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Bluechip global private equity funds — J P Morgan and Baring Private Equity Partners — are in the race to invest Rs 180 crore in a 14-acre residential project being developed by Bangalore-based developer Embassy Group. Embassy Group is building the project near the Hebbal flyover, north of Bangalore with 2 million square feet of residential development. Embassy Group is developing the project on a land historically-owned by Kirloskar Group in a 67 : 33 revenue share agreement. This round of private equity fund raising comes close on the heels of the company detailing its intent to go public in the near future. Embassy Group during the past month filed for a Rs 2,400 crore initial public offer. Edelweiss Capital, Nomura, UBS Securities and Citigroup Global Markets are the book-running lead managers to the issue. According to information with PE funds, Embassy may also look at a pre-IPO placement of up to Rs 1,175 crore. The management of Embassy Group could not be reached for comments. […]
Venture capital firm Sequoia Capital, has invested Rs 60 crore in Quick Heal Technologies, provider of computer security software products. The firm will use this investment in growing its product portfolio, expanding its global distribution footprint and funding future acquisitions. The company registered revenues of more than Rs 100 crore in FY 09-10, all from its indigenously developed product portfolio. With this investment Sumir Chadha, Managing Director, Sequoia Capital India will join the board of the company.Quick Heal Technologies that competes with global security solutions providers like Symantec, McAfee and others has been growing at a compounded annual growth rate (CAGR) of almost 100 per cent for the last three years, making it the fastest growing software product company in the computer security space in India. “When we were doing out due diligence we were surprised to find out the growth that the company has been able to achieve despite competition. I think what has worked for them is they have been able to get their product adaptable to Indian consumer,” said Sumir Chadha, Managing Director, Sequoia Capital India. […]
US-based private equity (PE) firm TA Associates is in advanced talks to buy half of Sequoia Capital’s 30% stake in the country’s largest diagnostics and pathology services chain Dr Lal PathLabs for around Rs170 crore, two persons familiar with the matter said. If the talks fructify into a transaction, it will value the Delhi-based diagnostic firm at over Rs1,100 crore. “Negotiations are at a fairly advanced stage,” said one of the persons privy to the talks. The stake sale will fetch Sequoia almost six times the money it had invested. The venture capital firm had acquired close to a third of the diagnostics chain for around Rs50 crore in 2005. Sequoia will sell the remaining stake when Dr Lal PathLabs comes out with a public issue of shares, which is expected over the next one to two years, said the second person. […]
“The capital raised from this deal will be used to fund expansion plans, including opening of 150 new stores by 2012 and a production unit in Noida,” Mr Ashwani Chawla, Chairman and Managing Director, Catmoss Retail, told Business Line. Catmoss now has 170 exclusive stores and 125 shop-in-shops pan India with every major retailer such as Lifestyle, Shopper's Stop, Globus, Reliance, Central, and Ritu Wear's, and is present in 300 multi-brand stores. They want to further concentrate in the metros. It is also looking at Tier-II and Tier-III cities as well. Catmoss has an existing facility in Delhi that manufactures 6,000 pieces a day and the up coming Noida unit will manufacture 15000 pieces a day. […]
Private equity fund, Baring Private Equity Partners is set to pick 10 per cent stake in Indian pharmaceuticals firm, Shilpa Medicare for Rs 80 crore ($17 million), two sources with the direct knowledge of the matter said on Monday. An in-principle agreement has been reached and an announcement is expected soon, a source with direct knowledge of the matter told Reuters. As per the understanding, the management will issue shares on preferential basis to Baring, the source said. The company board is meeting on this issue on Monday and an announcement, if any, is expected later in the day, a company official, who did not wish to be named, told Reuters over the telephone. Baring and New Silk Route Partners were in talks with Shilpa Medicare's management for picking a stake, said another source. […]
Nandi Infrastructure Corridor Enterprise, a unit of BF Utilities, is set to sell 10 percent stake in phase I of a tollway project to a private equity fund managed by JP Morgan, newspaper reports said. The project, which connected the cities of Bangalore and Mysore in southern India, has been valued at 120-150 bn rupees. BF Utilities officials declined to comment, when contacted by Reuters. JP Morgan officials could not be reached immediately. JP Morgan's private equity fund would buy 10 percent in Phase I of the project for around 5 bn rupees, the paper cited one of the sources as saying. […]
Adhunik Metaliks said State Bank of India and Macquarie SBI Infrastructure Investments together will invest Rs 125 crore as equity in a power project executed by the company's arm Adhunik Power and Natural Resources. This investment is “towards part finacing the equity of its ongoing 540 MW coal-based independent power project at Jamshedpur in Jharkhand”, Adhunik Metaliks said in a statement. Adhunik Power and Natural Resources is constructing the plant at a cost of Rs 2,650 crore and plant is likely to be commissioned in January 2012. The entire power generated here will be sold on merchant basis. In December 2009, IDFC Project Equity Fund had made an equity investment of Rs 250 crore in the Jamshedpur based power plant. “The investment by Macquarie SBI and SBI will meet the balance of the project's total equity requirement of Rs 663 crore,” the statement added. […]
A clutch of private equity firms and a large Indian corporate house, have initiated separate discussions to buy out Cumballa Hill Hospital & Heart Institute, a 50-bed hospital located at posh South Mumbai, two people familiar with the matter said. The management of Cumballa Hill Hospital has valued the company at around `250 crore, one of the executives privy to the development told ET. When contacted, Vijay Shetty, managing director of the institution whose family runs the hospital, said: “We are not in discussions with anybody.” He declined to comment further on the development. Cumballa Hill, which is managed and run by a trust, is one of South Mumbai’s popular hospitals and specialises in heart ailments. Started by cardiologist and founder trustee KR Shetty, it has acquired the adjacent property and is also in the process of building a 220-bed multispeciality hospital with a helipad facility for air transport, as per its website. […]
Re-feel Cartridge Engineering Pvt Ltd has announced that UK based private equity company investing in emerging markets, TLG Capital is investing around USD 5 million for a 36% stake in the company. The company which follows a franchisee business model will utilise the funds for expanding its franchisee network and expanding its chain of laptop repair stores. Samit Lakhotia, Director – Business Development of Re-feel said: “We welcome the addition of this dynamic firm, who will work with us to consolidate and grow our business within India and overseas.” […]
Hedge fund Soros Fund Management is on the verge of taking a stake in the Bombay Stock Exchange. The New York-based firm is in final talks with Dubai Holdings, which wants to offload its own 4% stake in the Indian bourse. Soros plans to pay about $40 million for the stake, the Financial Times reports. The move comes amid signs of disagreement between the BSE and the Singapore Stock Exchange, which also owns 4% of the Mumbai exchange. The SGX recently gave up its board seat at the BSE, and has been looking to partner more closely with the BSE’s chief rival, the National Stock Exchange of India, which is significantly larger. […]
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