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The country’s largest lender State Bank of India (SBI) has bought 20 per cent equity stake in A Little World (ALW), a technology services providing company with a strong rural focus and an affiliate of the Zero Micro Finance and Savings Support Foundation, for Rs 80 crore. The other stakeholders of ALW include Enam Financial, Bellweather Microfinance Fund, India Financial Inclusion Fund and Legatum Ventures, a Dubai-based private equity fund. “SBI bought 20 per cent equity stake in ALW and henceforth we will undertake majority of work for SBI in future. Considering the enormous work that SBI plans to do undertake, there will be no time to work for other banks. At present, we have a tie-up with 24 other banks, they will be phased out gradually and while some may remain with us,” said a promoter of ALW and Zero Micro Finance and Support Foundation. A senior SBI official said, “We bought the equity stake in the company for a consideration of Rs 80 crore so that company could speed up the financial inclusion exercise of the bank.” […]
The National Multi Commodity Exchange of India (NMCE) on Wednesday said it will raise Rs 25 crore via selling its 12.82 per cent stake to Bajaj Group arm —Bajaj Holdings and Investment Ltd. “This investment will help NMCE to meet its regulatory capital requirement and strengthen its balance sheet for investment in exchange infrastructure,” NMCE said in a statement. Both companies on Wednesday jointly announced that they have signed a definitive agreement under which Bajaj Holdings has agreed to invest Rs 25 crore in the commodity exchange, the statement added. Equirus Capital acted as the exclusive financial advisor to NMCE for the transaction. NMCE would also utilise the raised capital for strengthening of the exchange IT infrastructure, business development and human resources, the exchange said. […]
Suzlon India Limited, India’s largest wind-turbine maker, said it will consider today a proposal to sell 31.99 million shares to IDFC Private Equity Fund in a no-cash transaction. IDFC Private Equity, which invests in Indian infrastructure companies, will get preference shares in Suzlon in return for stock it holds in Suzlon unit SE Forge Ltd., it said in a statement to the Bombay Stock Exchange today. “This is a transfer of IDFC’s stake to the parent company and no money is involved,” Anoop Kharayat, Suzlon’s spokesman, said by telephone. Pune, western India-based SE Forge will become a wholly owned unit of Suzlon after the transaction, he said. Suzlon’s shares climbed 2.3 percent to 58.75 rupees at 11:33 a.m. local time in Mumbai. India’s 30-share benchmark Sensitive index, or Sensex, advanced 0.3 percent. The stock has fallen 35 percent this year compared with a 16 percent gain in the Sensex. […]
Intelenet Global Services P. Ltd. Announced that Barlcays has acquired a 12.75 % stake in SKR BPO Services, the holding company of Intelenet Global Services. Barclays Capital and Morgan Stanley were bankers for this deal. Susir Kumar, Intelenet Managing Director and CEO remarked, “Barclays has always been and will continue to be a 'Stellar Partner' for Intelenet. We are pleased to again welcome Barclays as a shareholder and are grateful to them for their unwavering support.” He further added – “this deal goes onto demonstrate the trust and the exemplary working relationship between both the organisations over the last 6 years.” […]
The US-based Kohlberg Kravis & Roberts (KKR), one of the leading global private equity firms, has picked up 9% stake in Avantha Power & Infrastructure (APIL) for Rs 217 crore. APIL, the power venture of Avantha Group, has issued 6.4-crore equity shares at Rs 34 per share to the PE firm, an investment banker familiar with transaction said. “At this price, the transaction has valued the company at Rs 2,450 crore,” he added. APIL is in the midst of entering the capital market to mop up Rs 1,250 crore through an initial public offer (IPO). The divestment to KKR is part of the pre-IPO placement, the official said. APIL spokespersons refused to comment as existing guidelines do not allow a company to comment if it is in the midst of raising fund through an IPO. A KKR official also declined comment. This is the fourth investment by KKR, which has so far put in nearly $1 billion in the previous three transactions, namely; Aricent, a niche technology services company it acquired in 2006, Cafe Coffee Day and Dalmia Cement […]
Motilal Oswal Private Equity Advisors has invested around Rs 45-crore in Godrej Buildwell, a SPV floated by Godrej Properties, and plans to invest another Rs 5-crore soon for a 49.9 per cent equity stake in the firm. Godrej Buildwell would use the fund to develop a high-end residential project at Hebbal in Bangalore. “This is our first project with Godrej Properties and we are looking at more such opportunities across the country. We also believe that the project will be one of its kind combining synergies of project development experience and market knowledge of both the firms,” Motilal Oswal PE's Director (Real Estate) Harvesp Mehta said in a release here today. The project is being developed along the 'golden corridor' of Hebbal and Devanahalli, an area slated to become the next IT hub. It has an easy access to the six-lane Golden Quadrilateral highway, which ensures excellent connectivity to the international airport and the city. […]
Sequoia Capital India said Thursday it has invested INR700 million in Celon Laboratories Ltd. to help the biopharmaceutical company set up manufacturing facilities and strengthen marketing activities. Sandeep Singhal, managing director of Sequoia Capital India, will join the board of Celon Labs, the venture capital firm said in a statement. Celon Laboratories is expected to have annual revenue of more than INR1 billion in the current fiscal year through March, it added. […]
Private equity firm, Zephyr Management has invested Rs 45 crore in Trimax IT Infrastructure and Services through its Indian arm Zephyr Peacock India Funds, for an undisclosed minority stake. “Over the next six months, we plan to use this investment to strengthen our team by adding 1,000 more personnel, thus taking the total count of employees to 3,000, and to expand operations” said Surya Prakash Madrecha, Chairman and Managing Director, Trimax. Trimax claimed it grew 61 percent in sales during FY2009-10 and its profits increased 84 percent. “We expect Trimax to grow faster than 40 percent over the next two years. More importantly, the earnings will grow faster than revenues because margins are getting better. Its EBIDTA is increasing by 50 percent,” said Mukul Gulati, Managing Director, Zephyr. […]
Shriram Properties, the real estate arm of Shriram Group, plans to raise $100 million (Rs 452 crore) this year from private equity (PE) investors as it seeks to deepen its penetration in Southern India, senior company officials told Business Standard. The company, which was planning an initial public offering (IPO) in 2010, has deferred its plans for a share sale for at least the next 12 months, said Chairman Arun Duggal. The developer is raising this money as part of its plans to invest around Rs 3,000 crore in various residential and commercial projects over the next three years. Shriram Properties currently has 9 million square feet under construction and presence in Bangalore, Chennai, Vishakhapatnam, Kolkata and Coimbatore. “We will deploy the money in new projects,” said Managing Director M Murali. “We want to expand our presence in Southern India.” […]
Global chipsets major Intel\'s venture capital arm, Intel Capital, has entered into a tie-up with IT company Allied Digital under which it will pick-up close to a three per cent stake in the BSE-listed Indian company. \”This is a strategic tie-up under which Intel Capital will be investing Rs 32-crore to subscribe to warrants which can be converted into equity in up to 18-months,\” Allied\'s Chairman and Managing Director, Nitin Shah, said. Once converted into equity, Intel Capital will hold close to a 3 per cent stake in the company, he added. The investment from Intel Capital will make Allied Digital a \”cloud ready\” company and also help it expand into newer geographies in South-East Asia, Europe and the Middle-East courtesy Intel Capital\'s relationships, he said. […]
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