|
|
Leading global private equity TPG Capital will invest $120 mn (Rs 530 crore) in Shriram City Union Finance, the consumer finance vertical of the Chennai-based Shiram Group. On Friday, Shriram Group and TPG Capital announced a definitive agreement under which the buyout firm would make the investment for acquiring up to 49% stake in Shriram Retail Holdings (SRHPL), the holding company of Shriram City Union (SCUFL). The transaction would necessitate an open offer for SCUFL in compliance with SEBI’s takeover regulations. TPG would own up to 26.7% of SCUFL, excluding shares that might be tendered in the open offer. The investment is subject to regulatory approvals, according to a statement released on Friday. […]
Delhi-based document management software firm Newgen Technologies on Thursday announced sale of a minority stake to SAP Ventures, the venture capital arm of SAP, for Rs 10 crore. The stake sold is under 10 per cent, Newgen MD Diwakar Nigam said without giving the exact stake. The Delhi-based company said that SAP Ventures will take advisory position without board-level representation in it. “The investment by SAP will go towards our marketing requirements in the various emerging markets globally that we are entering,” Nigam said. Newgen provides business process management solutions and services and has development centres in Delhi and Chennai. The company is entering markets like Egypt, Ukraine, West Asia and Africa among others, he said. […]
Media and broadcast company Raj Television Network Ltd plans to enter the print business and is “open to acquiring an existing (Tamil) newspaper” even as it is looking to raise Rs50-100 crore from private equity firms. Raj Television would look to offer 5-10% stake for the fund infusion. According to the Bombay Stock Exchange (BSE) website, the company’s promoters hold 72.48% as of June. “The idea is to be seen as a complete media house in the long term,” said B. Sukumaran, adviser, corporate planning and strategy. “The promoters are willing to go down to 51%.” Raj Television, which raised Rs52.81 crore in an initial public offering in February 2007, wants funds for the construction of a studio and office complex, its movie production business and other plans. […]
A. Little. World. Private Limited (“ALW”), leveraging new generation technologies to enable financial inclusion at the bottom of the pyramid (BOP), announced the closing of INR 287.4 Million in sries B funding led by Bellwether Microfinance Fund Pvt. Ltd. and India Financial Inclusion Fund, both managed by Hyderabad-based caspian advisors. Legatum Ventures, which led the Series A investment in ALW, also invested in the new round. These investments, facilitated by Intellecap, will help the Company achieve its ambitious growth plans to set up a technology-driven 'Bank-in-a-Box' in every village and facilitate rural India's integration into the mainstream financial sector. The investment will also enable ALW to improve capacity and build its product portfolio. […]
Pune-based Kam-Avida Enviro Engineers Pvt Ltd (Kam-Avida), a manufacturer of waste management equipment, has announced that it has raised equity from Peepul Capital Fund II LLC (Peepul), one of the leading India-focussed private equity funds. Kam-Avida intends to use the funds to set up a state-of-the-art manufacturing, assembly facility which will help it ramp-up production capacity and to strengthen its sales and marketing presence. The company will also invest part of the capital to strengthen its balance sheet to foray into wet-lease services for large scale sewage cleaning and maintenance, said a press release. Kam-Avida manufactures and offers a range of highly mechanised equipment for large- scale garbage, waste collection and transportation, sewage cleaning and sweeping, cleaning machines. It specialises in design and system integration of equipment that optimise garbage collection and disposal for domestic and commercial waste. […]
