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The World Bank's private-sector lender said on Wednesday it has made its first equity investment in the onshore oil and natural gas drilling sector by providing financing to an Indian upstream services company. The World Bank's International Finance Corp will provide up to $30 million of debt and equity financing to Punj Lloyd Upstream Limited, a subsidiary of Punj Lloyd Limited, a leading Indian engineering and construction company that specializes in the energy and infrastructure sectors. The investment will help Punj Upstream provide drilling services to countries in the Middle East, North Africa and South Asia, the IFC said. […]
The biggest independent Wall Street firm, Goldman Sachs on October 8 bought an additional Rs 357.5 million worth stake in ICSA India, at 28% premium to the company`s stock price, reports Business Standard. Goldman Sachs acquired stake by exercising an option to convert warrants into equity. It was allotted 1.75 million shares in ICSA raising the investment banks` stake to 5.7%. The warrants were converted at a price of Rs 227 each. Goldman had paid 10% of the value earlier, or at the time it was issued the warrants. (My Iris) […]
At a time when the country’s real estate builders are reeling from a severe cash crunch, MetroCorp, a Bangalore-based realtor, is close to raising $300 million (about Rs 1,400 crore) from leading global financial institutions, including Prudential Corporation Asia and Warburg Pincus. MetroCorp, a three-year-old real estate developer, has three projects under execution, and has lined up a bouquet of 21 projects across India, ranging from residential and commercial to integrated townships to special economic zones. Deepak Krishnappa, chairman & CEO, refused to confirm the move but said they are in discussions with various private equity funds for development of plots. […]
Azim Premji, backer of IT major Wipro, is believed to be investing $17 million (Rs 80 crore) to acquire a minority stake in Carnation Auto, a company floated by Jagdish Khattar, former managing director of Maruti Suzuki India, reports Business Standard. In addition to Premji, who will be investing through his investment arm, Premji Invest, IFCI ventures is reported as another investor in Carnation Auto, investing $5.9 million for a minority stake. […]
Indian wind turbine maker Suzlon Energy Ltd on Monday said IDFC Private Equity would buy 17.1 percent in subsidiary SE Forge Ltd for 4 billion rupees ($86 million). SE Forge, which specialises in large-scale foundry and forging materials, is expanding capacity at its plants in Coimbatore in south India and Vadodara in the west to cater to the growing demand in the wind energy sector, it said. Suzlon will continue to hold the remaining stake in SE Forge. […]
Global financial major Deutsche Bank is all set to pick 4.76% stake in the consumer electronics company BPL Ltd. On Friday, the company's board sanctioned a proposal to make preferential allotment of 24,25,500 equity shares and/ or convertible securities to Deutsche Bank AG (DB) and/ or their nominees and affiliates in terms of applicable SEBI guidelines. According to official sources, the funds will be utilized as long-term working capital requirement of the company's healthcare management solutions business and for other general corporate purposes. The BPL healthcare management solutions division has been in existence for over three decades and manufactures a range of medical equipment. […]
World Bank's private sector financing arm International Finance Corporation (IFC) will be acquiring 46.50 lakh shares of Modern Dairies for Rs 27.90 crore. The dairy firm has entered into a 'Subscription Agreement' and a 'Shareholder Agreement' with IFC in this regard. As per the agreement, IFC would be subscribing up to 46.50 lakh shares at Rs 60 each, the Haryana-based firm said in a filing to the Bombay Stock Exchange. A meeting of the allotment committee of directors of Modern Dairies would be held on July 8, to allot the said number of shares, subject to the receipt of subscription amount from IFC. […]
Moser Baer India has informed that its wholly owned photovoltaic (PV) subsidiary has received in full, the agreed capital investment worth Rs 415 crore from a consortium of global investors. According to the company, the received money will be utilized for expansion of its solar PV capacity both in crystalline silicon and thin film solar verticals facilities coming up at the Greater Noida. The company currently has 80 MW capacity for crystalline silicon, which it plans to increase to 180 MW; whereas company’s present capacity in Thin Film is 40 MW, that will be increased to 105 MW, by adding 65MW capacity. […]
Suvidhaa Infoserve Pvt Ltd (SIPL), the pioneer of the Services Commerce (“S-Commerce”) revolution in India, today announced that it has received funding from two leading global venture capital firms, Reliance Technology Ventures and Norwest Venture Partners India (NVP India). Reliance Technology Ventures directed the investment from one of its Group entities. Suvidhaa, promoted by Paresh Rajde and initially funded by Mr. Shapoor Pallonji Mistry, will use the new capital to aggressively expand its portfolio of service offerings into vertical markets throughout India and enhance business development and marketing efforts. […]
The Rs 250-crore integrated communications group MAA Group Holdings plans to tap private equity funding for scaling up the company’s growth plans. The company is willing to dilute a maximum of 24% of equity in either the MAA Group Holdings or the advertising company, chairman Bunty Peerbhoy told ET. The group’s advertising agency MAA Bozell has been rebranded as MAA Communications after the buyback of its 29% stake in the joint venture with Bozell Worldwide, a part of the Interpublic group, since January 2008. The Bangalore-headquartered MAA Communications works with clients such as Tata Coffee, Hero Honda, Biocon and Wockhardt Hospitals. […]
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