November 2009
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Govt may sell 8.9% stake in L&T to BHEL

The government may consider selling its 8.9% L&T stake it holds via Specified Undertaking of Unit Trust of India(SUUTI) to BHEL, reports CNBC-TV18 quoting Newswire18. When contacted, BHEL’s Chairman this morning said that he is not aware of any such move. But sources indicated that this is part of a larger plan by the government to sell its key holdings in Axis Bank, L&T and ITC, which it holds via SUUTI in case money from auction of 3G spectrum does not come in this financial year. […]

Syndicated deals by PEs to lower risk

Syndication might have been an oft-used investment strategy for large deals, but it is now finding its way into small and mid-sized transactions too as venture capital (VC) funds try to diversify and de-risk their portfolios. Several recent transactions with a value up to Rs 75 crore have seen participation from two-three investors. For instance, Aavishkar Goodwell co-invested $10 million (around Rs 47 crore) in Basix along with Lok Capital and others. Similarly, JustDial received $16 million (around Rs 74 crore) from three investors — SAIF Capital, Sequoia Capital India and Tiger Capital. […]

Coffee Day Holdings to raise $100-$150 million from PE firms

Coffee Day Group, the Bangalore-based company with interests in coffee plantations, coffee retailing, infrastructure development and technology investments, has detailed an investment appetite for about Rs 1,700 crore to expand its businesses over the next 3-4 years. The group, better known for its Café Coffee Day chain of coffee bars across the country, in its roadmap has said it will grow its plantation (coffee and banana) by investing Rs 200 crore, retailing business will absorb close to Rs 700 crore and infrastructure development and SEZs will envisage an investment of another Rs 750 crore. Coffee Day Holdings as part of these efforts to expand its business, is closing in on a private equity deal to raise $100-$150 million. “We are talking to 4-5 large private equity funds that have the capability to write $100 million cheque and the deal should be finalised within two months,” Siddhartha added. […]

Standard Chartered Private Equity Invests INR500M In PI Industries

Standard Chartered Plc said Thursday it invested INR500 million in Indian agri-input and fine chemicals company PI Industries Ltd, through its units including Standard Chartered Private Equity. “Both the domestic agri-inputs space and the Contract Research and Manufacturing Services sector offer solid prospects for Indian companies,” Rahul Raisurana, Managing Director, Standard Chartered Private Equity said in a statement. The investment is in the form of convertible preference shares and debentures, Standard Chartered said. […]