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BDO Stoy Hayward LLP, UK’s fifth largest accounting firm, has bought a 10% stake, worth Rs10 crore, in India’s Haribhakti Consulting Pvt. Ltd, Shailesh Haribhakti, managing director said on Wednesday. The deal marks the entry of global accounting firms into second-tier accounting companies in India. BDO Stoy Hayward, founded in 1903, will bring technology and global clients to the joint venture while the Indian partner will provide access to the Indian market. BDO does audits and provides consulting services to five of the 250 largest companies in the Financial Times list of top companies. Haribhakti has a client list of 250 Indian companies, including HDFC Bank Ltd, Reliance Petroleum Ltd and Reliance Infrastructure Ltd. (Livemint) […]
PTC India, the leading provider of power trading solutions in India, is planning to foray into the private equity (PE) business with an initial investment of more than Rs 5 billion, reports Business Standard. The PE firm will in turn raise funds from other institutional investors, domestic and overseas. The company is considering to raise up to Rs 15 billion via various routes, which will be partly used to start the PE fund. Of this, Rs 12 billion will be raised by PTC via private placement of non convertible debentures (NCDs) and warrants. Another Rs 3 billion will be mopped up by PTC Finance Services (PFS), the financial arm of PTC India.(My Iris) […]
Microsoft India has picked up 20% stake in Affle, a mobile application provider, its chief executive of Affle said. The company is also in advanced stages to close an acquisition deal with an Indian VAS player. “Microsoft's investment is important to us. We will be able to expand in regions like Europe, US and Australia where we don't have any presence,” Affle CEO Anuj Khanna told ET. Earlier, the company had received investments worth $10 million from Singapore based PE firms and some individual investors in India. […]
US-based investment banking and securities firm Goldman Sachs Group (GSG) announced that it has invested Rs 370 crore in its Indian wholly-owned non-banking fnancial company (NBFC) Pratham Investments & Trading Pvt Ltd (PITPL), taking the total capital base in the Mumbai-based firm to Rs 485 crore. GSG is looking at expanding its credit trading and investing businesses in the domestic market. This capital infusion furthers our objective of building a full-service investment banking and securities platform in India, said Goldman India MD and head of securities Jesse Lentchner in a statement. […]
The private equity (PE) space is likely to see an increased activity in the coming days, as several PE firms are planning new investments. However, several PE firms feel that there will be some slowdown in deal making. Speaking on the sidelines of a seminar on PE funding in Kolkata on Monday, Gopal Srinivasan, chairman, TVS Capital Funds, said TVS Capital had raised close to Rs 600 crore, invested Rs 20 crore and lined up another rs 100 crore investment. The company invested in retail, social infrastructure, media and entertainment. […]
There are rumblings in the world of private equity (PE). The investors in the funds, known as limited partners (LPs) in trade parlance, have defaulted on their commitments to several PEs. At least four PE funds in India have been told by some of their major LPs that they would not chip in with the promised money. These PEs — which include big Indian VCs and offshore funds — are exploring legal recourse under terms laid down in the subscription agreement between them and LPs. It’s easier for an LP to back out if it has not yet invested in the fund pool. However, if it holds back investments after contributing a few tranches, the fund manager may freeze the money already invested. Indeed, a few funds ET spoke to did not rule out this possibility. One of the funds floated by an Indian financial services firm, which recently announced the completion of fund raising and even indicated a 25% return, has been told by two big US pension funds not to go ahead with the ‘draw down’. […]
UTI Asset Management is close to selling a 26 percent stake for $175-$200 million to one of at least four investors and private equity firms, valuing the firm at 7-8 percent of assets, banking sources said. UTI has held talks with U.S. money manager T Rowe Price , Japan's Shinsei Bank and private equity firms Actis and ChrysCapital for the deal, likely to close by late February, three banking sources and one company source with knowledge of the transaction said. The sources, including one who is directly involved in the negotiations, declined to be named as they were not authorised to speak to the media. One banking source said T Rowe Price was the front-runner. […]
At a time when corporates and private equity firms are either renegotiating on agreed prices for warrant conversion or backing out of such transactions, domestic real estate fund Kotak Realty has converted warrants in Sunteck Realty at the agreed price. With the conversion, Kotak Realty now controls 10% in the real estate firm. “We are bullish on Indian real estate. The fundamentals of many realty companies are still strong. We have converted the warrants at the agreed price,” Kotak Reality Fund CEO S Srinivasan told ET. Kotak Reality converted the warrants at Rs 1,167 per share. On Thursday, Sunteck Realty shares ended down 2.8% at Rs 1,547 on BSE. […]
At a time when private equity investments in India are slowing down, a study has found that PE-backed companies are more profitable than their non-PE backed peers. The study, conducted by Venture Intelligence, says PE- and venture capital-backed companies are growing significantly faster than non-PE backed companies as well as market indices such as Sensex, Nifty and CNX midcap. While PE and VC funds have invested $32 billion in Indian companies in the last three years, the value addition has been much better. On an average, PE-backed companies grew at 24.9 per cent compared to 15.5 per cent by non-PE backed companies. […]
GE Equity, private equity arm of the US-based conglomerate General Electric (GE), is picking 30% stake in Chennai-based aircraft and spacecraft parts maker Kerns Aero Products for Rs 10 crore, said a person with direct knowledge of the transaction. The deal would value Kerns Aero at Rs 33.3 crore and the proceeds from the stake sale will help it to fund expansion plans in the country, said the person. As per the transaction, Kerns Aero Products will issue 10.35 lakh mandatory convertible preference shares of Rs 10 each at a premium of Rs 87 to GE Equity Capital representing around 30% of the expanded capital. […]
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