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Private equity firm, 3i India group has invested nearly 101 million dollar for a minority stake in Hyderabad-based engineering and construction firm, Soma Enterprise. The funding has been exercised through its investment fund, 3i India said in a press release on Monday. Soma enterprise has an order-book in excess of 1.6 billion dollar and is specialising in multi-disciplinary engineering, procurement and construction contracts across various segments, it said. 3i India Infrastructure is targeting a commitment of one billion dollar and is targeting a balanced portfolio of investment in the country, it added. (Times of India) […]
IDG Ventures India, a $150 million early-stage technology venture capital fund, and Erasmic Venture Fund have jointly invested $3.5 million in Perfint, a Chennai-headquartered healthcare devices start-up company, with its development labs in Mysore. Of the total investment, IDG Ventures has funded $3 million, while the rest has been funded by Erasmic. Perfint’s first product PIGA is a tool positioner for image-guided minimally invasive (IG-MI) procedures. This will support applications such as fine needle aspiration (FNA), biopsy and radio frequency ablation (RFA) for diagnosing cancer tumours in the lungs and abdomen. The product which is under test deployment at five leading hospitals in India, has done about 100 clinical trials and is set for launch in January next year, according to the company. Perfint was co-founded in October 2005 by S Nandakumar, B D Vijaya and a team of healthcare devices professionals who were previously working with GE Healthcare at its design, manufacturing and sourcing hub in India, in October 2005. […]
Citibank, Deutsche Bank and Sequoia Capital are learnt to be negotiating with Ludhiana-based Nahar Industrial Enterprises (NIEL) to pick up 15-20% in its wholly-owned arm Nahar Retail for Rs 120 crore. Nahar Retail owns Cotton County retail chain, which has 400 stores all over. A deal with one of these three PE players is likely to be closed in a month’s time, a source said, adding that the company will go in for an IPO in 2009. The exact stake to be sold will depend on the company’s valuation, but it should be in the 15-20% region, he said. Nahar Retail, which started the Cotton County apparel retail chain three years ago, today has 400 stores in 300 cities. It plans to take it to 500 by this fiscal-end at an investment of Rs 30 crore. Nahar Retail, which clocked a revenue of about Rs 100 crore last fiscal, is targeting a figure of Rs 250 crore this fiscal. Meanwhile, NIEL, which is an integrated textile company present across the value chain from yarn to fabric and garments, has seen its share price move up rapidly, of late. […]
Leading foreign funds like Fidelity, ABN Amro, HSBC, Nomura Asset Management Fund and Emerging Market Fund have together bought around 7.5% in India’s third-largest cement firm India Cements (ICL) for Rs 592 crore. These funds have bought the shares in a placement done by the company to qualified institutional buyers (QIBs). ICL issued 20.78 million shares at Rs 285 per share, including premium, to these QIBs. ABN Amro Securities (India) and Deutsche Equities India were the joint global coordinators for ICL QIB issue. After allotment, the paid-up capital of ICL has increased to Rs 281.16 crore from Rs 260.37 crore. The promoter holding in ICL has been reduced by 2% to 28.42%. […]
Chennai-based bulk shipping company Goodearth Maritime (GML) has raised Rs 260 crore from IDFC Private Equity (IDFC PE). o3 Capital was the sole adviser to GML for this transaction. The shipping carrier intends to use the money to fund a greenfield ship-building yard in Tamil Nadu and to make foray into the onshore and off-shore oil drilling sectors. “We are in the process of making Goodearth Maritime a global shipping company with a strong ship-building base in India,” said GML Chairman P B Anandam. […]
State Bank of Mauritius, the second largest bank in Mauritius, has approached the Mumbai-based Centrum group to buy into the equity of its flagship firm Centrum Capital. The move is in keeping with the bank’s new focus on expanding its reach and network in the Indian retail and financial services segment. Centrum Capital is active in the investment banking services and distribution of financial products sector. The firm had forayed into the local stock broking business almost four years ago. SBM had signalled its intention early this year when it acquired a minority stake in the Kolhapur-based private bank Ratnakar Bank. Sources close to the deal said the foreign bank was in talks with Centrum Capital to pick up a stake of less than 15% in the company. State Bank of Mauritius is believed to have valued this at close to Rs 1,800 crore which has been communicated to Centrum Capital, the sources said. The valuation may not be acceptable to the company. A senior Centrum official said: “State Bank of Mauritius approached us to acquire an equity stake in the company. However, we cannot agree with the valuation which they have given to us. We expect a much higher valuation because all our business are growing, Currently, we are in the process of restructuring our business operations and we will actively look for a stake sale after few months.” […]
Dunlop India, a Ruia group company, has raised $90 million (around Rs 360 crore) from a consortium of offshore hedge funds to restructure loan and to meet other corporate needs. The structured deal offers the funds an option to pick up to 15 per cent stake in the tyre maker. “We have recently signed a deal with a clutch of offshore hedge funds headed by Spinnakar Capital Group to raise a loan of $90 million. We have also raised Rs 121 crore from Deutsche Bank,” Dunlop Chairman Pawan Kumar Ruia told PTI. The loan was raised by Dil Rim and Wheel (DRW), the Mauritius-based holding company of Dunlop India and Falcon Tyres, which bought the companies from the Chabbrias for Rs 200 crore. To facilitate the loan, DRW has undertaken structural changes with the assets of the company. […]
Orient Global, the Singapore – based investment group has pumped in Rs 5,550 million (approximately USD 191 million) in India Infoline on a preferential basis, subject to shareholder and other approvals, if any. Orient Global will acquire 32 million shares in India Infoline representing 6.48% of the current equity capital. The company has been witnessing robust growth in its retail and institutional equities businesses. The capital provided by Orient Global provides resources for the company`s continued development. The board of India Infoline also noted a further proposed investment by Orient Global of USD 50 million (Rs 1,970 million) for a 10% stake (post-money, fully diluted) in India Infoline`s insurance subsidiary, India Infoline Marketing Service (IIMSL). […]
Merrill Lynch & Co. may buy a stake in Indian stockbroking firm Sharekhan Ltd., the Economic Times reported, without saying where it got the information. New York-based Merrill may buy shares from Citigroup Venture Capital, which holds a 75 percent stake in the Mumbai-based brokerage, the newspaper said. It may also receive a preferential allotment of equity securities in Sharekhan. The total value of the 20 percent stake on offer may be close to 3 billion rupees ($76 million), the report said. (Bloomberg) […]
IDFC private equity on Thursday unveiled its biggest investment till date with a $65 million (Rs 260 crore) play in the Chennai-based dry bulk shipping company Goodearth Maritime (GML). IDFC would pick up around 15-20% stake in the company, which part of the diversified Archean Group with interests in ores, minerals, industrial chemicals and renewable energy. The move comes at a time when GML is planning big ticket investment into a greenfield ship building yard at Cuddalore as well as foraying into on-shore and off-shore oil drilling sector. The transaction was sealed on Thursday evening, with 03 Capital advising GML on the deal. GML’s shipyard is expected to require a total investment of around $500 million in the first phase. With a capacity to build around 25-30 ships a year, including VLCCs, which could probably make it the biggest private sector shipyard in the country. The major players in private shipyard space are ABG and Bharati, both of which are based in Mumbai. […]
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