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According to a report by Sobia Khan & Pranav Nambiar of DNA, realty majors, left with few avenues to fund their ambitious hotel projects, are now hoping for a private equity (PE) bailout. Developers like Parsvnath, Nitesh Estate and Brigade Group have kicked off negotiations with PE players to bail them out. For instance, New Delhi-based Parsvnath Developers recently prepared an information memorandum for the purpose. “We plan to raise money for hospitality projects but currently it is in an early stage of discussion,” said an official on condition of anonymity. The company has expressed its intention to focus on six projects in Hyderabad, Ahmedabad, Lucknow, Goa, Mohali and Shirdi. […]
The Capital International Global Emerging Markets Private Equity Fund has sold a 3.9 per cent stake in Indian computer services provider MindTree. The fund sold 1.52 million shares at INR540.02 ($11.13) each. According to Bloomberg, 1.03 million of the shares were bought by the Franklin India High Growth Companies Fund, the Franklin India Taxshield Fund and the Franklin India Flexi Cap Fund. […]
A sovereign fund of the Sultanate of Oman is investing roughly $125m, in Mangalore-based realty developer Mohtisham’s 300-acre integrated township, sources privy to the development said. The deal is probably the largest fund action in Indian tier-II real estate. Oman Investment Fund, through a Cypress-incorporated entity, is picking up 50% stake in Mohtisham Estates […]
Zain shareholders have agreed to sell a 46% stake in the company to various other investors, although very few details have been confirmed at this time. In a statement to the Kuwait Stock Exchange, National Investments said that it would sell its 10.86 percent stake in Zain for a price of 2 dinars ($6.97) a share, and will lead a group of other shareholders in selling their stakes. It has been reported that a group led by the little known, privately held Vavasi Group and Malaysian billionaire Syed Mokhtar Al-Bukhary may buy the take, valued at US$13.7 billion. The Indian-Malaysian group signed a “transaction agreement” yesterday – and it is reported that India's state controlled BSNL and MTNL will also join the consortium, although that has not been confirmed yet. […]
Whilst it appears that the market downturn has caused Institutional Investors (Limited Partners) to abandon investing in new private equity funds, many investors have eagerly flocked to the secondary private equity market with the intention of purchasing secondary interests at substantial discounts from the expected flood of distressed investors. This strategy has seen little success to date as the bid-to-offer spread has been too wide for many secondary transactions to complete, with the anticipated deluge of distressed sellers looking to sell interests at any price not quite materialising. […]
The Aureos India Fund and ePlanet Ventures have invested US$16 million in Indian container logistics and warehouse management services company Continental Warehousing Corporation (Nhava Seva) Limited (CWCNSL), part of the NDR Group. The Aureos India Fund, an initiative of Aureos Capital, a private equity fund management company specialising in investing in small to mid-sized businesses in emerging markets, has invested US$10 million in CWCNSL. ePlanet Ventures, a leading global venture capital and private equity firm headquartered in Silicon Valley, has invested US$6 million. CWCNSL commenced its operations in the year 2005 and in the last year reported consolidated revenues of Rs.1.5 billion (US$ 31.5 million). […]
The Times of India Group is likely to acquire a 10 per cent stake in film production and distribution company K Sera Sera Productions. The Times Group, which is a part of Bennett Coleman & Co. Ltd, has shown interest and in-principle agreed to subscribe the warrants of the company. K Sera Sera board of directors will be meeting on 7 September to consider the issue of convertible warrants to The Times Group up to 10 per cent of the capital of the company. […]
Salon chain Naturals’ is looking for a Rs 100-crore PE infusion to go national. The amount will be raised in two tranches of Rs 50 crore each, for a 25-30% stake in the company. It is gleaned from sources that Aditya Birla Group’s private equity arm Aditya Birla Private Equity Fund, Peepul Capital and TVS Capital are in the fray. Confirming that all the three funds had approached the company, the 40-outlet chain Naturals promoter CK Kumaravel said it has appointed Veda Corporate Advisors to finalise the transaction. “The private equity partner would be decided upon by the month-end and the deal inked by December,” he told ET. […]
Mumbai-based Time Technoplast has notified that it has entered into an agreement to acquire majority stake in Kompozit-Praha, Czech Republic, for $5.20 million. The company signed a memorandum of understanding (MoU) with Kompozit-Praha, a composite cylinder manufacturing company, to acquire 70 per cent stake in latter. […]
The financial services unit of Larsen & Toubro Ltd is in talks to buy Cholamandalam DBS Finance's domestic mutual fund operation, two sources familiar with the matter said. “We are working on their behalf,” one source said, referring to L&T Finance, a wholly owned unit of L&T. “We can't share details at the moment. Let's wait for the transaction.” Officials at Cholamandalam DBS, a joint venture between India's Murugappa Group and Singapore's DBS Bank that run DBS Cholamandalam Asset Management, could not be immediately reached for comment. Another source said Edelweiss Capital was the advisor for the asset manager. […]
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