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Dish TV has sold a 4.9% stake to a private equity group, and expects more finance-raising soon. Indivision Capital bought the 4.9% stake for Rs2.5 billion, valuing the DTH operator at Rs42 billion. With Dish TV aiming to invest Rs11 billion over the next two years as competition in the Indian DTH sector ramps up, more corporate activity is likely. The deal will see a first tranch of equity shares issued, at Rs100 per share. A second tranche will convert warrants at Rs130 per share. Dish TV, which is backed by the Zee Group of companies, had 2.6 million subscribers at the end of November, with 126,000 added in that month. The new chas will be used for subscriber acquisition, marketing and set-top boxes.( Rapid TV News) […]
Almondz Global Securities Ltd has announced that the Board of Directors of the Company at its meeting held on December 06, 2007, inter alia, has considered and discussed the proposal for making further issue of capital through preferential allotment of Equity Shares as well as Warrants. […]
International Finance Corp., a unit of the World Bank, may consider buying as much as 10 percent of IFCI Ltd., India's oldest project financier, which is seeking a new investor. “We are in talks with IFCI,'' Paolo Martelli, IFC's regional director for South Asia, said in an interview in New Delhi today. IFCI, the third best performing stock on India's BSE500 Index this year, plans to sell a 26 percent stake to a strategic investor to improve its financial performance and exit non- performing assets or those that needed to be liquidated. The lender is also in talks with multilateral institutions. The board on Dec. 1 agreed to allow Indian state-owned banks to convert bonds issued by IFCI into equity, the company said in a statement to the Bombay Stock Exchange on Dec. 4. State-owned insurers that have lent money to IFCI will convert a part of their bonds to retain their stake following the fresh share sale. […]
Jacob Ballas Capital India and JM Financial Equity Fund are in talks to pick up stakes in Indore-based 3-star hotel and restaurant chain — Sayaji Hotels. Sources said the funds are looking to pick up around 10% stake in the publicly-listed company and the deal is expected to be finalised by the month-end. When contacted, Sayaji Hotels managing director Sajid Dhanani confirmed that his company had been approached by different funds. “Nothing has been firmed up as yet,” he added. Sources said the company is raising funds by issuing fresh equity. However, the price at which the equity would be issued could not be ascertained. JM Financial would be investing through JM Financial Equity Fund, while Jacob Ballas Capital India is an NBFC focussing on private equity advisory services and has two India-focused private equity funds. Sayaji Hotels scrip closed at Rs 64, up 1.5% from the previous close on BSE on Tuesday. Currently, promoters hold 48.4% stake, while public holding stands at about 51.6%, of which Clearwater Partners holds around 14%. […]
BGR Energy Systems has raised Rs 190 crore via pre-initial public offering (IPO) placements from Citi Venture Capital and Reliance Mutual Fund. The 9.1 million share IPO of the company, a provider of ancillary equipment and turnkey engineering services to power projects, will open on December 5, and has been priced in the band of Rs 425-480 per share. While Citi Venture has picked up 4% (28.80 lakh shares) at Rs 450 or issue price, Reliance MF has taken 2% (14.40 lakh shares at Rs 450). The pre-IPO shares will have a lock-in of one year from date of allotment. “We have grown from manufacturing of power equipment to execution of EPC contracts,” said B G Ragupathy, chairman and managing director, BGR. The Chennai-based company has projects worth Rs 3,330 crore on its order book, and expects to complete about 90% of these contracts by March 2009.(Business Standard) […]
Indivision, the Mauritius-based private equity fund of Future Capital, has bought a 70% stake in Faces Cosmetics, a Canadian high-end cosmetics company listed in the UK, for an undisclosed amount. Consequently, Indivision will take management and strategic control of the company and partner with Pantaloon Retail to bring the company’s products into the Indian market. Pantaloon Retail managing director and Future Group CEO Kishore Biyani is understood to be personally involved in working out the India strategy, sources said. Indivision Capital Management managing partner Atul Kapur said: “Faces is an innovative new-age personal care company. Its products will resonate well with the Indian consumer. In addition to continuing with its international expansion India is a critical market for Faces. We will shortly announce our full India strategy.” Future Capital is the financial arm of Pantaloon Retail, the flagship retail company of Future Group. Faces Cosmetics said it has received 5 million stg in funding from Indivision, a private equity fund owned by Indivision Partners, through a subscription for 125 million shares. […]
