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Housing Development Finance Corporation Limited has informed the NSE that the Corporation had agreed to acquire approximately 41% in the fully diluted equity share capital of Credila Financial Services Pvt. Limited (Credila) from DSP Merrill Lynch Capital Limited, subject to compliance with applicable regulations. In this connection, today HDFC has subscribed to an additional 40,28,000 equity shares of Rs. 10/- each of Credila for cash at par aggregating to Rs. 4.03 crore. […] Shares of Deccan Chronicle Holdings jumped on the buzz that it has sold its entire stake in the Hyderabad IPL team, Deccan Chargers, for USD 300 million. The sudden spurt in the stock was witnessed amid media reports that the company has sold 100 per cent stake in Deccan Chargers, the franchise that represents Hyderabad in the Indian Premier League, for USD 300 million. […] Private equity major 3i India has closed down its buyout division and merged the team with its infrastructure unit, because it sees greater investment opportunities in building roads, bridges and power stations than in taking over companies. This mirrors a similar development in the firm’s Asian operations, where the buyout team was recently merged with the growth capital division. The head of 3i’s Asian buyout team, David Osborne left last month. Saurabh Shah, the former head of the India buyout team, will now move to the infrastructure team along with Shrikant Bahadkar, taking the total team strength for infrastructure to ten. “Our long term view is that buyout will be big in India, but at the moment there is no supply…no one is selling, so buyouts are scarce,” 3i Asia head Anil Ahuja, who is also in charge of the infrastructure unit, told ET. Infrastructure is one of the three focus areas for the listed private equity firm which has around $11 billion in assets; the other two are growth capital and buyouts. […] PE players, advisory firms say the second half will see the same level of activity. Private equity (PE) investments are back. In the first half of calendar year 2010, total PE investments touched $4,571 million (around Rs 21,380 crore) across 138 deals (excluding real estate). This was a three-fold jump over the $1,508 million (around Rs 7,057 crore) invested in 111 deals during the same period last year, said a study by Venture Intelligence, a research service focused on PE and merger and acquisition (M&A) activity in India. In the quarter ended June 30, PE firms invested about $2,364 million (around Rs 11,063 crore) in 67 deals. This was 2.6 times more than in this period last year (which saw $890 million being invested in 51 deals) and also higher than the quarter prior to that ($2,207million in 71 deals). With this, the amount invested by PE firms in India has climbed for the fifth successive quarter. […] The total M&A and PE (incl. QIP) deals in the month of June 2010 were valued at US$13.74bn (67 Deals) as compared to US$1.38 bn (43 deals) and US$6.30bn (72 Deals) in the corresponding month of 2009 and 2008 respectively. The total value of outbound deals (Indian companies acquiring businesses outside India) in June 2010 was US$0.13 bn (17 deals) as compared to US$0.14 bn (4 deals) and US$1.89 bn (18 deals) during the corresponding month in 2009 and 2008 respectively. The total value of inbound deals (foreign companies or their subsidiaries acquiring Indian businesses) in June 2010 was US$0.41 billion (6 deals) as compared to US$0.12 billion (10 deals) and US$2.42 billion (11 deals) during the corresponding month in 2009 and 2008 respectively. […] The fragmented media industry is heading for several mid-sized deals in coming quarters as cash-rich regional players try to expand, while larger but loss-making operators look to consolidate around core segments. The $12 billion media and entertainment industry, which has seen a handful of recent mergers, is poised for a wave of small to mid-sized deals across radio, television, newspapers and cable distributors, bankers and analysts said. “There is some appetite now for mergers and acquisitions,” said Jehil Thakkar, media analyst at KPMG Advisory, who expects deals worth a total $100-$150 million in the sector. “Industry is still recovering, not recovered. So people who need to cash-out will see it as an opportunity to do so in the next few months,” he said. […] India's largest private-sector lender ICICI Bank said its private equity arm–ICICI Venture Capital Fund—-would set up an infrastructure equity fund. It had also called for measures to enable higher infrastructure financing by banks, say reports. On the sidelines of a conference on state highways on Monday in New Delhi, ICICI Chief Executive Officer & Managing Director Chanda Kochhar said infrastructural lending by banks had risen to $67 billion from $2 billion in the last 10 years, adding that the debt requirement could be as high as $500 billion during the 12th Five Year Plan (2012-17). ICICI Bank has advanced Rs.12,000 crore for state highway projects since its inception 55 years ago. Of this, its own money was Rs.5,000 crore and the rest was secured through syndication with other banks, she said. […] As part of the growth plans, IT hardware and electronic firm Intex Technologies is planning to secure $65 mmillion from private equity investors in the next three-five years. The company is targeting a 100 percent growth in revenues for 2010-11 to Rs. 1,200 crore from Rs. 593 crore, reports Kirtika Suneja of Business Standard. The company has grown at a compounded annual growth rate of 38 percent over the last five years. “We are looking at a five-year plan for PE funding and are in talks with six PE players as of now before we go for an initial public offering (IPO). We will also be ploughing back some resources. Also, we are looking for strategic PE investors and not only a financial investor,” said Ramesh A Vaswani, Executive Vice Chairman, Intex. As for the IPO, Intex plans to get listed on Indian stock exchanges in the first phase before it looks at other bourses. Moreover, the company is eyeing huge revenue growth from its small format retail stores, called Intex Square, which are 18 in number but will rise to 100 by March next year. […] IT hardware and electronics company Intex Technologies (India) is targeting 100 per cent growth in revenues for 2010-11 to Rs 1,200 crore from Rs 593 crore. The company also plans to raise Rs 250-300 crore from private equity (PE) investors in the next three-five years. The company has grown at a compounded annual growth rate of 38 per cent over the last five years. “We are looking at a five-year plan for PE funding and are in talks with six PE players as of now before we go for an initial public offering (IPO). We will also be ploughing back some resources. Also, we are looking for strategic PE investors and not only a financial investor,” said Ramesh A Vaswani, executive vice chairman, Intex. As for the IPO, Intex plans to get listed on Indian stock exchanges in the first phase before it looks at other bourses. Moreover, the company is eyeing huge revenue growth from its small format retail stores, called Intex Square, which are 18 in number but will rise to 100 by March next year. […] Though private equity fund raising across the globe touched a seven-year low of $41.3 billion during the April-June quarter, hope is just around the corner, a report by research firm Preqin has said. Providing the proverbial silver lining to the dark cloud, the report stated that the situation is likely to improve in the coming days with fund managers making fresh portfolio allocations. “The $41.3 billion collected by the global private equity industry from 82 final fund closes in Q2 2010 is the lowest since 2003, and is a reflection of the continuing harsh fund-raising conditions for managers seeking capital,” Preqin said. There were a total of 82 funds, which achieved a final close worldwide in the second quarter of this year, raising an aggregate $41.3 billion in capital. During the same quarter in 2009, as much as $76 billion was raised. […] |