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Private equity firm Matrix Partners India today said it has raised $ 300 million (Rs 1,328 crore) through its second fund. “It has closed a USD 300 million second fund,” Matrix Partners India said in a statement. The fund will continue to target early and growth stage investments of up to USD 30 million each in companies in the business of internet, mobile, education, financial services, healthcare and infrastructure services firms. With the closing of this fund the firm has USD 600 million under management across two funds. The firm's first fund has investments in Muthoot Finance, which recently closed its initial share sale, and TreeHouse Education that has recently filed its papers for an initial public offering. […]
Shapoorji Pallonji Group has floated a $500 million private equity fund, mainly focused on real estate, marking its return to the financial services industry. One of the country's richest and low-profile business conglomerates will be joining the growing list of Indian corporates such as Tata, Aditya Birla and Anil Dhirubhai Ambani Group (ADAG) in the private equity play with its Mauritius registered fund, STREF. Shapoorji Pallonji Investment Managers Ltd will be managing this fund, which will shortly announce the first close of $250 million and start investing thereafter, said a senior official at SP Centre, the group's South Mumbai headquarters. The fund manager has narrowed down on a few initial investments, which could include buying minority interest in a pharmaceutical and healthcare special economic zone down South […]
The Reserve Bank of India (RBI) is looking at the way in which Standard Chartered Plc acquired a 4.64% stake in Tamilnad Mercantile Bank Ltd (TMB) even as an investigating agency is independently looking at whether the UK bank owns more than the permitted 5% stake in the Indian lender. The UK bank may have done this through a series of transactions involving an escrow account managed by its Mauritius arm, of which Standard Chartered India is a sub-agent, according to an RBI order and an official at the same investigating agency. Under India's banking laws, no entity can own more than 5% in an Indian bank without RBI's approval. The situation is complicated by one of the investors supposedly involved in these transactions, Katra Holdings Ltd, insisting that it hasn't given up its 3.64% stake in TMB. […]
With the Gujarat Venture Finance Limited (GVFL) receiving first tranche of Rs 200 crore from the state government, the venture capital (VC) firm is now aiming to raise around Rs 500 crore of its Rs 1000-crore infrastructure fund – Golden Gujarat Growth Fund Series-1 by June 30, 2011. What's more, GVFL is also in talks with domestic and international funding institutions like private equity companies, banks, insurance firms and pension funds to raise the remaining funds. The first closure is expected by June 2011 with available funds of Rs 500 crore and the final closure will take place after a year, in June 2012. However, the company would start appraising project proposals and would start taking up due diligence of the infrastructure projects from May 2011 onwards. “The first fund closure will take place by June this year. But simultaneously we will also start considering the prospective projects for investments. […]
Reliance Venture Asset Management, the venture capital (VC) arm of the Reliance ADA Group, Tuesday said it had profitably exited from 4G chipmaker Sequans Communications after the company's initial public offering (IPO) on New York Stock Exchange — the first ever for a company funded by an Indian VC. Sequans Communications is a leading fabless designer, developer and supplier of 4G semiconductor solutions for wireless broadband applications, and is based out of France. It listed on the New York Stock Exchange on Monday, April 18. Reliance Venture invested in Sequans in 2007 along with Tier 1 investors like Alcatel Lucent, Motorola, Societe Generale Asset Management, SwissCom, CDC Enterprises, Add Partners, Cap-Decisif, Kennet Venture Partners, Vision Capital and I-Source Gestion. Since its inception in early 2006, the company has advised or invested in deals to the tune of over $4 billion. […]
Ajay Piramal, one of India's top industrialists, has struck a deal with Religare Enterprises to sell 80% of his stake in realty fund, Indiareit Fund Advisors – as part of a move to sharpen his group's focus on real estate development. The deal is valued at over 300 crore according to two people with direct knowledge of the development. This divestment is part of a larger plan by Piramal to focus on the realty development business through two group companies – Piramal Sunteck Realty and Piramal Realty […]
Real estate company Parsvnath Developers is looking at raising up to Rs 200 crore by selling stakes in two group housing projects to private equity firms. According to sources, the company is in talks with three-four private equity players to raise funds for its two group housing projects in north India and may seal the deal next month. The funds would be used to meet the construction cost of these two projects, they added. The company could not be contacted. […]
IDFC Private Equity is exiting from its investment in Bangalore-based cancer care player HealthCare Global (HCG) Enterprises. Two other HCG investors-PremjiInvest and Milestone Religare-are buying out IDFC's 20% stake, said to be worth around $30 million (Rs 138 crore). HCG was trying to get fresh investors. General Atlantic and India Value Fund were in the fray, but that effort got stuck over valuation issues. Currently, Milestone Religare, PremjiInvest and Evolvence are the three key investors in HCG. The investors will also make some fresh investments for hospital expansion through a rights issue soon. […]
Kotak Mahindra Group said Sumitomo Mitsui Banking Corp. will invest in a $300 million fund that will buy stakes in infrastructure projects. Kotak Mahindra plans to raise funds from domestic and overseas private-equity investors for Indian power generation, road, port and airport projects, it said in a statement to the Bombay Stock Exchange today. Toronto-based Brookfield Asset Management Inc. (BAM/A), Tokyo-based Sumitomo Mitsui and Kotak will together contribute 22.5 percent of the capital, it said. Prime Minister Manmohan Singh’s government is easing rules to lure cash from abroad as Asia’s third-biggest economy plans to double spending on public works to $1 trillion in the five years to 2017. India cut a withholding tax on funds that invest in infrastructure debt to 5 percent from 20 percent in a budget released on Feb. 28. […]
Motilal Oswal Private Equity Advisors, a wholly-owned subsidiary of Mumbai-based Motilal Oswal Financial Services, has invested Rs 45 core in a private equity of Pune-based ElectroMech, India’s largest industrial crane manufacturer and customised material handling solution provider. “We are investing in ElectroMech because its growth is based on its strong fundamentals, and it is also diversifying its customer base,” said Prakash Bagla, vice-president of Motilal Oswal Private Equity. He said the firm was focused to sustain a long-term competitive advantage and it was expected to deliver 30-40 per cent returns over the next three to five years. “We will use the money for capital expenditure and funding the growth plan of the company,” said Tushar Mehendale, managing director of ElectroMech. […]
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