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Venture capitalists Sequoia Capital and Song Advisors Tuesday said they have invested $15 million (INR701.7 million) in Indian school and college operator K12 Techno Services Pvt. Ltd. The companies didn't immediately reveal how much of a stake they had picked up in the Secunderabad-based firm in lieu of their investment. “We see K12 as a pioneer with a capital efficient model addressing a large market opportunity,” Sequoia Capital India Managing Director KP Balaraj said in a note to the press. This is Sequoia Capital's third investment in India's education sector, the note added. […]
Private equity companies Actis Capital and Sequoia Capital plan to sell a controlling stake in India's Paras Pharmaceuticals for as much as $700 million, Bloomberg reported on Tuesday. The private equity firms decided to sell their shares after receiving interest from drugmakers including Glaxo Smithkline, Sanofi-Aventis and Abbott Laboratories , Bloomberg said, citing people with direct knowledge of the matter. […]
The Bombay Stock Exchange (BSE), Asia’s oldest bourse, is in talks to acquire to a majority stake in Computer Age Management Services Pvt. Ltd (CAMS), a registrar and transfer agent, according to a person familiar with the matter. Chennai-based CAMS processes mutual funds transactions and takes care of customer care for asset management companies and distributors. According to its website, it has a 50% market share of mutual fund transactions in India. The company is a joint venture between HDFC Ltd, private equity firm Advent International Corp. and Chennai-based Acsys Software India Pvt. Ltd. Its website didn’t reveal the shareholding pattern and Mint couldn’t ascertain which shareholder(s) was selling to BSE. BSE’s deputy chief executive officer (CEO) Ashish Chauhan declined comment as did the spokespersons for HDFC and Prabal Nag, vice-president of business development for CAMS. Acsys Software couln’t be reached for comment over the weekend. Advent also declined to comment. […]
Encouraged by a positive economic climate and quality business plans from Indian entrepreneurs, Anil Dhirubhai Ambani Group's venture capital arm has more-than-doubled its investment target to $125-million for the year. Reliance Venture Asset Management (RVAM) has upped the earlier allocation of $50-million for investments to up to $125-million for FY 11 and correspondingly, there will also be a spike in the number of deals it closes to ten or above, a top company official said. “We had planned for 3-6 deals in the first-half (of FY 11). We have already concluded four, are close to a fifth and will do three-to-six more in the next six-months. It is an exciting year which will see us investing up to $125-million,” RVAM's Chief Executive Officer, Harshal Shah, told PTI here. Shah said it is an “excellent time for investing” because of the positive macro-economic factors, better quality business plans it is receiving and reasonable expectations on valuations, prompting RVAM to redraw its yearly targets. […]
The Asian Development Bank (ADB) wants to exit Petronet LNG Ltd and has offered to sell its 5.2 per cent stake in the country's largest liquefied natural gas importer to state-owned oil firms IOC, ONGC, GAIL and BPCL. “ADB last month wrote to PLL Chairman and Oil Secretary S Sundareshan expressing its desire to exit the company,” a company official said. The multilateral lending agency holds 3.9 crore shares in Petronet LNG, which at today's trading price of Rs 114.85 is worth Rs 448 crore. State-owned Indian Oil Corp, Oil and Natural Gas Corp, GAIL India and Bharat Petroleum Corp each have 12.5 per cent stake in Petronet and each has pre-emption or right of first refusal in case any ADB is to exit the company. […]
Frameboxx Animations, country's leading Animation and Visual Effects training institute which has recently tied up with Indian Institute of Financial Management, has announced that private equity firm India Alternatives Investment Advisors Private Limited will be investing Rs 28 crore in the combined entity. The investment follows the creation of a platform by way of a merger between Frameboxx Animations, an animation training firm, and the Indian Institute of Financial Management, which offers MBA programs and vocational training in financial services, a release said. The PE firm would hold a significant minority stake in the combined entity which provides training and higher education courses including MBA, financial services as well as media and animation. […]
Gurgaon badsed education company iDiscoveri India has raised $10 million in private equity funding India 2020 Fund in return for a minority stake in the company. India 2020 Opportunity Fund is a $125 million fund managed by Lighthouse Funds. It invests in financial services, education, logistics, light manufacturing and food processing companies. Founded in 1996, iDiscoveri will be use the investment to expand its services. “We have established a good proof of concept and now we will look to bring in new technology and take it across rest of India,” said Ashish Rajpal, Founder & CEO, iDiscoveri. iDiscoveri enables schools to develop curriculum through its programme called XSEED and is also involved in corporate training. XSEED involves services like student curriculum, assessment, teacher education and instructional leadership. The X-seed initiative has expanded to more than 400 schools and 140,000 students across the country. Some of these schools include Padma Sheshadri Chennai, Bombay Scottish and Hyderabad Public School. […]
After a drop in its Q3 net profits by 19.34% to Rs 1,164.82 crore for FY 09-10, the latest news of the much-awaited Rel Infra-GTL deal been called off, comes as another major setback, in a deal that would have seen RCom reduce its debt burden by $3.9 bn. On June 27, 2010, RCom and GTL Infra had signed a Non-Binding Term Sheet for a merger that would see a combined tower strength of over 80,000 towers, with an enterprise value of $11bn, which would have made it the largest telecom infrastructure firm in the world. However, as the deed expired on August 31, 2010, with no efforts by either party to extend the agreement deadline or enter into a new contract, the deal has been officially called off, with a notice to that effect being sent by GTL to the BSE, after a meeting of the Board of Directors of GTL on September 6. […]
Prism Informatics, a software development and IT consulting firm, said Monday it would buy 51 percent stake in a unit of Saudi Arabia-based Al Suwaidi Holding Company. Prism Informatics has signed a memorandum of understanding with Al Suwaidi Holding Company for purchase of 51 percent stake in Information Management Technologies (IMT), Prism Informatics said in a statement to the Bombay Stock Exchange. […]
India-focused Baer Capital Partners expects to raise around USD 300 million for a second private equity fund and plans its first exit by floating a power distribution company, its chief executive told Reuters. The Dubai-headquartered investment firm, which also operates a hedge fund in India, said one of its portfolio companies, A2Z Group, has sought Indian regulatory approval for an initial public offering that it expects to launch by December. Watch CNBC-TV18 live only on MYTV >> “Here's a company that has grown phenomenally since its inception. It's one of those stories which tells you why India is such a great investment story,” said Brij Singh, Baer's co-founder and chief executive. A2Z Group's other investors include high-profile Indian businessman Rakesh Jhunjhunwala and private equity firm Lexington Partners. […]
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