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ArcelorMittal on Friday said that it plans to launch a tender offer today for the acquisition of 29.4% shares in Uttam Galva Steels Limited , an Indian producer of cold rolled steel, galvanized products and colour coated coils & sheets. For the year ended 31 Match 2009 Uttam Galva had a turnover of USD890m and net profit after tax of USD21m. The tender offer is priced at INR120 per share, which reportedly represents a 27% premium over the two weeks volume weighted average and of 85% over the six month volume weighted average. The spurt in the shares may make the offer unattractive to individual shareholders, Uttam Galva Director Ankit Miglani said. The Miglani family will sell more shares to ArcelorMittal should the offer be unsuccessful, he said in a phone interview today. […]
Healthcare Global Enterprises, the Bangalore-based cancer care provider, is close to raising $10 million (around Rs 50 crore) from Milestone Capital, a India-focussed private equity fund. Healthcare Global has so far raised close to Rs 150 crore by divesting just under 50 per cent through three rounds of funding from IDFC Private Equity, Premji Invest and Evolvence India Life Sciences Fund. The promoters led by chairman and CEO B S Ajai Kumar hold 32 per cent, while the rest is held by a few other individuals and corporates. […]
The global venture capitalist Draper Fisher Jurvetson (DFJ) is seeking broader investment opportunities with two of its family funds DFJ Growth Capital and Element Partners — kicking off action in India. This coincides with DFJ embracing local entrepreneurship focusing on India’s bottom of the pyramid as well as rising middle-class, offering unprecedented breadth in investment choices, its managing directors Andreas Stavropoulos and Josh Stein told ET. […]
A majority of private equity (PE) players in the country expect a decline in activity in 2009 with only 28% expecting the scenario to improve over the same period, according to a Grant Thornton survey on mergers and acquisitions (M&As) and PE investment scenario in India. 58% agree that the turmoil has affected M&A activity, but 45% believe that current valuations will increase deal activity in the short-term and more than 88% of the respondents believe that M&A is an integral part of their organisation's business strategy for growth. […]
Financial services entity Religare Enterprises expects to close its first Rs 600-crore private equity fund, launched in joint venture with UK-based Milestone Capital, by April next year. “The fund raising work is in progess… We hope to close the fund by April 2010,” Religare Enterprises President Health Care Amit Varma said. Further, the company would be looking at exercising the green-shoe option of raising another Rs 200 crore for the fund — India Build out Fund I — depending on market conditions. […]
Hyderabad-based Asmitha Microfin Limited has closed its second round of equity infusion with BlueOrchard Private Equity Fund pumping in Rs 50 crore. Asmitha Microfin Limited, a Hyderabad-based microfinance institution and one of the top five microfinance institutions in India in terms of portfolio size, presently serves over 1.16 million clients with a loan portfolio of about Rs 745 crore ($165 million) as of July 31, 2009. Asmitha has a network of 485 branches across 127 districts in 13 states in India. […]
With nearly 20 per cent of its Rs 6,000-crore corpus invested in clean energy, IDFC Private Equity has identified clean technology as a focus area. The seven-year-old company, which manages three funds, has committed over Rs 1,100 crore to nine companies, the latest being Krishna Godavari Gas. The investment in the gas pipeline venture, where the Andhra Pradesh government and Gujarat State Petroleum Corporation are shareholders, was yet to be finalised, IDFC PE President and CEO Luis Miranda said. […]
Infrastructure Leasing and Financial Services (IL&FS) said it will not be picking up a stake in Amalgamated Plantations Private Limited (APPL), a company created in 2007 to hive off its 24 North Indian tea plantations, leaving Tata Tea with close to 50 per cent in a business in which it wanted to reduce exposure. Hari Sankaran, managing director, IL&FS said, “After the markets went topsy-turvy, we decided not to make any new investment till the markets return to stability.” According to the original plan, IL&FS and International Finance Corporation (IFC) were supposed to buy 20 per cent each in APPL and Tata Tea was supposed to hold 20 per cent, depending on worker participation. […]
Maytas Properties, a closely held realty firm run by Rama Raju, younger son of the defamed founder of Satyam Computers B Ramalinga Raju, may rope in a strategic investor or a collaborator to stay afloat. Rama Raju, who has been charged of defrauding customers, is understood to be scouting for a strategic investor who may find the firm’s land bank attractive. The company could be valued at around Rs 3,500 crore, according to analysts. […]
With most financial markets witnessing a slowdown which has resulted in more reasonable valuations, corporate houses and private equity players believe that the current valuations would result in increased merger and acquisition (M&A) activity in the coming months, according to a survey conducted by Grant Thornton. Over 45 per cent of respondents felt that the current valuations would result in increased M&A activity. An overwhelming 91 per cent of the respondents believed that the Indian economy has scope of […]
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