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India's top mobile operator, Bharti Airtel, said on Monday it was exploring a potential deal to buy 49 percent in South African telecoms firm MTN. The deal being discussed would also have the South African firm taking a 25 percent interest in Bharti and its shareholders taking another 11 percent, the Indian firm said in a statement. Bharti is looking at paying 86 rands and 0.5 newly issued Bharti global depositary receipts for each MTN share, while MTN would spend $2.9 billion for its purchase in Bharti, it said. (Forbes) […]
The Aditya Birla group’s plan to find a buyer for the insulator business has come a cropper after prospective buyers, primarily private equity funds, backed out of the deal over valuation differences. UK-based private equity fund 3i, which was ahead in the race to acquire the insulator assets, recently opted out of the transaction. The insulator business is part of the group’s holding company, Aditya Birla Nuvo. Foreign PE funds such as Bain Capital and Carlyle had earlier moved out of the race. Three months back, the group had mandated investment banking firm UBS to find a buyer for the insulator business, which was then identified as a non-core activity. UBS had circulated an information memorandum to the prospective buyers. […]
The month of April saw private equity (PE) deals worth $493.94 million and the value of total number of such deals during the first four months of this year increased to $1.31 billion. The total number of private equity deals announced during the month of April 2009 stood at $493.94 million through 15 deals, global consultancy firm Grant Thornton said, adding that the total number of PE deals during the first four months of this year stood at 56 deals with an announced value of $1.31 billion. […]
The poll verdict could well be the turning point for private equity (PE) investors and investment bankers who were waiting on the sidelines of the Indian market for several months. With the installation of a stable government at the Centre likely to give a fillip to investor sentiment, dealmakers expect companies to target institutional investors with a slew of preferential equity issues over the next few months. Mergers and acquisitions (M&A) as well as PE deals have fallen in the past few months. According to Thomson Reuters, M&A volumes in the calendar year-to-date have crashed by 71% to $6.5 billion against $22.7 billion in the corresponding period last year. Similarly, PE deals have fallen 51.2% to $682 million. […]
In a growing aspirant economy such as India, education enjoys pride of place among heads of expenditure in most middle income homes. It is this spending that Kaizen—India’s first private equity (PE) fund being raised to focus on investing in education businesses—aims to tap into. The Kaizen Education Fund I, being put together by Reema Shetty, Akhil Shahani, Sandeep Aneja and Jetu Lalvani, who together have at least 65 years of experience in education and private equity, hopes to raise $100-150 million (Rs482-723 crore). “Education is as counter-cyclical as it gets. It’s a sector where people are willing to spend a disproportionate amount of their income to go back and reskill themselves even in a downturn,” Aneja said, adding the fund has received some commitments. […]
Edible oil firm KS Oils on Tuesday announced it will raise Rs 450 crore from private equity funds, promoters and a new global depository receipt (GDR) issue. ET had reported the company’s fund-raising plans on Tuesday. PE firm New Silk Route will invest Rs 135 crore in the firm in return for a 7% stake through preferential allotment of equity shares. The promoter Garg family will put in Rs 157 crore and existing investors Citigroup Venture Capital International and Baring Private Equity Asia will invest Rs 49 crore each by subscribing to convertible warrants. KS Oils will raise another Rs 60 crore through a GDR issue. In a statement to BSE, the firm said it will use the funds to expand its palm plantation assets in south-east Asia. KS Oils owns mustard oil brands such as Kalash, Double Sher and KS Gold. […]
Venture capital firm IDG Ventures India plans to invest Rs 300 crore over the next two years across software, telecom, mobile, security and digital consumer markets. Some of the technology and tech-enabled sectors in which IDG Ventures India is interested include mobile value added services (MVAS) in light of the much awaited 3G rollout, software products such as business intelligence (BI) and analytics in retail, telecom and BFSI, education, healthcare, clean tech and manufacturing including robotics and aeronautics. The early-stage venture capital fund is primarily focusing on Bangalore, Mumbai, Delhi, Chennai, Hyderabad and Pune. […]
With no private equity deal expected soon to finance his cargo business, Captain Gopinath, pioneer of low-cost flying in India, is open to the idea of selling his 10% stake in Vijay Mallaya’s Kingfisher Airlines. “A couple of PE investors have approached us to invest in the cargo business, but I have postponed the process now. We will revisit it a few months later, if the valuation improves,” said Gopinath, chairman and managing director of wholly-owned Deccan Express Logistics (DEL). The $625-million domestic express cargo market is expected to grow at 20% a year over the next five years. On his willingness to dilute his stake in Kingfisher Airlines, Gopinath said: “It depends on the valuation I get.” At today’s market price, his 10% stake is valued at Rs 51 crore. […]
Dry cell battery maker, Eveready Industries India Ltd. (EIIL) has decided to buy into a French company engaged in manufacturing and distributing rechargeable batteries and allied products. This would be the company’s first overseas acquisition, if the transaction is completed, a senior company official said. Making the announcement, company Executive Vice-Chairman and Managing Director Deepak Khaitan said that EIIL had signed a term sheet agreement on Thursday with CG Holding of France for investing up to 10 million euro in an overseas joint venture or special purpose vehicle, which would acquire a controlling stake of minimum 80 per cent of the share capital of Uniross SA. […]
Suzlon Energy’s promoters have raised about Rs 230 crore by selling a 2 per cent stake in the company through a block deal. The company informed the stock exchanges on Wednesday that Ms Rambhaben Ukabhai (mother of Suzlon’s Chairman and Managing Director Mr Tulsi Tanti), sold three crore shares representing 2 per cent of the paid-up capital of the company through an open market block deal. With this, the promoters’ holding in the company comes down to 63.82 per cent. According to reliable sources, Citigroup was the book runner for the transaction and institutional investors purchased the shares. The transaction was completed at about Rs 77 a share, according to the sources […]
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