Contact us

Microqual Techno to raise $20 mn PE funding

Radio frequency systems and solutions company Microqual Techno is close to sealing private equity funding of $20 million by August-end for expansion, a top company official said. “This is the second round of PE funding for us and we plan to raise USD 20 million by August-end from 3-4 leading PE players,” Microqual Techno's CEO Mahesh Choudhary said here. In mid-2007, the company had raised USD 10 million from three players– NEA-IndoUS Ventures, JAFCO Asia and BTS India Fund. The three existing investors will participate in this round of funding as well, apart from a couple of new investors, Choudhary said. Post the fund-infusion, the PE investors will hold a 48 per cent stake in Microqual Techno. […]

Idhasoft close to sealing 2 US acquisitions worth Rs 200 crore

IT major, Idhasoft, is close to sealing two acquisitions worth Rs 200 crore in the US, a top company official said. “We are hopeful of completing the first acquisition by end-August and the second by September 30,” Idhasoft's Chief Executive Officer, Alok Pathak, said here. While Pathak would not divulge the identities of the two target companies, he said that they were medium-sized ones with a strong customer-base. “Acquiring them would help us in augmenting our customer-base,” he said. While one company is in the B2C domain with Fortune 50 clients, the other is in the business intelligence, ERP and business process re-engineering space with several Fortune 100 clients. Idhasoft is a rapidly-growing IT services provider in retail banking, financial services, manufacturing, healthcare and insurance domains and its clients include leading Fortune 500 companies. […]

B K Modi to sell 24% stake in mobile venture

Bhupendra Kumar Modi is planning to offload 24 per cent stake in Spice Mobiles, his mobile handset business, to global handset manufacturer Sony Ericsson. According to sources close to Modi, this move is a part of a bigger association that would see Sony and Modi getting together in a range of other businesses with the Japanese multinational. “The Modi group is looking at merging its business with the Sony company at the every level. This started off with Sony's television business and now the mobile space. Sony Ericsson intends to acquire 51 per cent in Spice Mobiles. While Modi will offload 24 per cent the additional stake will be bought through the market,” said a source. Modi is in advanced stages of negotiations and the process should be completed wihin the next three months. Modi is believed to be quoting around Rs 80-100 a share. […]

Parekh denies Citigroup’s plan to sell stake in HDFC

Even as the market has been rife with rumours that Citi group will sell its stake in housing major HDFC, Deepak Parekh, chairman, HDFC has denied any such move. Last week, there were media reports that Citi may sell its 11.74% stake in HDFC to Oman Investment Corporation. However, when contacted , Mr Parekh said that there was no such move on Citi’s part to sell its stake. Citi had picked up a stake in HDFC in 2006. Last year, HDFC had made a preferential issue of Rs 3,114 crore to private equity major Carlyle Group and Citi to increase its stake in HDFC Bank and also help the housing major finance its insurance business and housing business. The Carlyle Group, through Carlyle Asia Partners (CAP), put in Rs 2,638 crore, while Citigroup Strategic Holdings Mauritius Ltd subscribed to the balance Rs 475 crore. Post the issue, Citigroup will maintain its holding at 12.3% and Carlyle will hold 5.6%. Currently Citi which is the largest stake holder in HDFC, holds 11.74% stake in HDFC, while Carlyle holds 5.37% stake. […]