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Red Fort Capital Advisors Pvt., a real estate private equity fund, plans to invest as much as $1 billion in India’s property market over the next few years to tap demand in the world’s second-fastest growing major economy. The firm has invested $400 million since 2007, mainly in residential projects, and may consider investing in offices, hotels and shopping malls, Managing Director Subhash Bedi said in an interview in Mumbai yesterday. Demand for homes is picking up and Red Fort and its partners have sold 3,000 apartments over the last six months in New Delhi, Bangalore and Chennai, Bedi said. Red Fort has invested in projects with Parsvnath Developers Ltd. in the New Delhi area, and with closely held Prestige Group in Bangalore, he said. […]
The Specified Undertaking of UTI (SUUTI) is planning to sell its entire 17% stake in Stock Holding Corporation of India (SHCIL), according to two senior officials involved with the process. SUUTI is expected to net around Rs 300 crore through this stake sale, a person involved with the transaction told ET. “The offer will be made first to the existing shareholders of the company (SCHIL),” the official said. However, according to senior bankers it is very unlikely that the existing shareholders may buy SUUTI’s stake. “Even the other key promoters may consider offloading their stake in SHCIL,” said another investment banker. SHCIL is jointly promoted and owned by banks and financial institutions like IDBI Bank, ICICI Bank, SUUTI, IFCI, LIC and GIC. […]
Several Indian managers of global private equity (PE) funds have quit their jobs in the past few months to strike out on their own or move to smaller funds—a trend that industry executives say stems partly from the rarity of big-ticket deals coveted by overseas investors. Last month, Warburg Pincus India Pvt. Ltd managing director Rajesh Khanna stepped down to start his own PE fund. Khanna declined to comment about his plan for this story. In December, Harsha Raghavan, who was with the PE arm of Goldman Sachs in India and later moved to the local unit of UK-based buyout firm Candover Investments Plc., teamed up with Neeraj Bhargava to start Steer Capital after Candover shut its India operation. In August, Subbu Subramaniam, a partner with Barings Private Equity Partners India Ltd, left to start his own fund. “Foreign funds bring only two things—access to funds and investment discipline. After investing in India, frustration creeps in (among local managers) when the fund does not understand the Indian market as well as you do,” […]
Bhartiya Samruddhi Finance Limited (BSFL), a Livelihood Promotion Institution has announced that it has closed its Series C with Rs1.18bn ($ 26 MM) of equity. Matrix Partners India has invested Rs1bn as the lead investor in the funding of BSFL along with returning investors Hivos Triodos Fonds and Lok Capital, in a total transaction size of Rs1.18bn. BSFL is the flagship company of the BASIX Group, promoted by Vijay Mahajan. Welcoming Matrix Partners, India to BSFL, Vijay Mahajan, Chairman of BSFL and BASIX said “Matrix with their long term investment horizons and an in-depth understanding of the MFI sector complement the BASIX mission of inclusive growth through sustainable livelihood promotion in India, with valuable growth capital. With this capital infusion, during the current fiscal year, we will double our credit portfolio to over two mn customers and Rs20bn in outstandings, while our micro-insurance and micro-pensions services will reach three mn, and our Agri/Business and Institutional Development Services one million, poor households respectively”. […]
Private Equity firms invested about US$2,000 million across 56 deals during the quarter ended March 2010, according to a study by Venture Intelligence (http://www.ventureintelligence.in), a research service focused on Private Equity and M&A transaction activity in India. The amount invested during the latest quarter was the highest in the last six quarters. The figure was significantly higher than that during the same period last year (which witnessed $620 million being invested across 58 deals) and also the immediate previous quarter ($1,681million across 102 deals). The largest investment during the quarter was the $425 million investment into power generation firm Asian Genco by General Atlantic, Morgan Stanley, Norwest, Goldman Sachs and Everstone. Other top investments reported during Q1'10 included Quadrangle Capital Partners' $300 million investment into telecom tower infrastructure company TowerVision India; StanChart PE, KKR and New Silk Route's $217 million investment into Coffee Day Resorts and TPG Growth's $115 million investment into Clean Tech firm Greenko Group. […]
Private equity fund IL&FS Investments Ltd has acquired an 82 per cent stake in Tiruchirappalli-based GK Industrial Park Pvt for around Rs 70 crore. The park, coming up on 600 acres on the outskirts of the city, is being being funded through debt and equity. “IL&FS Investment Managers has taken 82 per cent equity and invested around Rs 70 crore in the project,” GK Industrial Park director KG Muralidharan. The debt portion of Rs 77 crore will be funded by Punjab National Bank. Muralidharan said the company had invested around Rs 75 crore to acquire land and plans to invest Rs 150 crore to create infrastructure in the park. […]
The Board of city-based non-banking finance company (NBFC) Cholamandalam DBS Finance Ltd (Chola DBS) is planning to raise Rs.100 crore from the International Finance Corporation (IFC) by issuing fresh equity. The NBFC will issue 10,893,852 equity shares of Rs.10 each at Rs.92 per share on a preferential basis. The transaction is expected to close this May after the approval of IFC's Board, our shareholders and regulatory authorities. Normally IFC is a long-term investor and the company needs growth capital at regular interval. Hence, we decided on IFC,' N. Srinivasan, director-in-charge, told IANS Monday. […]
Country Club India Ltd has announced that the Board of Directors of the Company at its meeting held on April 01, 2010, inter alia, has approved the issue of 30,000,000 warrants convertible into equivalent number of equity shares, to the Promoter(s) and / or their associates at a price of Rs 25 per warrant, in accordance with the SEBI (ICDR) Regulations 2009. The Board also approved issue of Equity Shares and / or convertible instruments through Qualified Institutional Placement (QIP) Issue in accordance with SEBI (ICDR) Regulations, 2009, FCCBs / GDRs / ADRs to the tune of upto USD 125 Millions or its Rupee equivalent. […]
Private life insurer Max New York Life has given a 4% stake worth Rs 400 crore to Axis Bank for just under Rs 80 crore in exchange for a 10-year exclusive distribution deal as it looks to break into the league of top-five insurance players. This is the first time an insurer has paid such a huge fee, although indirectly, to enter into an agreement to sell policies through a bank’s network. Axis Bank will also get the usual 35-40% commission on first-year premiums to sell the products. “It is a game changer for both the companies,” said Mohit Bhalla, director (corporate development), Max India, which owns a 74% stake in Max New York Life (MYNL). Mr Bhalla did not divulge details of the financial transaction. […]
Reliance Big Entertainment Ltd. said Monday it has agreed to acquire a 50% stake in British video game developer Codemasters. Reliance Big didn't disclose the amount it intends to pay for the stake buy. Codemasters had annual revenue in excess of $150 million, the Indian entertainment company said, without giving further details. Reliance Big is part of the diversified Anil Dhirubhai Ambani Group. (WSJ) […]
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