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Yet another pure private equity player is looking to list on stock exchanges. Milestone Capital Advisors has filed a draft-red-herring prospectus with the Securities and Exchange Board of India for an initial public offering (IPO). It would be the first private equity (PE) fund since IL&FS Investment Managers to raise capital through this route. Two other entities listed on the stock exchanges — IndiaCo Ventures and Future Capital Holdings — also have private equity businesses, though both are also involved in investment advisory. The latest move raises questions on the valuation of such companies and whether Indian investors are ready for them, considering the business model is completely different. […]
The Blackstone Group announced that it will be investing Rs 2750 million (approximately USD 60 million) for 12.5% equity stake in Monnet Power Company (MPCL), an independent power producer (IPP). Monnet Power Company (MPCL) is a wholly owned subsidiary of Monnet Ispat and Energy. MPCL is developing a 1,050 MW coal fired power plant in Orissa backed by pit-head captive coal mines, and has a pipeline of a further 2000 MW under development. MPCL is a 100% subsidiary of Monnet Ispat & Energy (MIEL), which is India`s second largest manufacturer of integrated coal-based sponge iron. Commenting on the association, Sandeep Jajodia, executive vice chairman and managing director of MIEL and director of MPCL, said, “I am glad to partner with one of the largest private equity investors in the world. Their interest in sharing knowledge with management and their deep understanding of the power industry globally and in India, will add value to MPCL in several ways for the benefit of its shareholders. We will be able to utilize our experience in setting up power plants and developing mines, while leveraging Blackstone`s global linkages and knowledge base“. […]
Inno, a global investment group focused on real estate, is planning to invest around $150 million (Rs 690 crore) in various residential projects in the country in the next six to seven years. Speaking to reporters at the launch of Inno Geocity, a Rs 750-crore flagship residential project to come up in the industrial belt of Oragadam near here, Rajamannar Ramaswamy, group managing director, Inno Group Holdings Limited, said the company had raised $200 million (around Rs 920 crore) so far and had invested $50 million in three projects including a hotel project and residential projects in Chennai, and a villa project at Coimbatore. Inno Investments has raised four India-focused real estate private equity (PE) funds and funded six projects in India with a total gross development value (GDV) of Rs 2,600 crore, involving development of over 14 million sft. […]
Khaitan & Co has advised on the setting up of two domestic venture capital (VC) funds iPro Capital Private Equity Trust and Subhkam Growth Fund, with each planning to raise approximately Rs 100 crores in various sectors under their maiden schemes. Subhkam’s current scheme was floated on 4 June 2010 after the company’s initial announcement to launch in 2008, while iPro Capital was launched in March 2010. Both of these Securities and Exchange Board of India (SEBI- registered VC funds plan to invest in varied core areas such as infrastructure, health care, education and financial services. […]
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. […]
The country's largest private sector lender, ICICI Bank, is evaluating its options to launch a $100 million (about Rs 460 crore) dedicated venture capital fund for small and medium enterprises (SMEs) and mid-market companies. The “Emerging India Fund” is an ICICI group initiative to provide growth capital to Indian companies in the SME and mid-market segment, an ICICI Bank spokesperson said, as reported my a news agency recently. The Emerging India Fund, which is expecting its first close in the next few weeks at $50 million, has already received firm commitments from several reputed institutions, he said. […]
ICICI Venture plans to raise Rs. 1,000 crore within a month to finance real estate residential projects in six to seven cities. Speaking to reporters on the sidelines of a function to commission the first phase of WaveRock project developed by Tishman Speyer India Pvt. Ltd. in partnership with ICICI Venture at IT SEZ at Nanakramguda here on Tuesday, ICICI Venture President Sanjeev Dasgupta said the fund would be raised from high net worth individuals and projects in the range of Rs. 50-70 crore would be financed. He said the total amount to be raised would include Rs. 500 crore as greenshoe option. Mr. Dasgupta said the returns in three to four years would be around 20 per cent for companies and investors. […]
Standard Chartered Private Equity fund is in talks to buy a 15% stake in bottling company CK Jaipuria Group for as much as Rs 150 crore. The bottler for PepsiCo in India may use the funds to diversify into hotels and restaurants business and also expand the bottling business, said a person familiar with the plans. CK Jaipuria, chairman & MD at the bottling company, did not respond to an e-mail on the issue. Nainesh Jaisingh, managing director at the Standard Chartered PE fund declined to comment for the story. The PepsiCo bottler’s earlier efforts to get funds from Motilal Oswal Private Equity Advisors and Beacon India Private Equity Fund failed for undisclosed reasons. […]
The private equity arm of ICICI Bank Ltd is considering a public issue though it will move ahead only after it launches a greater variety of funds to create an “alternative asset platform”, its new managing director and chief executive said in an interview. Such a listing would be unusual even by global standards. Private equity has come to the public markets only fitfully, with the most famous instance being the public issue of the Blackstone Group in June 2007 on Wall Street. In India, only IL&FS Investment Managers Ltd is listed on the local exchanges. The future listing goal and more immediate plans to float new funds is part of a renewed expansion drive that comes in the wake of a difficult year when ICICI Venture Funds Management Co. Ltd had to manage investor worries and build a new team. […]
US-based Darby Private Equity and India's IL&FS Investment Managers are among six bidders for the private equity arm of Axis Bank, the Economic Times reported on Tuesday. The bidders include Aditya Birla Private Equity and Shapoorji Pallonji Group, both based in India, the newspaper said, citing two unidentified executives involved in the process. The last date for receiving the bids was May 15, it said. […]
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