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Acquiring the investment banking business of Enam Securities will bolster Axis Bank's equity underwriting business, where it is currently positioned at number 16. By getting the expertise of Enam, an old hand in Indian investment banking business, Axis Bank will make it to the top three of the investment banking league table. Enam is ranked third in the Bloomberg league tables for domestic equity offerings. It is behind Citi and Kotak Mahindra Capital. This year has been a record year in terms of fund-raising. Indian companies have raised over Rs 1 lakh crore through 140 deals topping Rs 78,200 crore raised in 2007. […]
Financial Technologies, a promoter of MCX-SX, has sold 4.4 lakh shares of its rival,the National Stock Exchange, for Rs 167.2 crore. The identity of the buyer is not known, as the company has not disclosed this information in its communication to both the BSE and the NSE. After the sale by the firm, which is promoted by Jignesh Shah, who is also the promoter of MCX, a commodity bourse, its stake in NSE has come down to 10,000 shares. In August 2007, Financial Technologies bought 4,50,000 NSE shares, or about one per cent of the stock exchange, from ICICI Bank for Rs 125 crore. The company has now made a profit of Rs 42.2 crore from the sale at Rs 3,800 per share […]
Sahara India Pariwar , the conglomerate run by Indian billionaire Subrata Roy, is all set to buy the landmark Grosvenor House hotel in central London, which was once home to the Duke of Westminster. According to the Sunday Times, Royal Bank of Scotland, which took control of the property in 2001 when it paid 1.2 billion pounds for 12 Le Meridien hotels as part of a sale- and-leaseback deal, has agreed to sell Grosvenor House Hotel to Subrata Roy for a knock-down price. The five-star hotel will be sold for about 470 million pounds, the report said. Sahara is believed to be taking advice from consultants DTZ and Blandford Goldsmith on the real estate deal. […]
IDFC Private Equity an arm of the Infrastructure Development Finance Company Limited has exited its investment in Chennai based Sical Logistics. The PE firm has sold its 13.3% stake estimated to be around INR 43.8 crore. The entire stake was acquired by Bangalore based investment company Jupiter Capital Pvt Ltd. According to company, the company has sold the stake for INR 83.4 per share as against its acquisition price of INR 222 per share. The entire stake was acquired by Jupiter Capital, a Bangalore based investment company promoted by entrepreneur and MP Rajeev Chandrasekhar. It may be noted, IDFC Private Equity had invested around INR 117 crore in March 2007 in, Sical Logistics, which is part of AC Muthiaha’s SPIC group. […]
Taro Pharmaceutical Industries Ltd. shareholder Templeton Asset Management Ltd. has sold its stake in the company for a handsome profit, after fighting on both sides in the years-long legal battle for control of Taro. Templeton sold its shares to Taro controlling shareholder Sun Pharmaceutical Industries Ltd. of India. Sun Pharmaceuticals paid $82 million for Templeton's Taro shake, at $16 per share, a 14% premium on the market price. Sun increased its Taro holding to 65.2% from 53.2%. Templeton invested in Taro in 2005, and increased its stake in 2006, when Taro's share was traded at $12. Templeton bought more shares during 2007 at between $6.50 and $7.20 per share. […]
Axel Springer, the $3.6 billion multimedia German company, has made an aggressive move in India. Along with the India Today Group, it has acquired 70.4 per cent stake in CarWale.com, an online automotive website, for an undisclosed amount. Axel Springer will hold 52.1 per cent while India Today will have a 18.3 per cent stake in CarWale.com. Private equity firms Sierra Ventures and Seedfund are exiting CarWale.com. CarWale was launched in 2005 as a used car listing portal and launched the 'Used Car Price Guide' in 2006. […]
Indiareit Fund Advisors Pvt. Ltd, the real estate fund promoted by Piramal group chairman Ajay Piramal plans to raise around Rs.1,350 crore in a debt fund and a rental yield fund early next year. The debt fund will lend to property developers and the rental yield fund will invest in information technology parks and commercial offices in Mumbai, Bangalore, Pune, Chennai, Hyderabad and New Delhi, Indiareit’s managing director and chief executive officer Ramesh Jogani said. Investors could expect a return of around 13-14% in the debt fund and minimum of 12% from the rental fund, added Jogani. A rental yield fund offers lower risk compared with one investing in projects that are still under development, he said. […]
QInvest, a leading investment bank in Qatar, said it has acquired a 28 per cent stake in Asian Business Exhibition & Conferences (ABEC), a leading exhibitions and conferences organiser in India. A major player in the fast growing trade expo sector in India, ABEC's portfolio comprises 15 exhibitions consisting of 65 events spread across nine industry verticals, including world-class events such as ACETech. ABEC is also a leader in segments such as Education, Realty and Lifestyle. Shahzad Shahbaz, chief executive officer of QInvest, said: “We are impressed by ABEC’s achievements in the past few years and see tremendous potential for the company in the growing Indian trade exhibition market. We are pleased to partner with the Gandhi family and to support ABEC’s effort on its remarkable growth path.” […]
3i Group PLC (III.LN) Monday said it has invested $182 million for a 21.1% stake in GVK Energy Limited, a subsidiary of GVK Power and Infrastructure Limited, one of India's largest and most diverse infrastructure developers. 3i has made the investment from its $1.2 billion India Infrastructure fund which it raised two and a half years ago, specifically to capitalize on India's commitment to invest $450 billion in infrastructure projects over a five-year period. GVK Energy's power portfolio comprises an operational capacity of 901 megawatts with a further 4200 MW under various stages of development. “GVK is well positioned to take advantage of the demand for power in India, which is growing strongly. This investment allows us to take a stake in a portfolio of power projects with an operator with one of the best track records in the country,” said Anil Ahuja, managing director and Head of 3i Asia. […]
Private equity investment in October dipped significantly by 27% to USD 326 million, the lowest monthly deal value over the last 14 months in the country. According to data compiled by research firm VCCedge, the total private equity investment was USD 447 million in October 2009. The momentum seen in private equity activity earlier this year seems to be on the downside, with September and October recording a steady decline from the heightened activity seen in the preceding four months of the year. The first 10 months of 2010 have seen private equity deal value at USD 7.57 billion as compared to USD 4.4 billion in the whole of 2009, the report added. The highest private equity investment was witnessed in August this year when it stood at a whopping USD 1,349.04 million. The median deal amount and the average value of private equity deals in October 2010 was USD 10 million and USD 14 million respectively. […]
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