June 2009
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PE activity touches $13 Bn in May; down 75% year-on-year

Fund raising activity through private equity route witnessed an upsurge in May and touched $12,929 million, but is still 75% lower in value terms on year-on-year basis, a study says. “May brought an encouraging 81% upsurge in the total value of private equity deals, which rose from $7,162 million to $12,929 million in just four weeks,” global deal tracking firm Zyphyr said. This is despite the fact that the deal volume in May was significantly less than that in April, suggesting that there were more high value deals being signed off. In May this year, only 172 deals were announced while in April the number was as high as 257. Notwithstanding the surge in deal value is “still 75% lower year-on-year, against a less significant 52% drop in volume,” Zyphyr added. […]

SIDBI VC to raise $208m Indian venture capital fund

Indian state-owned venture capital firm SIDBI Venture Capital, is raising a INR10bn ($208m) third fund to invest in small to medium-size enterprises, according to VCCircle. SIDBI VC’s parent company, SIDBI, has reportedly made an INR2bn ($42m) anchor investment in the fund and the venture capital firm is in talks with a number of financial institutions to raise the remaining funds. The firm has also appointed Harsh Kaul, former chief general manager of SIDBI, as CEO. Kaul told VCCircle he expects to make a first close of the new fund at INR5bn ($104m) in the next three months. […]

Federal Bank, Catholic Syrian closer to merger

The board of directors of Federal Bank and Catholic Syrian Bank is expected to meet in a month's time to discuss a merger of the two south-based lenders. Reports quoting sources close to the deal said the acquisition price will be fixed when the boards meet next. Thailand-based NRI, Surachan Chawla, holds a 21 per cent stake in privately-held Catholic Syrian Bank, while Federal Bank holds a minority 4.99 per cent stake in CSB. In fact, Chawla reduced his 34 per cent stake in CSB to 21 per cent at the instance of the Reserve Bank of India, in 1994. Chawla also then agreed to sell his stake to Federal Bank. […]