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MokshaYug Access (MYA) has received funding of Rs 8.35 crore ($2 million) from a private equity fund Unitus Equity Fund L P (UEF). The investment will enable MYA to build supply chain and infrastructure for dairy farming and healthcare centers, continue to create key market linkages between the rural community and upstream players, strengthen its technological platform to gear the business for volume- driven activities and expand its microfinance arm. MYA will concentrate on developing a franchise model around client-operated healthcare centers and dairy farming units and rolling it out to rural households. MYA will explore partnerships with healthcare service providers and dairy firms to roll out operations in these two verticals. Once a robust business model in dairy and healthcare is in place, MYA plans to roll out an entire range of verticals across rural India to reach one million households by 2010 and five million households by 2013, the company said. […]
Cairn India will raise approximately Rs 2,534.60 crore ($625 million) through a private placement with Petronas and Orient Global Tamarind Fund. The investors have agreed to purchase a total of 113 million shares of Cairn India at Rs 224.30 per share. The net proceeds of the private placement will be used to fund capital expenditure and for general corporate purposes. According to a release issued by Cairn India to the BSE today, the company board has approved the placement through a preferential issue of 63.30 million equity shares of Rs 10 each at a price of Rs 224.30 per share to Petronas. Orient Global Tamarind Fund will be issued and alloted 49.70 million equity shares at the same price. These shares will be locked in for a period of one year from the date of allotment. Following the private placement, Petronas will own approximately 12.7%, of the equity share capital of Cairn India as enlarged by the private placement and Orient Global Tamarind Fund will own approximately 2.6% of the enlarged equity share capital of Cairn India. […]
Private equity firms Blackstone and Primus Capital Partners are in the race to pick up a minority stake in Hinduja Foundries, the Economic Times reported. Hinduja Foundries is the new name for the almost six decades-old Ennore Foundries Ltd, part of the diversified Hinduja Group. The Hinduja Group decided to sell close to 10 pct of its current 80 pct equity holding in the foundry unit to raise about 80-100 mln usd, the report added. The funds will be used to part-finance its proposed capacity expansion plan and for overseas acquisitions. […]
Promethean India, AIM-listed investment firm, is learnt to have picked a minority stake in the Oberoi Group’s listed hospitality arm EIH Ltd. According to sources, Promethean, which had picked less than 5% stake through the secondary market route, is looking to buy additional shares in the firm. EIH is the second most valued hospitality firm in India by market capitalisation after the Tatas’ Indian Hotels. EIH Ltd has a market capitalisation of Rs 6,000 crore. Promethean has invested in three other companies out of its $115-million fund raised last year. These include 8.5% stake in public-listed Nitco Tiles, which was again through open market purchases. While promoters did not dilute their stake, one of the co-founders of Promethean India Gaurav Burman was inducted in the board of the building material manufacturing company. According to sources in the merchant banking industry, Promethean had picked a small stake in EIH through the open market. This could be between 1% and 5% and the firm is now considering to hike it further. However, it is not known how much stake Promethean would finally hold in EIH. […]
The news of Asia’s oldest stock exchange acquiring a substantial stake in the Ahmedabad-based National Multi Commodity Exchange (NMCE) may have come as a surprise to many. To those in the know, it was a pure financial move by the Bombay Stock Exchange (BSE) in that it may prove to be a multi-bagger going forward when some financial bigwigs enter the commodity arena. Recently, the BSE bought a 26% stake in NMCE for an undisclosed amount of money. People familiar with the deal say that the stock exchange had to shell out around Rs 40 crore for the stake, valuing the comex at around Rs 150 crore. “BSE is of the firm belief that going ahead, others would be interested in acquiring a stake in NMCE. At that time, it would have an option of diluting a part of its stake and that too at a premium,” says a source. It is clear that the stock exchange would not be involved in the daily working of the comex. BSE members would also not be automatically eligible for NMCE memberships. They would have to submit a request to the Forward Markets Commission (FMC). […]
