February 2011
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HDFC to invest in Kaizen

Housing Development Finance Corporation, the country’s leading home mortgage provider, will invest in Kaizen asset management company, the manager for India’s first education-focused private equity fund, Kaizen Private Equity. HDFC will invest in the education sector through its wholly owned subsidiary, HDFC Holdings Ltd, said a press release. While the deal size was not disclosed, sources said HDFC would appoint an official on the board of Kaizen. HDFC will also get a share of profit of the asset management firm. Kaizen asset management company plans to manage a $100-million target fund, which has commitments from leading international institutions. The fund achieved a first close in India in December 2010 and has used the proceeds to make its first investment in an undisclosed company, said the release. […]

Milestone Capital withdraws IPO application

Milestone Capital, operating in the private equity business, has withdrawn its initial public offer draft prospectus filed with market regulator Sebi. Sebi is said to have sought numerous clarifications from the company on high level of risks associated with IPO funds being utilised for private equity (PE) and venture capital (VC)investments. Though, the company filed the draft prospectus with Sebi for the proposed IPO on June 25, 2010, it has been unable to get the go-ahead following queries from SEBI. The regulator had sought to know the rationale behind funds to be raised from retail investors for PE and VC investments, which has largely been the domain of institutional investors in India. […]

SIDBI to launch Rs 1,000 cr venture capital fund for SMEs

Small Industries Development Bank of India (SIDBI) will launch a venture capital fund of Rs.1,000 crore (USD 220 million) to provide loans to small and medium enterprises (SME) sector, a top official of the bank said Tuesday. “We are in the process of launching the venture capital fund to provide loan to the SME sector. The corpus of the fund will be Rs.1,000 crore,” SIDBI deputy managing director N.K. Maini told reporters on the sidelines of a programme organised by the Conferderation of Indian Industry (CII) in Kolkata. Maini said total disbursements of the bank were expected to grow at a rate of 15 to 20 percent this fiscal. The asset size of the bank, which was Rs.37,000 crore last fiscal, was expected to be about Rs.41,000 crore in the current financial year. “Total loans sanctioned and disbursements were Rs.35,000 crore and Rs.32,000 crore respectively in FY '10,” he said. […]

StanChart Private Equity invests Rs 460 mn in Innoventive Inds

Standard Chartered Private Equity announced that it has made an investment of Rs. 460 million in Innoventive Industries, a multi-product engineering company based in Pune, India. The investment includes a primary infusion of Rs 304 million into the Company as part of the Pre-IPO investment. This funding will part finance the expansion of the Company`s existing precision steel tube manufacturing facilities at Pune. With this investment, SCPE`s equity stake in Innoventive Industries Limited will be 10.14%. Innoventive is a multi-product engineering company focused on precision steel tubes and value added steel products (including boiler steel strips) and oil well couplings (through its subsidiary). The company`s product range find application in diverse industrial sectors including transportation, oil & gas, power, farm equipments and general engineering. […]