March 2010
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INM offloads India media company shares worth €42m

Independent News & Media has sold 23.5 million ordinary shares in Jagran Prakashan Limited (“JPL”) on the Bombay and National Stock Exchanges in India. This sale represents approximately 7.8% of the issued share capital of JPL and reduces INM's holding in JPL to 5.7% (previously 13.5%). INM said this evening that the proceeds from this share sale were approximately €42m, which will be used to pay down bank debt. Having originally invested €28.5m to acquire its stake in 2005, following this share sale, INM's remaining holding in JPL is worth about €33m at the current market price. In addition, INM has received disposal proceeds of approx. €64m from a combination of this disposal and its disposal in July 2009. […]

India's third best choice for PE companies

India is ranked among the top three investment destinations for private equity (PE) firms in the world, as per a report by consulting firm Bain & Company. The US, one of the worst affected by the global financial crisis, leads the table as the top investment location for PE funds followed by China, the report said. India recovered sharply ahead of most other economies from the slowdown that hit markets in 2008. The report pointed out that India is emerging as an attractive investment market for PE firms as an increasing number of family-owned businesses are turning to outside investors to raise funds. […]

Aditya Birla PE arm to close Fund I at Rs 800 crore soon

Aditya Birla Capital Advisors, the private equity (PE) arm of the Aditya Birla Financial Services Group, will close Fund I, its first fund, this month raising about Rs 800 crore. It had earlier announced its first closure at Rs 675 crore by January. The firm had invested Rs 50 crore last month in Anupam Industries Ltd, a Gujarat-based makers of material handling equipment. Aditya Birla Capital is the first PE arm of an Indian corporate group to close the debut fund successfully. Tata Group and Reliance ADA Group, are in the process of raising their debut PE funds. Tata Capital expects to close the fund-raising for its $350-400 million PE fund in the next six months. Reliance Equity Advisors, the PE arm of Reliance ADAG, was expected to close its first Rs 1,500-crore fund last year. […]