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In yet another deal in the telecom towers sector, Morgan Stanley has picked up a stake in stand-alone telecom infrastructure company, TowerVision. According to sources, TowerVision has raised about $300 million, with Morgan Stanley contributing a significant chunk of this for an equity stake. TowerVision CEO Amit Ganani confirmed the development but refused to divulge the stake details picked up by Morgan Stanley or the value of the transaction. “The investment led by Morgan Stanley will not only solidify the company’s position and long-term business prospects but will also ensure that TowerVision will continue to grow its business in line with market expansion,” Mr Ganani said. He also added that the company would use the proceeds of the deal to increase its tower portfolio to 6,000 within the next 12 months. […]
Mumbai-based infrastructure and real estate firm Futura Infraprojects has offloaded 10 per cent equity stake to US-based private equity major Frontline Ventures for $40 million (Rs 160 crore). Separately, the company is planning to raise around Rs 250 crore through a public float that is expected to hit the markets by August. The company intends to use the proceeds from the private placement and the initial public offering (IPO) for its expansion plans. The company is likely to file the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in May. […]
UK-listed investment firm Kubera Cross-Border Fund on Wednesday said it has acquired 10.22 per cent stake in India-based information technology and outsourcing firm GSS America for about $10 million. Kubera Cross-Border Fund (KUBC), listed on the AIM market of London Stock Exchange, has invested in GSS America which is planning to enter the India capital market through an initial public offer, the fund said in a filing. GSS has already filed its draft red herring prospectus with market regulator Securities and Exchange Board of India to come with an Initial Public Offering of its equity shares. For the financial year ended March 31, 2007, GSS America had reported revenues of about USD 42 million and profit after tax of $9 million. […]
Foreign private equity funds New Vernon Private Equity Ltd and ICG Q Ltd will invest Rs 56.9 crore in Prime Securities Ltd. Prime Securities Ltd (PSL) would use the funds for meeting business needs. It would allot 20.7 lakh equity shares on a preferential basis to the two entities, PSL said in a filing to the Bombay Stock Exchange. The company would allot 18.7 lakh equity shares to New Vernon Private Equity Ltd, which makes equity investments, primarily in India, for the New Vernon India Fund. It would issue two lakh equity share warrants to ICG Q Ltd, a fully-owned subsidiary of India Capital Growth Fund Ltd (ICGF). […]
ICICI Venture has made an equity investment of $24 million (approx. Rs 95 crore) through Iven Medicare in Vikram Hospital (VHPL) for a “substantial stake. The investment would enable the Mysore-based Vikram Hospital to set up a pan Karnataka footprint, informed Aluri Srinivasa Rao, director, investments, ICICI Venture. Iven Medicare, the health arm of ICICI Venture, would help VHPL, a family-owned business, to scale up its current infrastructure by offering dedicated support in key areas like Medical Informatics, quality and accreditation, HR practices, commercial and technology among others. […]
Making its debut in the country’s fledging private equity (PE) space, the Aditya Birla Group is picking up nearly 5% stake in Core Projects & Technologies, a leading IT solutions provider with special focus on education, health and BFSI. In the second phase of its association, the Birla group will acquire equity in Core’s business with Indira Gandhi National Open University (IGNOU) and the state governments, which will be spun off into a separate entity. Core’s association with IGNOU is estimated to add nearly $100 million to its topline in two years while its business with the state governments is expected to earn $100 million every year. To begin with, the Birla group will subscribe to preferential issue of 4.5 lakh equity shares or convertible warrants, representing a 4.99 % stake in Core, for Rs 13.5 crore. The issue will be priced at Rs 300 a share, nearly 22% premium over Friday’s closing price. The stock rose 9.89% on Friday to end at Rs 246.20. […]
In a pre-initial public offering (IPO) deal, four global private equity majors together picked up 2.25 per cent stake in Pipavav Shipyard (PSL) for around Rs 105 crore. The firms – Blackstone, Merrill Lynch, Deutsche Bank and Galleon Group – have picked up 13 million shares of the port and shipping company. Global private equity major Blackstone picked up five million shares through its India Fund, Merrill Lynch four million, Deutsche Bank two million and Galleon Group two million shares of the company. The shares were all bought at Rs 80 each, which is close to the company’s IPO price band, according to sources. The total investments by made the PEs increases the total foreign institutional investor (FII) stake in PSL to 29 per cent. After this investment, the total institutional holding in company (foreign and domestic) stands at around 45 per cent. […]
Goldman Sachs is in advanced stage of discussions to invest around Rs 800 crore in Bangalore-based real estate player Century Group, sources said. The real estate fund of Goldman Sachs is seen infusing liquidity into a special purpose vehicle (SPV) for commercially developing over 300 acre near Yelahanka in north Bangalore, which is in proximity to the upcoming international airport. Goldman Sachs, which has committed investments worth over $ 2 billion in India, has identified real estate and infrastructure as the key sectors for investment. Notwithstanding, a certain cooling off in recent quarters, the returns from the Indian real estate sector is still seen as one of the best in the Asia Pacific region, which may have prompted US financial giants like JP Morgan to take a big plunge into the domestic realty market. […]
Times Innovative Media Limited (TIM), the Out Of Home media subsidiary of Entertainment Network India Limited (ENIL), announced that GS Strategic Investments (Goldman Sachs) and LB India Holdings Mauritius II (Lehman Brothers) have subscribed to equity shares of TIM for a total of Rs 200 crore. The deal, which was concluded on Wednesday, values TIM at over Rs 1,200 crore. Goldman Sachs and Lehman Brothers have an equity stake of 8.28% each in TIM. […]
Independent News Service (INS), the holding company of Hindi news channel India TV has received a major strategic investment of Rs 100 crore, for a 20 per cent stake by Shyam Equities Pvt Ltd, a 100 per cent Indian entity. The investment takes India TV's enterprise valuation to Rs 500 crore, up a whopping 86 per cent from Rs 270 crore in just nine months. The investment information has been filed with the Ministry of Information and Broadcasting. Accordingly, the foreign individual, foreign company, NRI, OCB, FII and PIO holdings in INS have remained at earlier levels. […]
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