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Mobile value added services (VAS) company ValueFirst Messaging has raised $6 million(Rs 30 crore) from the US-based venture capital firm New Enterprise Associates (NEA) to fund its expansion plans. ValueFirst, which currently offers SMS-based services, is planning to introduce internet and voice based services for the mobile platform in India. The quantum of stake picked by NEA in the Gurgaon-based company was not disclosed. “We have been in the business for five years and expanding rapidly. The funds will help us scale up our operations across India and abroad and recruit new heads,” said ValueFirst CEO Vishwadeep Bajaj. […]
US-based investment banking and securities firm Goldman Sachs Group (GSG) announced that it has invested Rs 370 crore in its Indian wholly-owned non-banking fnancial company (NBFC) Pratham Investments & Trading Pvt Ltd (PITPL), taking the total capital base in the Mumbai-based firm to Rs 485 crore. GSG is looking at expanding its credit trading and investing businesses in the domestic market. This capital infusion furthers our objective of building a full-service investment banking and securities platform in India, said Goldman India MD and head of securities Jesse Lentchner in a statement. […]
UTI Asset Management is close to selling a 26 percent stake for $175-$200 million to one of at least four investors and private equity firms, valuing the firm at 7-8 percent of assets, banking sources said. UTI has held talks with U.S. money manager T Rowe Price , Japan's Shinsei Bank and private equity firms Actis and ChrysCapital for the deal, likely to close by late February, three banking sources and one company source with knowledge of the transaction said. The sources, including one who is directly involved in the negotiations, declined to be named as they were not authorised to speak to the media. One banking source said T Rowe Price was the front-runner. […]
GE Equity, private equity arm of the US-based conglomerate General Electric (GE), is picking 30% stake in Chennai-based aircraft and spacecraft parts maker Kerns Aero Products for Rs 10 crore, said a person with direct knowledge of the transaction. The deal would value Kerns Aero at Rs 33.3 crore and the proceeds from the stake sale will help it to fund expansion plans in the country, said the person. As per the transaction, Kerns Aero Products will issue 10.35 lakh mandatory convertible preference shares of Rs 10 each at a premium of Rs 87 to GE Equity Capital representing around 30% of the expanded capital. […]
Deutsche Bank is buying 20% stake in Rama Cylinders, a Mumbai-based high-pressure cylinder manufacturer, for Rs 84 crore, a person directly involved in the transaction told ET. The deal values Vashu Ramsinghani-promoted Rama Cylinders at Rs 420 crore. “The transaction involves issue of around 60 lakh equity shares and warrants to Deutsche Bank by the Indian company,” the person said. The proposed investment is set to take place in two tranches through fresh issue of equity by the Indian company. First, Deutsche Bank would buy around 45 lakh shares in Rama Cylinders. Then, the remaining stake would be bought over after conversion of around 15 lakh warrants into equity shares. […]
India-focused IL&FS Realty Fund has picked up a 15% stake in infrastructure Ventures India, a special purpose vehicle (SPV) floated by Mumbai-based developer Akruti City, for Rs 200 crore. Infrastructure Ventures India is primarily a public-private-partnership (PPP) project formed for developing housing infrastructure for the Mumbai police in suburban Ghatkopar. When contacted, Akruti City chairman Hemant Shah declined to comment on the deal. However, a source close to the development said: “Since its a PPP project, the SPV will get additional FSI for development. Apart from Akruti, there are other equity holders in the SPV.” […]
Helion Venture Partners on Monday announced an investment of Rs 20 crore in GETIT Infoservices (P) Ltd, producer of yellow pages and directories in India. Helion Advisors Director, Rahul Chandra said the investment would be directed towards expanding GETIT's service offerings across multi-access channels. As a result of this investment, Chandra would join the Board of GETIT. […]
Norwest Venture Partners (NVP), promoted by angel investor Promod Haque, will invest Rs.200 million (Rs.20 crore) in infrastructure management services firm Appnomic Systems, it was announced here Wednesday.The venture fund will be invested to expand into the US market and build innovative product and service offerings, the Bangalore-based Appnomic said in a statement. “The fresh investment will also enable us to strengthen our presence in India, the Middle East and Africa markets,” Appnomic chief executive D. Padmanabhan said. With the first institutional funding in the IT services firm, NVP managing partner Haque will join the Appnomic board. […]
Private Equity(PE) firm Citigroup Venture Capital International (CVCI) is picking up a 17.7% stake in Hyderabad-based infrastructure company Coastal Projects for Rs 178 crore, a person with direct knowledge of the transaction told ET. The investment would be routed through CVCI’s Mauritius-based growth funds Client Ebene and Employee Rosehill. Both the funds are registered with Sebi and part of their stake acquisition would come in fresh shares, the person said, but refused to part with more details like the ratio between existing and new shares that the Citi funds would acquire. CVCI’s funds would help Coastal Projects to expand across the country and ramp up its work in several areas in underground excavation, including hydro-electric projects, rail tunnels and other road works. […]
Aditya Birla group today announced its maiden private equity fund with an initial commitment of $100-million and said that it has picked up stake in the Bombay Stock Exchange for an undisclosed amount. The fund–Aditya Birla Private Equity Fund–targets to collect $250-million over the next few quarters, Aditya Birla Private Equity funds' Managing director and Chief Executive Officer, Bharat Banka, told PTI here. Banka, however, did not elaborate on the stake that the fund has picked up in the BSE and said the stake purchase was as part of the demutualisation of the bourse. […]
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