September 2008
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Indian firm in takeover talks with Arden Partners

Birmingham stockbroker Arden Partners is staying in touch with the Indian financial services company with which it has been discussing a possible bid since the early summer. The talks finally ended on Wednesday and Arden’s share price nearly halved to 43p on the news. It held steady at that level yesterday. Arden has strong contacts in India and has brought five Indian companies to the British stock market. The largest, Hardy Oil & Gas, is now in the FTSE 250 index. Arden was approached by three Indian financial companies after negotiations with Cenkos Securities ended in May. […]

IFC to acquire shares of Modern Dairies

World Bank's private sector financing arm International Finance Corporation (IFC) will be acquiring 46.50 lakh shares of Modern Dairies for Rs 27.90 crore. The dairy firm has entered into a 'Subscription Agreement' and a 'Shareholder Agreement' with IFC in this regard. As per the agreement, IFC would be subscribing up to 46.50 lakh shares at Rs 60 each, the Haryana-based firm said in a filing to the Bombay Stock Exchange. A meeting of the allotment committee of directors of Modern Dairies would be held on July 8, to allot the said number of shares, subject to the receipt of subscription amount from IFC. […]

Actis Biologics taps PE firms to raise Rs 125 cr

Actis Biologics (India) is close to finalising a deal with private equity (PE) players to sell 15% stake. The company is in advanced stages of discussions with three foreign players to raise Rs 125 crore through issue of fresh shares, said Actis Biologics CEO Sanjeev Saxena. “The talks have taken longer time because of the global financial crisis. However, we hope to finalise a deal before the end of the year. The money raised will go towards the new plant to be built at Khopoli in Mumbai. The cost for the plant is estimated to be $9.5 million (approximately Rs 44 crore),”said Actis Biologics president PN Venugopalan. The remaining money would be utilised to meet the company’s working capital requirement in next 10 months till the plant is up and running and starts generating revenue. […]

Three major firms eye 51% in NTPC-BHEL JV

ICICI Ventures, Larsen & Toubro and IL&FS are in the race to acquire a 51% stake in NTPC-BHEL Power Projects (NBPPL) — the 50:50 JV floated to manufacture power equipment and pitch for EPC (engineering, procurement & construction) jobs from the power sector. Indicating this, the Union minister of state for power, Jairam Ramesh, told ET: “The government intends to hand over the management control of NBPPL to a private strategic investor who will hold 51% stake and impart operational and managerial expertise to the venture. ICICI Ventures, Larsen & Toubro and IL&FS are in the race.” Mr Ramesh was in town to attend a boiler synchronisation ceremony of CESC’s Budge Unit-3 (250 mw) on Friday. This unit is slated to be commissioned in a record 30 months and is likely to start commercial generation by June 2009. […]

HCL Tech makes counter bid for Axon of U.K.

The race for U.K.-based software company Axon on Friday turned aggressive with HCL Technologies making a counter bid to Infosys’ bid by raising the offer by 8.3 per cent to seal the biggest overseas deal by an Indian firm in this space. HCL Technologies on Friday made an offer of 650 pence per share compared to Infosys’ offer of 600 pence announced late last month. This values Axon at 441.1 million pound ($810.8 million). After HCL’s offer, now Infosys will get a second chance to scale up its bid. In case Axon’s shareholders decide to go with the Shiv Nadar company’s offer, Infosys stands to be paid one per cent of the deal amount as inducement. […]

Fidelity PE Fund plans pharma foray with $200-400 m investments

Fidelity Fund Management, part of Fidelity International, is planning investments in the life sciences segment. The company is looking at an investment of $200-$400 million by the end of this year through this foray. Speaking during the sidelines of ‘The ISB Healthcare and Pharma Conclave – Lens on emerging markets’ held in Hyderabad, Jasmin Patel, MD, said that this would be its first foray in the country focusing on pharmaceutical sector. ‘‘We are in close coordination with a few life sciences company and hope to close the deals by the end of this year,'' he said. The PE firm has invested about $40 million in a few companies which includes infrastructure and technology telecom company. […]

IFC Commits $30M To India Buyout Fund

The International Finance Corp. has committed as much as $30 million to a private equity fund investing in high-growth small- and medium-sized enterprises in India. Avigo SME Fund III, a $300 million, eight-year closed-end fund, is a follow-on offering to Avigo SME Fund II, a $125 million fund managed by Avigo Capital Partners, a private equity group formed in 2004 by Achal Ghai. […]

YES Bank to add buyout fund to PE portfolio

YES Bank Ltd, a recent entrant into the private equity space in India, is planning to expand its portfolio by launching a buyout fund in the near future. Though the value of the fund has not been decided as yet, the bank plans to launch it in three years’ time. The bank has already announced four sector specific funds in the first phase, in the form of a $300-million cleantech fund, a $500-million infrastructure fund, a Rs 200-crore food and agriculture fund and a $250-million lifesciences fund. Other funds such as a buyout fund, a VC fund and a real estate fund will be launched post-2010. […]

Moser Baer unit gets PE Funding worth Rs 415 crore

Moser Baer India has informed that its wholly owned photovoltaic (PV) subsidiary has received in full, the agreed capital investment worth Rs 415 crore from a consortium of global investors. According to the company, the received money will be utilized for expansion of its solar PV capacity both in crystalline silicon and thin film solar verticals facilities coming up at the Greater Noida. The company currently has 80 MW capacity for crystalline silicon, which it plans to increase to 180 MW; whereas company’s present capacity in Thin Film is 40 MW, that will be increased to 105 MW, by adding 65MW capacity. […]

Balaji Tele may buy stake in 9X

Even before INX Media completes a year of operation, its flagship Hindi general entertainment channel 9X seems to have run into trouble. It is learnt that the company is in talks with Balaji Telefils to divest a significant stake. Although there is no clarity on how much stake in 9X has been put on the block, the promoters are targeting a valuation of $120-150 million for the channel from the stake sale, according to insiders. Sources close to the development confirmed that the talks were on between the parties. There is a possibility that Balaji may buy a majority stake in the channel, sources added. However, the two parties will take a while to reach a conclusion on the exact size of the stake and the price. Sources added that any possible transaction would take time, as INX Media would have to spin off the channel into a separate entity prior to the sale. Besides 9X, INX Media runs a music channel — 9XM. […]