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Atul, a Lalbhai Group chemical firm, on Friday said it has acquired 51% stake in Mumbai-based Anchor Adhesives for Rs 10 crore. With this acquisition, the Rs 1,200-crore Ahmedabad-based industrial chemical manufacturer will expand its reach in local and international markets through the joint sales network, said Atul president Rajesh Bhasin. Atul will also access the local rubber and polymer-based adhesives market, which annually records sales of about Rs 500 crore. “We are targeting to add Rs 30 crore to our adhesives business after the acquisition of the Polygrip brand,” said Mr Bhasin. Polygrip is the leading brand of Anchor Adhesives. Atul’s polymer division grosses revenue of Rs 100 crore every year. […]
Canara Bank subsidiary Canbank Venture Capital Fund on Tuesday launched a venture fund with a corpus of Rs 500 crore mainly targeted at mid-sized unlisted companies. “Encouraged by the successful performance of the earlier funds, Canara Bank, with the strong support of a number of public sector banks and institutions, has now launched the fifth fund of Canbank Venture Capital Fund with a corpus of Rs 500 crore,” Canara Bank chairman AC Mahajan said after launching it. The Emerging India Growth Fund is the fifth venture capital fund unveiled by the company. Venture capital is provided as seed funding to early-stage and high-potential growth companies. […]
Manipal Education and Medical Group (MEMG), the holding company of Manipal Group is in discussion with a few investors including Kotak Equity to raise funds to the tune of Rs 100-125 crore. The amount will be deployed to largely fund any strategic growth opportunities. In this regard, a detailed infrastructure modification plan has been drawn up to realign capacity in the existing flagship hospital at Bangalore. A new block with state-of- the-art facilities is being created in another hospital in the city. All these efforts would not only improve the look and feel of the hospital but also increase the revenue earning potential with additional beds in place, Dr Ranjan R Pai, CEO & MD, Manipal Education & Medical Group told Pharmabiz. The challenge is not raising the funds as there is plenty of PE support, but to have access to experts with a similar vision. So far, we have been lucky to work with excellent PEs, he added. […]
Lodha Developers is in talks with several private equity funds to sell stake in a Mumbai project to build the world's tallest residential tower, its managing director said on Tuesday. Last week, the developer said it would invest $426 million to build a 117-storey residential tower in central Mumbai and that the company could consider selling a 10-25 percent stake. “We are in talks with several private equity players but there is no transaction yet,” Abhisheck Lodha told the Reuters Global Real Estate and Infrastructure Summit. Media reports have linked Singapore funds GIC and Temasek with the project, but Lodha declined to specify names. The Mumbai-based developer said it would hold back its planned $600 million initial public offer until stock markets stabilise and is banking on stronger-than-expected sales to tide over immediate cash flow needs. […]
Pharma firm Cipla, on Tuesday, announced its intent to acquire two biotechnology companies with a joint venture partner in China for a consideration of $65 million. Cipla Chairman Y K Hamied said “the entire investment will be funded through internal accruals.” The investment will be made by Cipla through its wholly owned subsidiary in a phased over over a period of three years. […]
Low delinquency rates, huge demand attract investors to the unique gold financing sector. The glitter of the yellow metal has resulted in gold financing companies attracting private equity (PE) money. But the low number of players in the segment may spoil things. For instance, Sequoia Capital, which acquired 11.5 per cent in Kerala-based Manappuram General Finance and Leasing (in 2007 and 2008, at Rs 145 a share and Rs 165 a share, respectively), earned almost five times its investment in less than four years. It exited this April after selling its entire stake for Rs 740 a share. India Equity Partners (IEP), a co-investor, stayed invested. But, according to sources, there was enough interest from PE players to buy IEP’s stake as well. Then there’s the Muthoot George group. One of the largest pure-play gold financiers, the group has put its initial public offer (IPO) on hold and is in discussion with four firms, including PE players and hedge funds, to raise money before the IPO. […]
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. […]
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 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. […]
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. […]
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