Buyout private equity giant Kohlberg Kravis Roberts & Co (KKR) is chasing probably its first pure-play India deal, eyeing BT’s stake in the Indian telecom services company Tech Mahindra, sources close to the development said. KKR is preparing a potential bid, even as four other global PE peers — Apax Partners, Texas Pacific Group, Temasek and Carlyle — have also shown early interest in a formal process which will start in 10 days. ET had reported on the possibility of PE firms entering the fray for the stake. BT is putting an over-$800 million tag on its 31% stake, valuing Tech Mahindra at nearly $3 billion. The current market cap of the company is around $2.2 billion. The Tech Mahindra scrip closed at Rs 757.70 on the NSE on Friday. The 22-year-old Tech Mahindra, with a focus on the telecom vertical, is a joint venture between BT and Mahindra & Mahindra, with latter owning 44.25%. The company reported a revenue of $934.7 million during FY08, a 44% year-on-year growth. It employs some 24,000 workers. In 2006, KKR paid $900 million to acquire an 85% stake in the software unit of Singapore-headquartered Flextronics, with operations in Bangalore and New Delhi. The other big fund actions in India’s IT/ITeS sector include Blackstone’s buyout of Intelenet and Warburg Pincus’ play in back-office firm WNS Holdings. […]
Print-to-digital delivery service Pressmart Media Ltd. in Hyderabad, India, has received $6 million in funding from two San Francisco Bay Area venture capital funds, Draper Fisher Jurvetson and NEA IndoUS Ventures. The investment will aid in expanding Pressmart's global sales, marketing, and customer-support presence across 35 countries, where it serves over 350 print media customers with a package of electronic publishing, delivery, hosting, subscription management, online payment, ad serving, and user intelligence. Pressmart also announced that Sateesh Andra, venture partner of Draper Fisher Jurvetson, and Vinod Dham, founding managing director of NEA-IndoUS Ventures, have joined it board of directors. […]
Private equity firm Warburg Pincus Llc. has invested around Rs150 crore for a 30% stake in India’s deepest port located at Gangavaram in Andhra Pradesh on the country’s eastern coast. The Rs1,700 crore first phase of the new private port, located just 15km away from the Union government-owned Visakhapatnam port, started so-called trial operations in August. It will be formally inaugurated in the first week of October and have the capacity to handle 35 million tonnes (mt) of coal, iron ore, other bulk and general cargo a year. The port has a water depth of up to 20m, deeper than any other port in the country, that will help it handle large bulk carriers with a cargo carrying capacity of up to 200,000 tonnes. Besides, the cargo handling facilities at Gangavaram are fully mechanized unlike many ports where loading and unloading is done manually. […]
Kerala-based NBFC Manappuram Group has infused fresh capital to the tune of Rs 108 crore from PE players, company sources said. The investments in the form of compulsorily convertible preference shares will boost the short term credit rating of the company to the highest level of A1+, VP Nandakumar, chairman of the group, told reporters. Manappuram is targeting a credit line of Rs 1,000 crore for the current fiscal, he added. The group will also merge the listed group company Manappuram General Finance and Leasing Limited (MAGFIL) with Manappuram Finance Tamil Nadu Limited (MAFIT). Post merger and post PE fund infusion, the promoters will hold 44% of the total shares. UK-based Alchemy Ashmore is expected to invest nearly Rs 40 crore while US-based Granite Hill joins with nearly Rs 6 crore. Existing PE investors Sequoia Capital Growth Investments and Hudson Equity Holding will bring in additional investments. Currently Sequoia and Hudson hold approximately 11.5% in both companies. […]
A clutch of private equity players are interested in acquiring UK telecom major British Telecom’s stake in Tech Mahindra, according to industry and banking sources. British Telecom currently holds over 31% in the venture and is learnt to be keen on retaining 10% in the venture, post-transaction, given that it has committed $2 billion in business to Tech Mahindra, company sources told ET. A part sale of 21% in the company would value the transaction at over Rs 1,850 crore at Thursday’s closing price of Rs 771.40 on BSE. “BT is not looking at a total exit from Tech Mahindra. While Tech Mahindra is no more a strategic investment for British Telecom, it has substantial and long-term business interest in the Indian company,” said a source. The sale will help it at a time when its profitability is on the slide while also helping it earn a good return on the residual stake when there are limited attractive investment options in the market. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|