3i Infotech Ltd. said on Tuesday that it had acquired a majority stake in Linear Financial & Management Systems Pvt Ltd., a Delhi based BPO (Transaction services) Company. Linear carries on its business under the brand name 'Factoring House'. Linear is a profit making Company and has been in existence for over 15 years. The main business of the Company is 'Contact Point Verification' for banks and financial organizations engaged in retail leant. It has clients encompassing private, foreign and public sector banks. Linear was set up and run by Kavi Ghei. The acquisition is in line with the stated strategy of the Company, of expanding its capabilities in the domestic BPO (Transaction services) business in India. Rajiv Malhotra, Innovative Solutions, New Delhi was the advisor to both the parties. (India Infoline) […]
Indivision, Future Capital’s private equity arm, has invested Rs 100 crore in Delhi-based Interarch Building Products, India’s largest metal building manufacturer and integrated building solutions provider. The quantum of stake picked up, however, could not be ascertained. Interarch, which has built Tata Motor’s Singur factory, e-choupals for ITC and petrol pumps for Reliance Industries, has a turnover of over Rs 450 crore. Interarch Building Products founder and CEO Arvind Nanda said, “The investment will enable us to scale up our business to meet the massive demand in pre-engineered buildings and continue to maintain our dominance in this space.” This deal is the latest transaction by Indivision, which owns stakes in well-known companies such as Sula, VLCC, Billimoria, Global Hospitals and Lilliput. […]
ICICI Ventures is close to picking up a 5% equity stake in Multi Commodity Exchange of India (MCX). Earlier this year multinationals like Merrill Lynch and Citigroup had bought 5% each in the exchange. According to sources, talks with ICICI Ventures and a couple of other investors have been going on for the past couple of months. An announcement on the same is expected soon. Earlier this year when Financial Technologies (FT), the promoter of MCX, sold its stake to Citi and Merrill Lynch the exchange was valued at slightly over $1 bn. The stake sale to ICICI Ventures is also likely to be around the same valuation. ICICI Ventures may buy the stake from Financial Technologies. FT currently holds 49% in the exchange. The other major stakeholders of the exchange are HDFC Bank, SBI and other public sector banks holding a total 27%, FID Fund (Mauritus) — an affiliate of Fidelity International has a 9% stake, both Citi and Merrill Lynch have a 5% stake each, Passport India Investment (Mauritius) has 3% stake while GLG Financials Fund has another 2% stake. When contacted senior MCX officials said “We would not like to confirm or deny the development at this stage.” […]
Tano Capital, LLC, a global alternative assets firm, has invested $15 million in Mumbai-based ABG Motors, a newly created arm of ABG Engineering & Construction, through its affiliate in a private equity transaction. ABG Motors is part of India’s largest private sector ship builder, ABG Shipyards, which is owned by entrepreneur Rishi Agarwal. ABG Motors applied the $15 million investment towards its $37 million acquisition of Cemp, an Italian manufacturer of flameproof electric motors. ABG Motors will also use some of the proceeds to finance a manufacturing facility for Cemp in Bangalore. The Italian acquisition is partly leveraged with debt coming from Italy’s Interbanker. The deal is unique in that Tano Capital acted both as a private equity investor and as a merchant banker. Tano Capital originated the proposal to form a private company in India to acquire Cemp, marketed the proposal to ABG Engineering and invested $15 million of its own funds in the deal. Carlton Pereira, Managing Director of Tano India Advisors, stated, “We identified the opportunity using our network in Italy’s private equity and advisory community. And we took the deal to ABG. It was a proprietary deal, and we took a major role in effecting the acquisition.” The sellers of Cemp were Italian private equity funds. ABG Motors acquired virtually 100% of Cemp; Cemp’s existing management team has retained a small minority stake. […]
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