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India’s third largest asset management company, UTI Asset Management Co. Pvt. Ltd (UTI AMC), has shortlisted nine investors including Blackstone Group Lp., Goldman Sachs Group Inc., Shinsei Bank Ltd, National Australian Bank Ltd, the Bank of New York Mellon Corp. and Sequoia Capital Llp. for selling more than 11% of its equity ahead of an initial public offering (IPO) of its shares. Two sovereign funds from West Asia and a Belgian Bank are also in the race. The AMC (asset management company) will finalize a few investors from this list and will place 16 million shares or 11.35% of its equity; none of the investors will be offered more than 5%, people familiar with the development who did not wish to be identified said. Investment bankers have advised UTI AMC to price its shares for the private placement in the range of Rs450-550 per share of a face value of Rs10. At the higher end of the price band, the AMC will earn around Rs880 crore from the share sale. At this price, it will be valued at Rs7,755 crore. With Rs52,656 crore of assets under management as on 31 January, the asset management firm has a 10% market share in the Indian mutual fund industry, which has a total asset base of Rs5.48 trillion. […]
Mauritius-based private equity funds Monsoon India Inflection and Jackson Heights Investments have picked up a 3.35% stake in the Gurgaon-based Acme Tele Power for Rs 400 crore. The deal pegs the valuation of Acme, which manufactures and supplies energy conservation solutions for telcos, at around Rs 11,940 crore (just under $3 billion). This marks the second round of private placements in Acme. Last year, Acme had offloaded a 1.66% stake in the company to three PE firms – DB International, Earthstone Holdings and Kotak Mahindra Capital – for Rs 197 crore. Acme Tele Power’s promoter and managing director Manoj Upadhyay confirmed the development and said this would the final private placement before the company’s plans to tap capital market. The proposed IPO will see Acme’s promoters offer about 17.3 million shares for sale which will reduce the promoters’ stake to 84.6% from the current 94.7%. The company has already filed a draft red herring prospects (DHRP) with Sebi for its float. […]
Blackstone has acquired 10.4% stake in logistics major Allcargo Global Logistics (AGL) for Rs 242 crore. The PE major has paid Rs 934 per share, a 30% premium on the last 15-day traded price. AGL is convening a shareholders general meeting on March 19, 2008, to seek their approval. On BSE, the stock of AGL rose 8% to Rs 772.50 on Wednesday. AGL’s CMD Shashi Kiran Shetty said Blackstone could buy shares from the market and increase its stake to a shade below 15%. “We will be utilising these proceeds for the proposed capital expenditure to buy cranes and expand our inland container depot (ICD) business,” said Mr Shetty. The deal involves stake sale through equity shares, fully and compulsorily convertible debentures (FCCDs) and warrants. AGL issued 1,000 equity shares of Rs 10 each at Rs 934/share. It also issued 10.8 lakh FCCDs of Rs 10 each convertible into same number of equity shares on completion of 18 months. AGL also issued 15.13 lakh warrants of Rs 10 each convertible into same number of shares at the option of investors within 18 months. The price range was between Rs 934 and Rs 1,284 per warrant. On subscription, investors would have to pay Rs 194 per warrant. […]
A Bangalore-based startup Aujas Networks Pvt Ltd, has recieved $3 million funding from IDG Ventures India. Aujas, a provider of digital security services, plans to utilise the investment to build its sales presence in India, Middle East, Europe, Asia Pac, and North America, and to enhance its service offering development initiatives. Aujas offers security services across a range of technologies, including core wireless networks, VoIP and cyber forensics. It also offers specialised domain specific security services in telecom and BFSI sectors. “The successful closure of this deal with a keenly short listed A-grade founding team validates the potential of our Entrepreneur-In-Residence model. Aujas is our second investment in the promising information security space. The company has hit the ground running with a channel partnership MoU already inked with iViZ, our first investment in information security software product sector from India,” said Sudhir Sethi, founder, chairman and managing director, IDG Ventures India. […]
