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After exiting its stake holding in the institutional broking arm JM Financial Ask Securities, Ask group plans to launch a private equity with an initial corpus of $100 million, besides a real estate fund by June, a top official said. Ask Group had recently sold its 40 per cent stake in the broking JV to the majority shareholder, JM Financial, for a consideration of Rs 81 crore. Ask Group's Chairman Asit Koticha told PTI that the firm is set to launch a private equity fund in 2-3 months with an initial corpus of USD 100 million and is in talks with more potential investors to invest in the fund. […]
Infrastructure-focused private equity investor IDFC PE today said it has pumped in Rs 40 crore in Emergent Ventures India, a carbon credit advisory firm. “We have been actively exploring investment opportunities in the area of clean and renewable energy. We look forward to partnering with Emergent Ventures in delivering green solutions,” IDFC PE MD Satish Mandhana said. The investment made by IDFC PE would be utilised to enhance Emergent Ventures' existing businesses in South and South-east Asia, IDFC PE said in a statement. Emergent Ventures provides solutions under the UN Clean Development Mechanism programme, which range from project origination to assistance with project implementation and the monitoring or delivery of certified and voluntary emission receipts in the domestic and international carbon market. […]
Adverse market conditions have affected another major real estate transaction. Leading financial institutions — Citi Venture Capital and AIG — have called off their Rs 1,500-crore deal with real estate developer Akruti City which would have seen the foreign funds picking up 16% equity in the Mumbai-based realty player. In January, Citi and AIG had proposed to pick up equity in Akruti through a preferential allotment, where Akruti would place up to 10.7 million shares. The firm has now cited market conditions and delay in getting government approval as reasons for aborting the deal. The BSE Realty index has crashed 46% from its peak of 13,647 recorded on January 14. “In view of the inordinate delay in receiving necessary approvals from the Department of Industrial Promotion and Policy (DIPP), coupled with uncertain market conditions, we have decided not to proceed further with the proposed issue with the foreign funds,” Akruti City managing director Vimal Shah said. However, sources said that after the market fall, differences of opinion had cropped up between the foreign funds and the real estate firm on valuations which ultimately led to a deal abortion. […]
PE firms invested about $3.3 billion in the first three months of this year, $0.6 billion more than in the same period last year, according to a study by Venture Intelligence, a research service focused on PE and venture capital. “Last year, PEs competed with the public markets for investments. If the competition for public markets slows down, then more deals will get done among companies that see PE as an alternative to raising money from the markets,” said Venture Intelligence founder & CEO Arun Natarajan. Mr Natarajan added that the choppy market conditions would not be conducive for Pre-IPO and PIPE (private investment in public equity) deals in the medium term. Also, the spurt in deals in the late stage segment account for 60% of the amount invested during Q1 2008. The amount invested during the quarter was higher than that during the same period last year (which witnessed 101 deals totaling $2.7 billion) but lower compared to the immediate previous quarter (which witnessed 131 deals totaling $5 billion). […]
Jubilant Organosys Ltd said on Friday it plans to buy Canada's Draxis Health for about $255 million as it seeks entry into North America's key radiopharmaceutical sector. Jubilant said it would pay $6.00 a share for all the outstanding shares of the specialty health-care company. Draxis's board has approved the transaction and recommends that shareholders accept the offer. “Draxis represents a unique opportunity in the North American market, offering Jubilant entry into the attractive, regulated, high-growth and high-margin radiopharmaceutical business,” Jubilant said in a release. “It also enables Jubilant to consolidate its position in the sterile and non-sterile contract manufacturing business.” The two key platforms at Quebec-based Draxis are its Draximage radiopharmaceutical division and its contract manufacturing business. Competition in the nuclear isotope business was ratcheted up recently after a U.S. company bought a similar operation from Bristol Myers Squibb. […]
Vijay Mallya`s United Spirits (USL) might acquire a minority stake in Bacardi, which will enable Bacardi to pursue acquisition opportunities in India, reports Economic Times. Bacardi has revealed that the company will be interested in USL`s potential move for private placement of treasury stocks with a strategic partner, although currently nothing is at work with USL. Bacardi is looking at inorganic growth opportunities provided it is profitable and carries distribution muscle. Earlier this year, Mallya had received unsolicited interests from several suitors for buying a small stake in USL. In January, UK-based spirit giant Diageo, makers of Johnnie Walker whiskies and Smirnoff vodka, had held talks with USL for acquiring the company`s stakes. […]
Dr Reddy’s Labs has announced the purchase of Jet Generici Sri, an Italian generics company, for an undisclosed sum. The deal is believed to give Dr Reddy’s a greater generics play in the Euro570-million Italian pharma market. Just a month back, the company also entered into a drug discovery collaboration with 7TM Pharma. Jet Generici, which recorded revenue of Euro 1.5 million, brings to the table frontline capabilities with its 20-strong sales force, over 20 products and a pipeline of registerations in the local market. The deal has been completed through Dr Reddy’s Italian subsidiary Reddy Pharma Italia SpA, engaged in building pipeline registerations. […]
After aborting its Initial Public Offer in February, Wockhardt Hospitals on Sunday said it is looking at raising funds through private equity. “We are looking at raising funds through private equity. We are going through the process,” Wockhardt Hospitals' CEO Vishal Bali said. Wockhardt Hospitals was looking at raising Rs 800 crore through the IPO to repay debt and fund its expansion plans that included setting up 17 new hospitals by 2010. But its IPO received poor response and was withdrawn. Its IPO was the second this calendar year to be withdrawn, the The first one being that of real estate player Emaar MGF. […]
Huasheng Co. Ltd, a unit of Chinese dyestuff manufacturer Zhejiang Longsheng Group, has acquired 7.46% equity stake in Kiri Dyes and Chemicals Ltd (KDCL), one of country’s leading manufacturer and exporters of dyes and dyes intermediates. Huasheng has purchased 1.1 million shares in Kiri at Rs 115 per share. KDCL has recently closed its initial public offering of 37.5 lakh equity shares of face value of Rs 10 each. Ahmedabad-based, Kiri Dyes, one of the top 10 producers of reactive dyes globally in terms of volume and quality, is an Ahmedabad based company. The company has been in the business of manufacturing Reactive Dyes for past 9 years. The product range of company caters to textiles, leather, paint and printing-ink industries. […]
The oldest stockbroker in the city of London has become the latest British institution to be acquired by an Indian company, snapped up in a 55 million pounds ($100 million) deal by a Delhi-based brokerage firm. Hichens Harrison, which has been trading for 205 years, was taken over Friday by Religare Enterprises, which is controlled by Malvinder and Shivinder Mohan Singh, owners of the drug company Ranbaxy. The acquisition of Hichens Harrison, considered a bastion of Britishness, is expected to help Religare boost its investment banking operations and extend its geographical reach in emerging markets. Hichens Harrison is said to be the only London stockbroking firm to have survived more than 200 years almost in its original form. […]
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