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CITI Venture Capital International, a part of Citigroup, has invested Rs 164 crore in the New Delhi-based brokerage Globe Capital Market. Citi’s shareholding in the company will be in the range of 10-15%, depending on the size of the warrant issue the promoters plan to subscribe. The deal puts the valuation of the company at Rs 1,100-1,640 crore. When contacted Globe Capital chairman Ashok Agrawal told ET that the fund will be utilised to expand the company’s retail network and arbitrage business. So far, Globe’s retail network is confined to northern India. Mr Agarwal said Citi will send a representative on the board. Globe does not have any immediate plans of listing itself, but it will eventually do so, he added. City-based Singhi Advisors were the sole advisors to the transaction. “The arbitrage opportunities attach lower risk but gives return better than debts. I would like to utilise a major chunk of the fund to expand our arbitrage business to help benefit the small investors,” he said. Globe has a large presence in F&O segment. It is clearing an average of 10% of F&O segment of NSE. It is a trading-cum-clearing member of NSE and BSE, depository participant in NSDL and CDSL and also approved DP from the commodity exchanges such as NCDEX and MCX. […]
Institutional interest in the Thrissur-based South Indian Bank (SIB), which does not have either a domestic or a foreign promoter, is on the rise and the latest to pick up stake in the bank are International Finance Corporation (IFC), Washington and Morgan Stanley through its arm Morgan Stanley Mauritius Ltd. Others including Swiss Financial Corporation had also picked up stake in one of the old generation private sector banks in the country. The total institutional holdings in the bank stood at 57.57% by the end of the third quarter of the current fiscal up from 45.81% during the previous quarter. According to data available with FE, IFC, World Bank's industrial financing body, had picked up 2.99% stake in SIB during the third quarter of the current financial year. Morgan Stanley, similarly had mopped up 2.77% of the SIB's floating stock. Both the institutions had purportedly mopped up the stock of the bank from open market. Similarly, Swiss Finance Corporation had picked up close to 2% stake in SIB. Other institutions which had picked up stake in the bank during the last quarter include FD Funds Mauritius which picked 2.77% in the Thrissur-based bank and UTI which had mopped up 2.71% stake. […]
Billionaire investor George Soros bought a stake worth $100 million in Anil Ambani-controlled Reliance Entertainment Pvt. Soros bought a 3 percent stake of the privately owned company, Sharad Goel, spokesman for Reliance Entertainment, said in New Delhi today. The stake sale values Reliance Entertainment, which runs the Big 92.7FM radio stations and social networking and gaming Web sites in India, at $3.33 billion. Reliance Entertainment may sell shares in an initial public offering, the Hindustan Times reported yesterday, without saying where it got the information. A prospectus detailing the share sale for the stock market regulator is being prepared, the report said. (Bloomberg) […]
Global investment banks American International Group Inc. (AIG) and JPMorgan have taken a 25% stake in the Bangalore-based hospital group Narayana Hrudayalaya Pvt. Ltd (NHPL) for Rs400 crore. The two leading individual promoters of NHPL are Narayana Hrudayalaya founder Dr Devi Shetty and Biocon Ltd chairman and managing director Kiran Mazumdar-Shaw. Announcing the investment on Wednesday, Dr Shetty said the funds, Rs200 crore each from AIG and JPMorgan, would be used by NHPL to build a nationwide chain of so-called health cities in the state capitals. “We will create 5,000-bed hospitals in most state capitals, reaching 20,000 beds within five years,” said Dr Shetty, a cardiac surgeon himself at Narayana Hrudayalaya, the flagship hospital of the group which currently owns three hospitals across Bangalore and Kolkata with a total bed capacity of 2,500. […]
Hyderabad-based Maytas Properties Limited on Tuesday announced that Infinite India Investment Management, a real estate investment fund, has invested Rs 600 crore ($150 million) in some of the company’s upcoming projects. A part of these funds will be used for developing the next phase of Maytas Hill County, the company’s flagship project in Hyderabad which include 9 million sft of IT SEZ and 28 million sft of residential development. In addition, Maytas Properties will use these funds for land acquisition as well as development of some of the major residential and commercial projects, which the company is launching in Chennai, Bangalore, Nagpur, Vijayawada, Visakhapatnam and Kochi, besides Hyderabad over the next six months, the company said. “The investment by Infinite India translates into just a minority equity in the company and this investment is meant for only a few projects,” a company official said in response to a question on how much equity the company has offered to Infinite India against the investment. […]
