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In one of its largest equity deals in the country, International Finance Corporation (IFC), the private sector investment arm of the World Bank, is picking around 12% stake in Polycab Wires for Rs 551.5 crore ($120 million). The deal values the flagship cable manufacturing business of Mumbai-based Jaisinghani family at Rs 4,600 crore ($1 billion). The deal involves a mix of fresh shares and warrants. According to sources, IFC is picking a 10% stake for around Rs 450 crore besides picking warrants which would give it an additional 2% equity stake for around Rs 100 crore. These warrants will be fully paid and will be convertible based on achievement of certain financial milestones. Polycab is one of the largest domestic players in the market for cables. It is the flagship company of the Polycab group, which has eight cable manufacturing companies and is the leading manufacturer of power cables and light duty cables in India. […]
The private equity fund, ChrysCapital, has increased its equity exposure in the Amtek group, which has a major presence in the auto component industry. The PE fund has bought 7% in Amtek Auto, 4% additional stake in Amtek India and fresh equity of 7.6% in Ahmednagar Forgings. Confirming the fund’s acquisitions, Amtek group CFO S Singhi said, “ChrysCapital has been buying stake in our group companies from the long-term point of view, with a time horizon of about 2-3 years. The fund appears to be bullish on the auto sector.” The PE fund’s investments have come at a time when the auto and auto ancillary sectors are passing through a rough patch following the rising interest rates and a slowdown in demand. […]
The Rs 80-crore Nandan Biomatrix Ltd, which claims to become the largest biodiesel producer in the next five years with an annual capacity of 2.5 million tonnes, will soon be signing an agreement with an overseas private equity green fund for raising $30 million. With the biodiesel policy in place, the company is bullish on the expected increase in demand for biodiesel and hopes to increase its targets for producing the feed stock. While the company is on the verge of closing the deal, V Bhaskar Rao, MD, said that the fund infusion aims to fund its expansion pan India and overseas as well. Targeting a turnover of Rs 140 crore for this fiscal, the company is looking at a spread of 800,000 hectares in the next five years with 16,000 hectares in each state for producing 2.5 million metric tonnes. […]
Leading private equity (PE) firms such as Blackstone, TPG, Blue River Capital, Actis and Silk Route are eyeing more than a 40% stake in agri-processing firm Usher Agro, it is learnt. The deal, if concluded, will pave the way for the PE investor to acquire management control with a majority stake. In that case, it will be third instance where a PE investor is taking control of a listed company in the recent past. Broad contours of the plan suggest that Usher will raise funds by issuing new shares to the PE investor. […]
BTS India Private Equity Fund Limited announced that it has concluded definitive agreement for investment of Rs. 320 million in SAISUDHIR Infrastructures Limited, fast growing infrastructure engineering / Construction Company based out of Hyderabad. The investment will focus on SAISUDHIR’s next level of growth and used for expanding engineering capacities along with providing the working capital for completing medium to large infrastructure projects. With this investment, BTS has concluded six investments from its recently launched BTS India Private Equity Fund. According to Mr. K Srinivas, Managing Partner, BTS Investment Advisors Pvt Ltd, “We are happy to announce the investment in SAISUDHIR and work with the management towards further development of the company’s project management skills, to help achieve the company’s long term objective of becoming one of the preferred EPC companies in its focus areas of Water Supply, Solid Waste Management and Power Sector.” […]
Arohi Asset Management, a Singapore based fund, is understood to have recently picked up 10 per cent stake in Mysore-based e-learning firm Excelsoft. Arohi is understood to have valued this Rs 60 crore firm at Rs 400 crore. This move by Arohi comes close on the heels of D E Shaw, a global private equity player picking up 35 per cent from UTI Ventures for $31 million, valuing the firm at Rs 350 crore. The management of Excelsoft were not available for comment. Post this move by Arohi, the promoters of Excelsoft currently hold 55 per cent. While details of Arohi is not clear, sources indicate that this firm manages a corpus of around $300 million. Excelsoft provides a range of customised learner-centric systems, test and assessment systems and desktop tools. […]
Leading private equity (PE) firms such as Blackstone, TPG, Blue River Capital, Actis and Silk Route are eyeing more than a 40% stake in agri-processing firm Usher Agro, it is learnt. The deal, if concluded, will pave the way for the PE investor to acquire management control with a majority stake. In that case, it will be third instance where a PE investor is taking control of a listed company in the recent past. Broad contours of the plan suggest that Usher will raise funds by issuing new shares to the PE investor. It will also sell shares of its four subsidiaries in the power, logistics, credit finance and oil and food segments. The promoters and some existing investors plan to sell some portions of their equity to encash their holding. […]
A consortium of investors, led by private equity player 3i, is in talks to pick up a 4-4.5% equity stake in Adani Power for Rs 1,800 crore. The power company, which is majority-owned by Adani Enterprise, is in the process of floating an initial public offer (IPO) and the stake sale is a precursor to the public issue. The pre-IPO transaction will value Adani Power at nearly $10 billion, making it the most valued private sector power company in the country. The consortium of investors includes Singapore’s Temasek and an infrastructure fund, according to sources. The Adani Group spokesperson declined to comment on the matter. […]
Future Ventures India, the venture capital arm of Kishore Biyani-owned Future Group—owners of retail brands Big Bazaar and Pantaloon—, is close to acquiring a substantial stake in Kolkata-based apparel maker Turtle . Sources said a deal is expected shortly. A senior executive at Future Ventures confirmed that the due diligence was on. “Turtle is an exciting company and Future Ventures is in an advanced stage of discussion with them. However, it will be difficult to reveal the exact size of the deal,” he said. Turtle director Amit Ladsaria also confirmed that a deal was in the offing, but declined to comment on the plan. “The deal hasn’t been completed yet. We’ll be in a position to comment once that is done.” […]
The country’s largest private equity fund, ICICI Venture, is teaming up with US-based PE fund Providence to put in a joint bid for BPO firm Firstsource Solutions. ICICI Venture is also wooing Kohlberg Kravis Roberts & Co (KKR), one of the world’s biggest buyout funds, to join the consortium, said a banker. If the funds eventually join hands to bid for Firstsource, it would be the first time in India that three large PE players come together for an acquisition. Both Firstsource and I-Venture are promoted by the ICICI group. It’s perceived that any deal could be partly driven by ICICI Bank, the biggest shareholders in Firstsource. […]
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