June 2010
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Maran Offers to Buy More Stake in SpiceJet

Indian media baron Kalanithi Maran has made an open offer to shareholders of SpiceJet Ltd. to raise his stake in the budget airline to a controlling 57.73%, manager to the offer Enam Securities Pvt. Ltd. said Monday. Mr. Maran–founder of Sun TV Network Ltd.–made the mandatory open offer for an up to 20% stake after agreeing to purchase 37.73% of SpiceJet, the nation's second-biggest low-fare airline by market share. Maran's Kal Airways Pvt. Ltd. Saturday agreed to buy the 37.73% stake, totaling 156.5 million shares, from SpiceJet founding firm Royal Holdings Services Ltd., affiliates of U.S. billionaire Wilbur L. Ross and India Asset Recovery Fund Ltd. at 47.25 rupees apiece for a total of 7.39 billion rupees ($158.2 million). Mr. Maran's Sun TV owns more than 20 television channels and 42 radio stations in south India. […]

Rcom May Sell Stake In Tower Unit: Report

Anil Ambani-led Reliance Communications (Rcom), which received market regulator SEBI approval to raise up to $1 billion via an initial public offering of its tower unit Reliance Infratel, may first go for a stake sale in its tower unit to improve the telecom firm's valuations, according to a Livemint report. The stake sale in the towers business would precede the proposed disinvestment of as much as 26% of Reliance Communication to strategic or private equity investors, the report quoted an unidentified person as saying. […]

Reliance Venture Asset invests in Gradatim IT

Reliance Venture Asset Management has successfully completed the Series A round of venture funding in Gradatim IT Ventures, a notable entity in the micro-transaction technology space, that provides technology enabled on-demand solutions to leading MFIs, NBFCs, and insurance providers. With 11 portfolio companies already under its stable, this is Reliance Ventures’ third investment in this year alone – it recently completed leading rounds in Reverse Logistics, a reverse supply chain solutions company and Tessolve Services, a semiconductor test and product engineering company. The investment in Gradatim comes close on the heels of these and is in line with the company’s vision to invest in disruptive ideas backed by a scalable business model. Indo US Venture Partners is the existing investor in Gradatim. YES Bank was the exclusive advisor to this transaction. […]

SBI buys back 13.8% stake in SBI Caps from ADB

The country's largest lender, State Bank of India, has bought back a nearly 13.84 per cent stake in its investment banking arm, SBI Capital Markets, from the Asian Development Bank for an undisclosed amount. The transaction makes SBI Caps a wholly-owned subsidiary of SBI. ADB, which bought the stake in 1997, decided to exit as it wanted to invest in “other development activities and ventures” in the country and felt that it has achieved its initial goal of “giving a fillip” to the local firm, SBI Caps Managing Director and CEO S Vishvanathan said. “ADB sold its stake to State Bank in March as it wanted to invest in other development activities. The deal has made SBI Cap as the wholly-owned subsidiary of State Bank,” Visvanathan told PTI here, but declined to divulge the valuation amount. […]

Reliance Industries to invest in power sector: Report

Petrochemicals-to-refining conglomerate Reliance Industries Ltd, which agreed to buy a telecoms company last week, will now make a foray into power sector, the Economic Times said. The largest listed Indian company, with a market value of about $73 billion and controlled by billionaire Mukesh Ambani, has identified power, telecommunications, financial services and pharmaceuticals for investments in the near future, the newspaper said. “The company will venture into power after telecom,” it quoted an unnamed person familiar with the discussions as saying.The newspaper said Ambani would unveil new plans at the company''s annual general meeting in Mumbai on June 18. Details of Reliance's entry into power will unravel by the month-end as bidding opens for the country's ultra-mega power projects, it said. The paper said a Reliance Industries representative declined comment. […]

Gini & Jony seeks PE funds

Delhi-based kidswear brand Gini & Jony is planning to spread its wings by opening more stores in India. It plans to raise up to Rs 150 crore through a private equity investor for the expansion. The kidswear firm is geared up to launch almost 100 stores to tap the targeted consumers. Currently, the company has 235 exclusive stores in the country. The core attraction for the financial investors in taking the stake in the apparel firm would be 17-18 per cent profit margin. The market for the kids’ garment is calculated to be around Rs 21,000 cr. The company also has plans to raise the funds through public issue of shares in the coming 18-24 months. The company recorded revenue of Rs 280 crore in the last fiscal. […]