board representation in the Banglore-based real estate firm Synergy Property Development Services. However the quantum of stake Blackstone will be picking up in the company has not been specified. Formed in 2003, Synergy is one of the top project and construction management offices, company has already delivered 20 million square feet of real estate and presently managing assets 100 million square feet across the country, across various classes like hospital, retail, office etc. […]

DIG buys 40% stake in CWEL

Coimbatore-based Chiranjeevi Wind Energy Ltd (CWEL), leading wind turbine manufacturer, has sold 40 percent of its equity to Dubai Investment Group (DIG), the leading diversified financial services company of Dubai Holding. Kumaravel, Executive Director of CWEL confirmed the news saying that private equity participation was sought for this closely held public limited company for expansion within India and overseas. CWEL refused to divulge the value of the deal. Dubai Investment Group, which aims to build a diversified portfolio of assets in renewable energy, has made focused investments, through its subsidiary Dubai Ventures, over the past two years in the renewable energy sector across Asia. […]

Katra group eyes 50% of Radhika’s stake in Radaan Media

The Ramesh Vangal-promoted Katra group is set to foray into the media industry soon. Vangal is close to acquire stake in Radaan Mediaworks India Ltd, promoted by actor Radhika Sarathkumar. Sources close to the development said Vangal would buy out at least 50 per cent of Radhika’s stake in the entity. Since Radhika holds 51.42 per cent in Radaan (2.78 crore shares), buying half her stake would also trigger an open offer. At a later stage, Vangal, keen on holding a majority stake in the company, may infuse capital through issue of fresh shares. Talks have been initiated and a deal may be arrived at soon for share transfer for a consideration of around Rs 10 per share, which works out to around Rs 14 crore. The Rs 2 share closed last week at Rs 6.30 on the NSE. […]

NGE to acquire 50 per cent stake in a television channel

Bollywood filmmaker Sajid Nadiadwala on Sunday announced that his company Nadiadwala Grandsons Entertainment (NGE) will acquire 50 per cent stake in a high profile television channel. The name of the channel has been withheld because an official announcement is soon to follow. The investment is based on an enterprise value of Rs 100 crore, Nadiadwala told reporters here. On the acquisition, Nadiadwala, director Nadiadwala Grandson Entertainment, said the move was an important step for his company towards consolidation in the television industry. (ET) […]

India Value Fund to pick stake in Atria

PE firm India Value Fund Advisors (IVF) is close to picking up a majority stake in Bangalore-based Atria Convergence Technologies, which is a digital cable and broadband service provider. Sources have confirmed the development stating IVF is in talks with Atria, which is looking at raising funds to roll out its services in other cities and bring in better digital technology. When contacted, Atria Convergence Technologies managing director Sunder Raju refused to comment. The IVF spokesperson could not be contacted. However, industry sources believe that the company is looking at investments worth $150-200 million to expand its services. IVF Advisors has a corpus of $600 million. The broadcast distribution industry has been undergoing transformation since the introduction of CAS and DTH. […]

ADB breached its capital allocation limit for PE funds

The Asian Development Bank is taking large risks by investing more in private equity firms than it is allowed to and internal controls of such investments show “serious weaknesses”, the Financial Times reported on Monday. Citing a confidential report by the ADB's evaluation unit, the FT said the bank “breached its capital allocation limit for private equity funds of 5 percent”, adding that it needed new risk management standards. A spokeswoman for the Manila-headquartered lender said the report was still being finalised and the ADB could not comment until after management had seen it. “It's a work in progress. (When) We get the final report we will study the findings and be in a position to comment,” said Ann Quon, ADB's director of external relations. The multilateral organisation's lending policies have been thrust under the spotlight recently amid criticism from the United States, one of its biggest donors, about its focus on large loans to middle-income countries such as China and India rather than smaller loans to poorer nations. […]