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Hong Kong-based, Asia-focussed private equity firm SAIF Partners, which has in the past invested in Indian companies such as Homeshop18, Makemytrip.com, Sify and Just Dial, will infuse Rs120 crore into Network18 Media and Investments Ltd, Raghav Bahl-promoted (pictured right) holding company of the Network18 Group, which has subsidiaries such as TV18 India Ltd and IBN18 Broadcast Ltd. In a press release to the Bombay Stock Exchange, Network18 said the company’s board today approved a preferential allotment of 92,02,650 equity shares at Rs130 per share. Shares of Network18 closed at Rs155.20, up 16.56% from its previous close of Rs133.15 on BSE. The Benchmark Sensex closed at 14,870, down 0.03% from its previous close. […]
Foreign fund house Morgan Stanley has acquired 7.68 per cent stake in Indiabulls Real Estate for about Rs 570.18 crore, through qualified institutional placement (QIP) route. Morgan Stanley & Co International through its various investment arms has acquired over three crore shares, representing 7.68 per cent stake in the realty firm, Indiabulls Real Estate said in a disclosure on the Bombay Stock Exchange. Last week, the company had said it would issue shares on institutional placement basis at the rate of Rs 185 a piece. […]
The International Finance Corporation (IFC) has decided to pick 4.4% stake in Max India at Rs 145 per share. The sources said that Max India, an insurance and healthcare conglomerate would be raising Rs 150 crore through issue of shares to IFC. The sources further added that the conglomerate would be utilizing the amount raised to fund its expansion of healthcare and insurance business. […]
SUN Apollo Ventures, a joint venture company between the Delhi-based Khemka family and the US-based AREA Property Partners (formerly Apollo group), has picked up a 15 per cent stake in Mumbai-based developer Keystone Realtors for Rs 300 crore, making it the first private equity deal in the cash-strapped real estate space in 2009. The deal values Keystone at around Rs 2,000 crore. SUN-Apollo India Real Estate Fund, the $630-million offshore fund of Sun Apollo, will invest in existing foreign direct investment (FDI)-compliant projects of Keystone, also known as Rustomjee group, and future projects of the developer, a top Keystone official said. In January, the Foreign Investment Promotion Board (FIPB) had cleared the Keystone proposal for the offshore investment. […]
Helion Venture Partners, a $350 million India-focussed venture capital fund, has invested Rs 16 crore in Brand Calculus, a start-up venture aiming to bring international chains of quick service restaurant brands in India. Brand Calculus has already introduced Canadian juice and smoothie chain, Jus Booster Juice, in India. Brand Calculus aims to set up 20 Jus Booster Juice outlets across eight cities in India this year. At present, Brand Calculus operates three outlets across Delhi and Bangalore. Globally, Booster Juices operates over 200 outlets in North America, West Asia, the Netherlands and India. […]
Venture capital firm Sequoia Capital India and Silicon Valley Bank have together picked up a minority stake in web-based advertising company Ideacts Innovations for an undisclosed amount. For Sequoia, this is the second round of investment in the Mumbai-based firm. In 2007, it had picked up a minority stake in the company for $5 million. Although the exact quantum of this year’s investment could not be ascertained, it is believed to be $5-9 million, said a person with direct knowledge of the development. When contacted by ET, Ideacts Innovations co-founder & CEO Rudrajeet Desai confirmed the second round of funding and said: “Sequoia is our first investor who funded us in 2007. […]
World Bank’s private sector lending arm, International Finance Corporation (IFC), has said two funds supported by it are ready to pick up equity worth $1.7 billion (about Rs 8,500 crore) in infrastructure projects in India, a move that will help the country’s economy arrest the impact of the global financial meltdown. “We have mobilised $1.7 billion. The funds are expected to generate a total investment of $5-8 billion over the next three-five years,” said Anita George, IFC’s director for infrastructure (Asia and Africa). The funds, she said, would be used in picking up equity in the infrastructure sector projects and would be in addition to the regular operations of IFC in the country. […]
IFCI Venture Capital Fund, UTI and IDFC Project Equity Co are set to pick up 16.62% stake each in Sabarmati Gas (SGL), a Gujarat-based city gas distribution firm jointly promoted by Bharat Petroleum Corp (BPCL) and Gujarat State Petroleum Corp (GSPC). “SGL board has approved allotment of 49.86% stake to the three investors at Rs 80 per share including Rs 70 per share as premium,” said a BPCL official, who didn’t wish to be named. The total value of the deal is estimated at Rs 80 crore. Post the deal, the two promoters, GSPC and BPCL, will hold 25% stake each in the company, the rest 0.126% to be held by 12 individuals. […]
Despite the global slowdown and sluggish market conditions, RKKR Steels, one of the oldest and leading steel manufacturers in south India, has secured private equity (PE) infusion of Rs 136 crore from Mauritius-based ADG Fund to part-fund its ongoing 0.5 million tonnes per annum integrated steel project in Andhra Pradesh. RKKR is implementing a Rs 1,100-crore integrated steel project at Krishnapatnam, which would be set up under a separate company called SBQ Steels, will make special and alloy steels for automotive ancillary units. The project is being implemented over three phases. […]
IDFC Project Equity, an Indian infrastructure equity investor, has put INR3.5bn ($68.5m) into Essar Power, a power production company headquartered in Mumbai. The capital will be used for ongoing expansion projects. Essar Power operates three power plants: two in Hazira with generating capacity of 515MW and 500MW each and one in Vadinar with a capacity of 125MW. The company is currently implementing four power projects which are under various stages of construction and are scheduled to be completed over the next three years, after which the total capacity of Essar Power would increase to approximately 6000MW. MK Sinha, president and CEO of IDFC Project Equity, said, “We find the power sector particularly attractive and are delighted to partner with a strong and credible group like Essar for our first large investment in this sector since the initial fund close in June 2008. What we particularly like about this investment is our partner's credible and measured project development and execution plans.” […]
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