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The founding partners of Baring Private Equity Partners India — Rahul Bhasin and Subbu Subramaniam — have decided to part ways, the Economic Times reported on Wednesday. Bhasin and Subramaniam have split due to differences over many issues, the paper said. Bhasin is expected to buy out the stake owned by Subramaniam, who plans to launch another fund, the paper said. However, the settlement process is subject to arbitration as the partners could not reach an amicable settlement, it added. “Our separation process in under arbitration with respect to the valuation of our respective stakes in the company,” the paper quoted Subramaniam as saying. […]
Private equity fund Red Fort Capital will pick up around 50 per cent stake in a Noida residential project, a source familiar with the development said. The project —Lotus Boulevard, is spread over 40 acres in Sector 100 of Noida and is being developed by the 3C Company. 3C Company has already delivered over 12 million square feet of commercial projects, which includes Wipro’s Gurgaon campus and Patni Computer Systems Noida office. […]
Existing institutional shareholders are likely to hold a total of 20 per cent in the bourse. The MCX Stock Exchange (MCX-SX) would offload 47 per cent of its stake in the next two months with the intention to mop up around Rs 3,000 crore, a senior merchant banker said on Monday. MCX-SX, promoted by Financial Technologies, currently runs only currency derivatives trading and is awaiting approval from the Securities and Exchange Board of India (Sebi) to start trading in equities. “Banks are speaking to several investors to offload 47 per cent stake of MCX-SX. The talks are at an advanced stage and we hope to complete the process in the next two months,” said Rakshad Kapoor, investment banking head of Antique Capital Market. […]
Financial services major Kotak Group on Tuesday (August 4) purchased 51% stake in Ahmedabad Commodity Exchange (ACE) and plans to convert the regional exchange to a national one within a year, a senior exchange official said. “Kotak purchased 51% stake in ACE after getting an approval from the regulator Forward Markets Commission (FMC),” the Exchange's Director S A Narayan said. The group today also informed the Bombay Stock Exchange that it is an anchor investor in ACE. “Kotak Mahindra Group has invested in ACE today, having obtained all necessary regulatory and other approvals,” the company said. The Ahmedabad Commodity Exchange, which deals in castor seeds futures, has an average daily trading volume of about 5,000 tonnes. […]
Four private equity (PE) majors — Providence, Carlyle, Bain and StanChart — are in the fray to buy a $225-250 million stake in broadcast network Multi Screen Media (MSM) with a fresh share sale process getting underway, said people familiar with the development. MSM broadcast network includes Hindi general entertainment channel Sony Entertainment Channel (SET), cricket and Hindi movie channel SET Max, SAB and SET Pix. A new investor will get roughly 42% stake in the company as the parent Sony has decided to dilute 10% stake along with Indian promoters who hold 32% and are seeking an exit. Sony will cut its holding to 51% to help MSM raise $60-70 million in capex. MSM’s investment bankers are holding talks with PEs with an expected valuation of over $500 million, a source added. […]
Venture capitalists/PE (private equity) funds are now looking at investing in micro finance companies in India. According to industry observers, around Rs 1,000 crore is expected to be invested by venture capitalists/PE funds in the Indian micro finance space (MFIs) this year. In fact, of the 50 private equity deals worth $1 billion in banking and finance in the last 18 months, MFIs alone accounted for 20 deals amounting to $200 million. There are some funds like Aavishkaar and Bellwether Microfinance Fund that primarily invest in MFIs in India. “Apart from MFI focused funds, other venture capitalists and PE funds who consider opportunities in the financial services space are now adding micro finance to their portfolio,” says Mona Kachhwaha, director, Bellwether. […]
Essar Oil, through its arm Essar Energy Overseas, has picked up a 50 per cent stake in Kenyan Petroleum Refineries through the acquisition of stakes from Shell, British Petroleum and Chevron. The Kenyan Government will hold the balance 50 per cent in this four-million-tonne refinery located in Mombasa. While there were no details on the cost of acquisition, Mr Prashant Ruia, Chief Executive, Essar Group, told presspersons in a conference call that the refinery would be upgraded by adding secondary units at a cost of $400-450 million. In the process, the capacity would increase to five million tonnes. The company would also pay the Kenyan Government $2 million for not exercising the buyback option of shares owned by Shell, BP and Chevron. […]
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