April 2010
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PE majors plunge into Indian market

In spite of eroding confidence of private equity (PE) firms during the global downturn, a clutch of big global names, who till now were not confident about India, have taken the plunge into Indian markets. These big PE players, such as Quadrangle Capital, Appollo Management, TA Associates, Summit Partners and Bain Capital, have done a deal for the first time in India, marking their entry into one of the fastest growing emerging markets. While some of them had set up shops in the country in 2008-09, they were unable to do deals because global markets went into a tailspin. Already, some of the global PE majors such as Blackstone, Carlyle, General Atlantic, Apax and 3i are present in India, but the entry of new PE funds into the Indian market shows their growing appetite for Indian companies. Investment bankers say most of these PE firms are actively scouting for deals and are no more dormant. […]

Videocon may sell 26% stake to foreign players

Diversified group Videocon Industries on Wednesday said it may sell up to 26 per cent stake in the company to foreign players. Many foreign companies are eyeing a stake in us….We may dilute a stake of up to 26 per cent,” Videocon Industries Chief Venugopal Dhoot told reporters here. Asked by when a stake dilution can take place, he said, “As soon as we get a good valuation we will do that.” He said the company's valuation, which is currently at Rs 12,000 crore, may go up further considering the rapid expansion it has undertaken. Group company Videocon Mobiles recently started its services in Tamil Nadu, Gujarat and Mumbai circles. […]

Zeel ups stake in Ten Sports to 82.2%, to add 12.8%

Zee Entertainment Enterprises Ltd (Zeel) has acquired 32.2 per cent stake in Taj TV Mauritius for an investment of $31 million during the financial year ended 31 March 2010, taking its total holding in the company to 82.2 per cent. Zeel will make the additional purchase of 12.8 per cent for $13.14 million, according to the company's corporate strategy, planning and business development head Atul Das. The holding in Taj TV Mauritius will be through a newly floated company, Zee Sports International, a subsidiary of Zeel. Zee Sports International will finally hold 95 per cent stake in Taj TV Limited Mauritius and 100 per cent stake in Taj Television (India), paying the Bukhatir Group a total consideration of $44.145 million. […]

IPL Equity deals to halt till dust clears

The door was to open for attractive equity deals soon after the completion of the third edition of the Indian Premier League (IPL).“Deals will take time now. We are not looking at selling stake,” said Kings XI Punjab co-owner and Dabur India Ltd. director Mohit Burman.Equity deals are expected to halt till the mud-slinging phase is over and the air clears on several controversial issues. “Nobody wants to put money into something that may not be clean. Till the issues do not get resolved, people may wait before making stake acquisitions,” said an investment banker on request of anonymity.Investment bankers feel a prudent approach will be to wait longer for valuations to climb as controversies die down. […]