DB Realty, a domestic real estate fund, which is setting up a 320-room 5-star property in Goa, has tied up with Hyatt International for managing and marketing the property. Once completed, Hyatt Goa will be the first 5-star hotel with Hyatt International’s Grand Hyatt brand name, outside Mumbai. DB Realty is investing around $80 million in the venture. The project is likely to be completed by the second quarter of 2009. DB Realty managing director Shahid Balwa said they plan to focus on all main real estate verticals such as residential, commercial, retail and hospitality. He said India’s booming economy will necessitate the development of tier-II towns in the next five years. Keeping that in mind, the fund has invested in building an exceptionally exquisite beachfront hotel property in Goa. […]
Kohlberg Kravis Roberts will invest $250 million in Bharti Infratel, a subsidiary of Bharti Airtel. This is in addition to the $1 billion investment in Bharti Infratel by leading international investors Temasek Holdings, The Investment Corporation of Dubai, Goldman Sachs, Macquarie, AIF Capital, Citigroup & India Equity Partners in December 2007. The enterprise value of Bharti Infratel is $10-12.5 billion, with the final valuation to be determined on the basis of Bharti Infratel's actual operating performance in FY 2008-09. […]
Mistral Solutions Pvt. Ltd., a leading product realization company in the embedded space, announced today that it has raised $6.5 million in a second round of venture funding from Nexus India Ventures and JAFCO Asia. The investment will help accelerate the company's global expansion and also facilitate its Product and IP development initiatives. Naren Gupta from Nexus and Byron Askin from JAFCO Asia will represent the investors at Mistral. Naren Gupta is the Vice Chairman of Wind River Systems, the largest company in embedded systems software. Naren also serves on the Boards of some of the world's most innovative technology companies such as RedHat and TIBCO. Byron Askin is Senior Director and Head of South Asia and leads JAFCO Asia's investment efforts in the rapidly growing India market. […]
ICICI Venture has picked up New Vernon Bharat’s 40% stake in Chennai-based Updater Services (UDS), India’s largest integrated facility management company, for close to Rs 100 crore. Founded in 1985, UDS manages over 50 million sq ft of space across all segments including corporate, IT parks, industrial and retail. It also offers production support services for auto major Hyundai Motor India and French glass major Saint Gobain. UDS, which closed 2006-07 with a top line of Rs 82 crore, expects to achieve Rs 120 crore for the current fiscal. A couple of other funds including Actis and Future Capital were also in the race to pick up New Vernon’s stake in UDS. Veda Corporate Advisors facilitated the deal. Earlier, US-based venture fund, New Vernon Bharat, had picked up a minority stake in UDS in January, 2006 by pumping in $10 million. While UDS has been valued at Rs 200 crore – Rs 220 crore for the deal based on last year’s turnover, New Vernon has more than doubled its investment in just two years. Currently, the organised facility management service in India is estimated around Rs 600 crore per annum and growing at 40-50% year-on-year. […]
Deal values the company around Rs 4,500 crore. In one of the major private equity deals in the country, infrastructure developer Ashoka Buildcon has offloaded 15.62 per cent stake to IDFC’s private equity fund for around Rs 700 crore. The move is of significance, as apart from being one of the major pre-initial public offerings (IPO) deals, this values the unlisted company around Rs 4,500 crore. The promoters of Ashoka Buildcon has offloaded 15.62 per cent stake of the company’s equity capital, amounting to around 72 lakh shares, to IDFC Infrastructure Fund II. The deal was sealed at Rs 980 per equity share, sources close to the development said. Pursuant to the stake acquisition, IDFC PE Fund’s stake rose to 18.18 per cent from the earlier 2.56 per cent it had bought in the Nashik-based infrastructure major. […]
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