Nexus India Capital has invested in organic farming company Suminter India Organics Pvt. Ltd. It is the first investment in this sector for Nexus, which has so far invested in technology, mostly Internet and wireless, companies. “We had been looking to invest in clean technology and related sectors for some time, and we liked the entrepreneur,” said Sandeep Singhal, managing director, Nexus India Capital. He did not reveal the amount invested. The firm typically puts in $2-5 million (around Rs8-20 crore) in a company. Suminter is a contract farming company that focuses on organic produce for the textile and food industries. While organic farming does not constitute clean technology, a term more associated with energy, investors often include all environment-related businesses under clean technology. Such companies are on the radar of several venture capital firms, including Kleiner Perkins Caufield and Byers (KPCB), Draper Fisher Jurvetson, Lightspeed Venture Partners and Bluerun Ventures. However, there have been very few early-stage deals so far. The list includes Chennai-based Servals Automation Pvt. Ltd, funded by Aavishkar India Micro Venture Capital Fund; Bangalore-based electric car maker Reva Electric Car Co. Pvt. Ltd, funded by DFJ-ePlanet Ventures; and Indo-US cross-border start-up Deeya Energy Inc., funded by Bluerun Ventures, DFJ and DFJ Element (an affiliate fund). The last two have also received subsequent rounds of growth funding. […]
World Bank's private lending arm International Finance Corporation (IFC) will invest up to Rs 131 crore for a project of agrochemicals manufacturer Meghmani Organics. The strategic investment would be for the caustic chlorine complex in Dahej, Gujarat, being developed by Meghmani Finechem Ltd (MFL), a subsidiary of Meghmani Organics. The project is proposed to involve a total cost of Rs 554.5 crore. IFC would buy a 25 per cent stake in the project by investing up to Rs 46.1 crore, Meghamani said in a filing to the Bombay Stock Exchange. Besides, IFC would provide Rs 80 crore as a long-term loan and would also have the right to subscribe warrants up to Rs five crore. […]
Private equity firm Blackstone has bought a minority stake in Titagarh Wagons for 672 rupees a share in a pre-IPO placement, The Economic Times said on Thursday, without attributing it to a source. Titagarh Wagons will offer 2.38 million shares in the IPO. The price band is expected to be announced in a couple of days, the paper said. Blackstone is the fifth investor in Titagarh Wagons after GE Capital, JP Morgan, 2i Capital and ChrysCapital, the paper added. Titagarh's Managing Director Umesh Chowdhary declined to talk about the deal, the paper said. Officials at Blackstone and Titagarh could not be reached for comment immediately. ( Reuters) […]
One of the world’s largest investment banking firms, Goldman Sachs, is picking up a 20% stake in Chennai-based Shriram Credit for Rs 300 crore, making an indirect entry into equity and commodity brokerage business in India. Shriram Credit is a non-banking finance company (NBFC) under the south India-based Shriram Group, which is engaged in lending activities. The Indian group is transferring its brokerage and distribution services business to Shriram Credit and bringing in Goldman Sachs as a significant minority partner. The deal values the firm at Rs 1,500 crore ($375 million). Goldman Sachs is routing the deal through its 100% Mauritius-based subsidiary GS Strategic Investments. This is one of Goldman Sachs’ major strategic moves after it broke ties with the Kotak Mahindra Group in 2006. The US-based investment banking firm has been present in India through its I-banking unit and has also been an active player in the private equity space. The partnership with Shriram Credit would allow Goldman entry into the brokerage and lending business. […]
Future Capital Holdings (FCH), the financial services arm of the Future Group, has invested Rs 100 crore in two subsidiaries of Centrum Capital, which is into foreign exchange and wealth management businesses. FCH will invest Rs 75 crore into Centrum Direct, engaged in foreign exchange money changing business, for a 50.1 per cent stake. FCH will also invest Rs 25 crore into a new joint venture company, Centrum Wealth Managers, for a 50.1 per cent stake. Centrum Capital’s existing retail broking, portfolio management and financial products distribution businesses will be moved into Centrum Wealth Managers, FCH said. With the acquisition, FCH has gained access to the 68 strong branch network and over 5,00,000 Centrum customers in the fast growing foreign exchange and wealth management businesses. […]
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