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Viceroy Hotels, a mid-sized hotel and resort chain, said the real estate investment arm of JP Morgan has picked up 49 per cent equity in one of its units for Rs 700 million. JP Morgan India Property Mauritius has picked up stake in a Bangalore hotel subsidiary of the company, it said in a statement to the Bombay Stock Exchange late on Thursday. “The investment is in line with our business restructuring plans,” said a senior company executive. “We have appointed KPMG India to advice on the restructuring process.” […]
Private equity Bain Capital has bought a 15.4% stake in Kolkata-based Himadri Chemicals in a move which will support the chemical company’s plan to triple capacity. The Rs 600-crore deal that includes an open offer to Himadri’s retail shareholders, will part-finance the company’s Rs 1,600-crore expansion plan that will raise its coal tar capacity to 400,000 tonne and forward integrate into other products for use in construction and auto industries, CEO Anurag Choudhary told ET. Coal tar is a high viscous liquid by-product derived from coal gas, and is widely used by the auto sector, specially by electric cars that are powered by lithium ion batteries. […]
Private equity firm Bain Capital would be investing about Rs 580 crore for over 35 per cent stake in Himadri Chemicals and Industries. The board of directors of Himadri Chemicals has approved the issuance of 63.1 lakh shares representing 15.39 per cent stake on a preferential basis to Bain Capital, the chemical company said in a statement. The allotment would be made at Rs 400 a piece, resulting in an equity raise of Rs 252 crore for Himadri Chemicals. Further, the PE firm would make a mandatory open offer for a 20 per cent stake, resulting in a further investment of up to Rs 328 crore. […]
Global investment bank Goldman Sachs is all set to purchase a 9.4% stake of Max India for Rs 540 crore. Max India will issue fully and compulsorily convertible debentures (FCDs) of the face value of Rs 867 each to Goldman Sachs Equity Partners for an aggregate consideration of $115 million. The sum of Rs 520 crore would be pumped into the life insurance firm Max New York life, with about Rs 200 crore for the new health insurance business, while Rs 150 crore is for the healthcare business. […]
IDFC Project Equity Company will invest Rs 250 crore through its India Infrastructure Fund in a 540 mw plant being built by Adhunik Power & Natural Resources in Jamshedpur. Adhunik Power is a subsidiary of the Rs 1,300 crore Adhunik Metaliks. Arun Kedia, group CFO, Adhunik Power, told DNA Money the investment by the IDFC subsidiary will be spread over two years. “The funding will come in through the issue of convertible bonds, which will be converted into equity shares after two years. They (IDFC) will hold 27% stake in the project then.” […]
Small Industries Development Bank of India (SIDBI) on Wednesday raised its stake in the country's leading microfinance institution, Bandhan, to 12.23% from the existing 1.31%, underscoring the growing role of such institutions that lend to the poor. The additional 10.92% stake will cost SIDBI Rs 50 crore. Accordingly, the paid-up capital of Bandhan-which lends only to women-will rise to Rs 118 crore from Rs 68 crore, and its net worth to Rs 165 crore (Rs 115 crore). At present, SIDBI is the lone institutional stakeholder in Bandhan. Both Bandhan and SIDBI confirmed the development to ET. […]
Standard Chartered Private Equity Ltd. invested US$33 million in Firepro Systems Private Ltd., India's largest fire and electronic safety firm, the companies said Wednesday. The capital will be used to expand and upgrade Firepro's business, they said. “The infrastructure protection and safety sector is poised for strong growth and we wish to be at the crest of this opportunity,” N.S. Narendra, chairman and managing director of Firepro, said in a statement. […]
Realty firm Parsvnath Developers Ltd today said it has (PDL) inked an agreement with international real estate private equity fund Sun-Apollo which will invest Rs 75 crore in Parsvnath's premium luxury residential project in Gurgaon. The Sun-Apollo will invest the money for a 50 per cent stake in the project SPV which will develop Parsvnath Exotica Part-II in Gurgaon, a company statement said. […]
US-based Apollo Management will take a 11 per cent stake in the expanded equity of Dish TV, making its first media investment in India. Apollo will pump in $100 million to subscribe to Dish TV's GDR (Global Depositary Receipt) issue. Dish TV has priced its GDR at Rs 39.80 per share of Re 1 each. Indiantelevision.com was the first to report that Dish TV would be going in for a GDR issue as it plans to raise up to $200 million to fund its expansion programme. […]
Venture capital company, GVFL has announced an investment of Rs 11 crore in Bangalore-based iNurture Education Solutions Limited. Based out of Ahmedabad, the erstwhile Gujarat Venture Finance Limited made its sixth investment from the Rs 450-crore SME Technology Fund. Talking about the investment, Mihir Joshi, managing director of GVFL said, “What triggered the Rs 11 crore investment in iNurture was India's education sector and its potential. The sector offers assured demand growth, recession proof nature, and negative working capital. Today's growing economy expects students to be market ready. Government's recent policy directions and openness to adapt to this need allows players like iNurture to play a formidable role in this sector.” […]
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