Billionaire Lakshmi Mittal and Farallon Capital Management LLC invested a combined $399 million in a power unit of Indiabulls Real Estate Ltd., India's fourth- biggest developer by market value. The developer, partly owned by Goldman Sachs Group Inc. and Merrill Lynch & Co., said it sold 37.5 percent of Sophia Power Company Ltd. Farallon will buy 23.4 percent and Mittal will buy the rest, the company said in an e-mailed statement from Mumbai. Indiabulls is investing more in electricity as the nation seeks funds to bolster power generation, roads and ports to sustain a 9 percent target for economic growth. The world's fastest-growing major economy after China faces a peak electricity shortage of 13 percent and plans to add 78,577 megawatts of capacity in the five years to March 2012. The combined stake bought by Mittal and Farallon will drop to 28.6 percent after a proposed merger between Sophia Power and Indiabulls Power Services Ltd., a fully owned unit of Indiabulls Real Estate, said Ajit Mittal, head of investor relations at Indiabulls Real Estate, in a telephone interview. Indiabulls Real Estate may raise $1.2 billion selling shares in a proposed investment trust to be listed on the Singapore Stock Exchange, two people familiar with the sale said earlier this month. […]
AIG Global Investments, the private equity arm of American International Group (AIG), is putting in close to $20 million in Uniparts, a Rs 500-crore company that specialises in making machinery for the construction and agricultural equipment sector, a niche segment within the auto ancillary sector. This is AIG’s third investment in the last three months and second in the auto sector with Kinetic Engineering being the other investment. Mr Ashish Kumar of AIG will sit on the board of Uniparts. Paramjit Soni, founder and managing director of Uniparts, confirmed about the deal to ET. AIG’s investment in the sector is a bit counter-intuitive because the entire auto component sector has taken a beating over the last year. A slowdown in consumer demand (especially trucks) has affected the domestic market while the rising rupee has hit the exports market. But Uniparts, say industry experts, operates in a niche that makes it different and more profitable. […]
Netmagic Solutions, a leading carrier-neutral managed IT services provider based in India, today announced that it has received Rs 80 crore in private equity funding. The funding was led by the Indian proprietary venture and growth capital arm of Fidelity International (FIL) and Nexus India Capital, a leading Indian venture capital firm. Netmagic said it will use the proceeds of the financing to accelerate business growth and expand footprint in the domestic and international markets and build a nationwide network of data centres. “Over the last few years, we have built a bluechip client base in the financial, telecom and online trading and travel sectors,” Sharad Sanghi, CEO and managing director, Netmagic, said. “This is the right time to invest more aggressively and scale our business to the next level and roll out new locations and services in 2008.” […]
Citi Venture Capital International and Hudson Equity Holdings, a part of India Equity Fund, have invested in Jai Balaji Industries by subscribing to 61,18,000 & 22,41,000 compulsorily convertible debentures (CCDs), respectively, at Rs.326.90 per CCD. According to a release issued by Jai Balaji today, the company has raised Rs 273.25 crore by the issue of CCDs. Each CCD is to be converted into one equity share, and the holding of Citi Venture Capital and Hudson will be 11% and 4%, respectively, after the conversions. “The company has simultaneously issued 9.6 million warrants at Rs 326.90 each to be converted into one equity share within 18 months to promoters and other investors,” the release added.(Business Standard) […]
Reliance Technology Ventures Limited (RTVL), the corporate venture capital arm of the Reliance ADA Group, has directed the investment of an undisclosed amount in Sequans Communications (Sequans). RTVL is a wholly-owned subsidiary of Reliance Capital Ltd. Sequans Communications, a leading WiMAX semiconductor company, provides innovative system-on-chip (SoC) solutions for both fixed and Mobile WiMAX systems. The company offers chip solution for building wide range of WiMAX network components like femto, micro, and macro base stations, outdoor and indoor subscriber terminals, home gateways and all types of mobile devices. […]
Delek Group's financial arm Delek Capital Ltd. has signed an memorandum of understanding (MOU) to acquire 20% of a publicly traded Indian financial services company for $25 million. Delek did not disclose the name of the company. Delek Capital has a 30-day exclusivity period and is already conducting due diligence on the company. Delek Capital added that it may be required to make an additional investment in the target company as part of an offer to buy as mandated by Indian law. […]
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